SINGAPORE, May 2019 – CertiK, a leading smart contract and blockchain audit company, announces today that it has completed a formal security audit of Terra, the company that has designed an algorithmic stablecoin to power the next-generation payment system on the blockchain. Terra’s mainnet, which went live in April, is a Delegated Proof-of-Stake (DPos) system that utilizes the Cosmos SDK and Tendermint Consensus Engine.
The rigorous audit of Terra’s protocol and public blockchain was conducted by experienced economists, security researchers, and security engineers from CertiK. CertiK performed a comprehensive review of Terra’s economic model to test against potential market manipulations, an architectural review with special attention put on ensuring all implementation of Cosmos plugins were well-protected against possible edge scenarios and attacks, as well as careful manual review by experts on Go — the language in which Terra’s code is written in.
Earning a full security clearing is an important step for Terra as it aims to become the first widely adopted price stable cryptocurrency. Terra is launching a blockchain-based payment system that utilizes its stablecoin in H1 2019, and it already boasts an impressive alliance of eCommerce partners who will support the new payment solution. To date, 15 eCommerce companies that collectively process $25 billion annually through 45 million users are part of the Terra Alliance, including eCommerce giants in Asia-Pacific such as TMON (Korea), Baemin(Korea), Carousell (Singapore), and Tiki (Vietnam).
CertiK applies mathematical proofs to networks in order to determine if hackers can breach the system, or if any other security vulnerabilities are present. The company’s advanced audit process, called Formal Verification, can audit a variety of assets, including crowdsale and token contacts, custom smart contracts, wallets and dApps, and blockchain protocols. CertiK is currently trusted by top exchanges including Binance, OKEx, and Huobi.
We are pleased to receive a formal stamp of approval from CertiK, who is known within the industry for setting a very high bar for security and reliability. The thorough audit results shared by CertiK’s team of experienced economists and engineers give us more confidence in our protocol, and we are excited to quickly roll out our first payment dApp with eCommerce partners in the coming weeks.” said Do Kwon, Co-Founder of Terra.
CertiK was highly impressed by Terra’s clever and highly effective design of economy theory, especially the proper decoupling of controls for currency stabilization and predictable economic growth,” said Zhong Shao, Co-Founder of CertiK, “CertiK also found Terra’s technical implementation to be of one of the highest qualities it has seen, demonstrating extremely principled engineering practices, mastery command of Cosmos SDK, as well as complete and informative documentations.”
Most recently, Terra has announced new investments from Kakao Ventures and Kakao Investments, the venture arms of South Korea’s internet giant Kakao. On May 7, Terra also listed the ecosystem’s mining token Luna for the very first time on Coinone exchange.
To read the full audit from CertiK, visit here.