CommPRO Editorial Team
Security Innovation announced its security assessment findings of Metacash, a cryptocurrency platform that simplifies stable coin transactions. The transparent disclosure of the finding and fixing of issues should help increase adoption and confidence in blockchain as a viable option for distributed trust payments.
Metacash enables users to achieve payments without needing to understand any of the underlying blockchain technology. To ensure this functionality didn’t introduce user risk, the Security Innovation blockchain team conducted an attack surface analysis of all 5 Metacash contracts and used this for risk-based security auditing. The team found a potentially dangerous “phishing” vulnerability as well as other ways in which a malicious DApp (distributed application) or anonymous party could steal or lock funds in user’s wallet. The team shared the results with the project leaders who addressed each of the issues. The case study and full audit report can be downloaded from the Security Innovation Web site.
“The report from Security Innovation has really impressed us. Some issues that were raised could have been completely catastrophic if exploited” said Nour Haridy, lead architect of the Metacash project. “We are grateful to have partnered with the engineers at Security Innovation to amplify the security of our code and protect our users’ assets.”
The Security Innovation audit was led by Mick Ayzenberg, Blockchain Center of Excellence (CoE) Lead. “This project caught my attention because it solved a real adoption problem by simplifying UX when dealing with fees” said Mr. Ayzenberg. “Additionally, demonstrating scrutiny and commitment to fixing flaws is a process many emerging technologies go through to build confidence, and Blockchain is no different. The openness of the Metacash team and their willingness to publish results shows their commitment to deliver security as part of their platform.”
Source: Blockchain Wire