MACAU, CHINA / ACCESSWIRE / April 27, 2024 / On 22 April 2024, CertiK, a leading blockchain security audit firm, passed its audit of MicrovisionChain (MVC), marking a significant milestone as the first UTXO model-based solution to complete an audit in the industry. MVC, also known by its token symbol SPACE, features the same architecture and Proof of Work (PoW) consensus mechanism as Bitcoin. It expands Bitcoin’s functionality by incorporating Turing-complete smart contracts and enabling decentralized applications through the UTXO model. The successful audit by CertiK underscores MicrovisionChain’s dedication to upholding high standards of contract security and reliability, reinforcing its commitment to enhancing the Bitcoin ecosystem.
https://twitter.com/mvcglobal/status/1782299924488650785
Extensive MVC Audit: Security, Code Quality, Logic, Interactions, and Compliance
CertiK conducted a security assessment on the MVC project, which included the following key components
Token-core: The smart contracts related to the token economy, including the genesis contract for minting fungible tokens and the logic for additional mint features.
NFT-core: The smart contracts pertaining to non-fungible tokens (NFTs), including the structure for NFT unlocking scripts, NFT insurance, and NFT transfer mechanisms.
Mvcdao-core: The contracts associated with the MVC-DAO, which includes the main entry contract and operation contracts for the voting system, stake management, and other governance functionalities.
The audit covered a comprehensive examination using manual review and static analysis techniques, focusing on:
1.Testing smart contracts against common and uncommon attack vectors.
2.Assessing codebase compliance with best practices and industry standards.
3.Ensuring contract logic aligns with client specifications.
4.Cross-referencing contract structures against industry leaders’ smart contracts.
5.Thorough line-by-line manual review by industry experts.
Specific areas of focus within the audit included centralization risks, logical issues, denial of service vulnerabilities, design issues, and checksum calculations for the files in the codebase. The audit also provided recommendations for enhancing security and transparency, such as implementing timelocks, multi-signature wallets, and DAO governance structures.
Audit Approach: Static, Dynamic Analysis, and Beyond
CertiK’s audit of the MVC project involved a meticulous examination that integrated both manual review and static analysis techniques. The process included a line-by-line code inspection by industry experts, automated scanning for common vulnerabilities, testing against a spectrum of attack vectors, ensuring adherence to industry best practices, and verifying that contract logic conformed to the client’s specifications. The audit also entailed a comparison of the contract structures with those of industry leaders and provided detailed recommendations to address discovered issues. Special consideration was given to centralization risks, and the audit report included a thorough examination of the codebase with specific file checksums, identified commits, and a disclaimer about the report’s purpose and limitations. The goal was to enhance the security and quality of the MVC project, offering constructive feedback for continuous improvement.
Securing MVC’s Blockchain Project through CertiK Audit
MVC might choose to engage with CertiK for a variety of reasons, primarily focused on bolstering the security and integrity of their blockchain project. By undergoing a security audit and verification process provided by CertiK, MVC can ensure that their smart contracts are robust against vulnerabilities, thereby building trust and credibility with investors and users. This collaboration can also serve to mitigate risks, meet compliance standards, secure necessary insurance coverage, and differentiate MVC in a competitive market. Moreover, it can signify a commitment to continuous improvement, community engagement, and adherence to best practices within the blockchain industry.
MVC’s Big Picture: Launching the Proof of Build Program
Looking ahead, MicrovisionChain is set to launch its Proof of Build program, aiming to attract developers within the Bitcoin ecosystem to collaboratively expand and enhance the platform. This initiative will focus on fostering a community of developers committed to building and refining the capabilities of the Bitcoin sidechain.
MVC has recently launched an asset bridge that is interoperable with Bitcoin. This new feature can be accessed via the link provided: https://app.orders.exchange/bridge. The asset bridge addresses the issue of transaction congestion within the Bitcoin ecosystem, which includes BRC20 tokens, Runes, and other assets. Jason Kwok, co-founder and COO of MicrovisionChain, commented on their strategic plans: “We are actively planning to collaborate with renowned custodial institutions and execute strategic campaigns to achieve higher Total Value Locked (TVL) targets. These efforts are crucial as we aim to expand our reach and solidify our platform’s position in the digital asset ecosystem.”
In closing, it’s significant to observe the dramatic increase in SPACE’s address base, skyrocketing from 30,000 to 400,000 in just two months. This rapid growth not only reflects the escalating market interest but also positions MVC to become one of the most watched projects within the Bitcoin ecosystem, showcasing its potential to lead the way in innovation and security.
Contact Person: Jason Kwok
partnerships@microvisionchain.com
https://www.microvisionchain.com/
SOURCE: Microvision chain
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Economy Prime journalist was involved in the writing and production of this article.