Security Within the Axion Network: A Deep Dive
Here we will discuss and analyze the security of the Axion Network, and its smart contracts on the Ethereum Network.
Security of the network and contract functions are the most important things to be certain of. In the blockchain and crypto space, billions of dollars every year are lost to not only scams, but bad unaudited code as well. While the scams are simpler to spot out (if you’re web-savvy), buggy and unaudited code is more difficult to find, especially for those that are not educated in solidity smart contract code development, and general software development both in and outside of the blockchain space. On top of this, the crypto space moves extremely fast, 24 hours a day, 7 days a week- with investors eyeing new projects every day, investing on a whim from fear of missing out (FOMO).
In just 7 months around 2018, over $500 million dollars was documented as lost funds due to smart contract bugs, and this is just the documented amount.
With Axion, network participants can feel safe and secure with their locked up funds, because even before the main network release, the smart contract code was audited 5 times over between the top firms in the blockchain space and an independent audit. Below, we’ll discuss what blockchain security is, as well as what these security audits mean for the Axion Network.
The Ethereum Blockchain.
Ethereum is a global platform that powers decentralized applications (dApps) that is also open source. With a current market capitalization of over $46 billion dollars, the Ethereum network powers millions of transactions weekly. On Ethereum, developers write code that manages digital value, executes exactly as programmed, and is accessible anywhere in the world- hence the decentralization. In our previous article, the code for dApps are known as smart contracts:
…can be described as computer code that self-execute or automatically execute specific function(s) or agreements, and are programmed on a decentralized network- or blockchain.
Ethereum has many marketplaces, from games to apps- but the one marketplace currently taking the network by storm is what’s called Decentralized Finance or more commonly known as DeFi.
In the current DeFi landscape, it is extremely common for anonymous or pseudo-anonymous developers to release unaudited smart contracts with the expectation that users check the code for themselves, or that they simply don’t care and see them as high-risk, high-reward projects. The users in turn give far too much trust in the anonymous developer(s).
Let’s be clear though- anonymity in the blockchain space is warranted and commonplace. Satoshi Nakamoto, inventor of Bitcoin, still remains anonymous since Bitcoin’s inception over 10 years ago. This doesn’t change the fact that users continue to lose lifechanging amounts of assets due to unaudited code full of attack vectors. Bitcoin was audited several times over by intelligent developers over the years.
The Axion Network code has been audited for both blockchain security and economic viability by two of the top security firms in the world: CertiK, and Hacken.
The CertiK Audit and its Importance.
With the hiring of CertiK as Axion’s second major blockchain security auditor, the Axion Network has become one of the most thoroughly tested and rigorously audited cryptocurrencies in the space.
CertiK is an industry-leading blockchain security pioneer that has their own proprietary “Formal Verification” technology to truly battle test blockchain protocols and smart contracts which mathematically proves that the underlying code work as intended by computing all possible scenarios. They have received grants and investment capital from some of crypto’s biggest names including the Ethereum Foundation, Binance Labs, Neo Global Capital, and other major companies including IBM. Some of their clients are the most respected names and blockchain giants in the space, including Crypto.com, Binance, NEO, Huobi, and more. To read more about their extensive list of clients, visit their Security Audits page.
CertiK encompasses a team sourced of brilliant minds from the best universities and companies from around the world, including but not limited to:
- Yale University, Princeton, NYU, Penn State, Columbia University, Peking University, and more.
- Google, Samsung, Microsoft, HP, Oracle, and more.
With CertiK’s patented and proven technology ensuring that the Axion Network code is solidified and working as intended, users can feel safe in using the platform.
The CertiK audit was completed between October 19th, 2020 — October 23rd, 2020.
Note: CertiK has also conducted a professional economic audit to ensure that the Axion Network is mathematically viable as per the underlying code and smart contract intends to be, and also ensures that the platform is properly built for longevity.
The Hacken Audit and its Importance.
Hacken is another leading firm in the blockchain security space with clients across the globe and a long list of partnerships from Fenbushi Capital, Artifnet Global, Electi Consulting, and more. In just the month of September alone, Hacken worked closely with major players in the cryptocurrency ecosystem- from Bithumb Global, UniLayer, 1Inch, BitMart, dFinance, and more.
Hacken completed their security audit for the Axion Network towards the end of September, and the full report can be found on the Axion website.
What Hacken completed between September 18th, 2020 — September 23rd, 2020 was a Smart Contract Code Review and Security Analysis. This report presented the findings of the security assessment of Axion’s smart contract and its code, and all of the issues that were found (none critical or high risk) have been successfully fixed and coded.
With the successful Hacken security audit and analysis, the Axion Network continues to bring security, safety, and faith in its product, platform, and users.
Alongside the professional audits, further extensive testing with bug-bounty incentives was initiated and has been a busy process with the Axion community who had been on the Axion test network(s) for several weeks leading up to the mainnet countdown and release.
There has also been an independent audit conducted, which is not public, further ensuring the security and economic viability of the network.
All of this auditing has been extensive, and ensures that network participants from institutional investors, crypto experts, and newcomers can all enjoy the benefits that our highly profitable network has to offer. This ensures that our network is truly secure, safe, and tested ensuring an extremely strong foundation built for longevity.