WEFI received certification for their smart contract audit and KYC verification
DeFi has been nourishing a growing environment for crypto and decentralized finance projects. There are some drawbacks to being decentralized. It can be a breeding area for scammers, multi-million hacks, fraud, and money laundering. In the same token, anonymous developers pose a threat of rug pulls.
WEFI has announced that they successfully completed a smart contract audit and KYC verfication with Solidproof. Solidproof is considered one of the top auditors in the world with their head office in Germany.
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Smart Contract Audit
A smart contract is the source code which powers a DeFi protocol and applications. In general, developers try to create impenetrable code. Even the smallest loophole can be an entrypoint for hackers. Hundreds of millions of dollars have been lost with unaudited contracts due to hacker attacks.
Solidproof tested and used advanced smart contract auditing tools to verify the security and feasibility of WEFI’s token smart contract, vesting smart contract, presale smart contract, and royalty rewards smart contract. The contracts and codes were completed analyzed, tested, and deemed loophole-free.
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KYC Verfication
The crypto industry can be a very lucrative environment for investors. It’s also an easy lure for scammers. Over the years, millions have lost substantial capital due to shady developers abandoning projects as soon as they were funded.
Solidproof provided Know-Your-Customer (KYC) verification which has high procedural standards to verify identity. The founders of WEFI and head developer underwent the process by supplying essentional information about their ID, background, and source of capital. This process allows investors to clearly know who is behind WEFI and the crypto initiative supporting them.
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