The APIS Foundation engaged Protocol Security for an audit of The APIS token smart contract.
The audit found 0 Critical, 0 High, 0 Medium and 0 Low level issues. The smart contract passes security qualifications with a score of 95 out of 100.
The points deducted are relating to two recommendations:
1) should add address check for minter
2) should specify a particular compiler version.
Since the smart contract is launched without the issues noted, and these issues will not affect any operation, the smart contract is not re-deployed.
Auditing smart contracts is a thorough and meticulous process, one where experts command a premium in salary to ensure that widely-used code is well insured. Every contract that exits our beta stage must be heavily audited. There is no other choice. The alternatives allow apes and hackers to play around with the code for us, but that is tricky to play. No one knows in advance whether a hacker will return funds for a bounty or attempt to keep all of them. It is a game with too many unknowns, so many prolonged audits are the only viable path forward for our successful launch.
That said, audits do not always find everything. Despite the security firm’s expertise, the number of eyes in an audit is far less than in public blockchains. Thus, we urge the graduate to increase our smart contracts, even after they exit the audit. No one can promise anything about any smart contract. The systems are still too young. However, probabilities do converge over time, as we believe they have for other prominent DeFi projects, such as Uniswap or Curve, who we are confident have no bugs in their code at this point. Their growth was gradual and, as the market gained trust in their contracts, became exponential. We believe that The APIS’s users should follow a similar path. Consequently, our initial staking minimums have been voted to be low sta, such that a potential bug would not result in a significant loss of funds.
In smart contract development, it is better to be safe than sorry. Moving fast and breaking things doesn’t work. However, once the ground is confirmed to be sturdy, we can dance on it as much as we want.
Let’s keep plotting, and let’s keep dancing.
👋 About THE APIS:
The APIS is an indexing protocol for reading and writing to open networks. Making APIs open and accessible to power a decentralized world.