The Waves camp was given another load of confidence with news being reported that the Waves code has no major security flaws. Earlier this year, the Waves code was submitted to be audited to Kudelski Security, a company that has long been known for its strong reputation and has been running since 1951 and has grown its security operations to 300 employees.
After a total of 50 hours of dissecting the code, Kudelski Security, stated that the Waves code, “shows good security engineering, good choice of cryptographic components with reliable implementations thereof, and has a clear design and code that facilitate auditing.”
Sasha Ivanov, thrilled with the results had this to say:
“We’re very pleased with the outcome of this professional and thorough audit. The fact that no critical vulnerabilities were found, as well as the fact that the study drew attention to the clarity and quality of our code, is a testament to the developers who have been working so hard for many months now, to launch this platform and introduce ground-breaking new functionality to the cryptocurrency landscape. Several elements of what we are doing have never been attempted before, so we are particularly encouraged to receive a clean bill of health from Kudelski.”
This is obviously great news for Waves investors and community members, especially knowing that the code is as clean as a whistle before Waves NG is implemented in a couple of days. Waves NG is the protocol that will allow Waves to process 100s of transaction every second, unlike Bitcoin which can only process a few transactions per second.
Furthermore, the audit also provides traders and crypto-users with ease-of-mind when it comes to the Waves Decentralized Exchange (DEX). Once the new DEX GUI is revealed to the public, the Waves team can now be confident that there will be no major errors. With the recent cryptocurrency exchange purges in China, traders will now have the confidence to move to a safe DEX like the one Waves has built.
Benefits of a healthy code can be easily be seen when we look at past attacks on the Ethereum blockchain. While Ethereum provides a great framework to write smart contracts on top of, some of the smart contracts by individual projects outside of the Ethereum team can be subpar at best, leading hackers to exploit them. For example, 50 million USD was stolen in the infamous “The DAO” hack. Furthermore, a total of $225 million is said to be stolen in total from ICO related activities in the last 12 months. While Waves does not have smart contracts yet and is totally different from Ethereum at this stage in development, it does, however, illustrate the importance of good coding.