Seeking to improve the safety of decentralized finance (DeFi) applications on the blockchain, Layer-1 (L1) blockchain platform Fantom announced the launch of Watchdog.
Watchdog which was developed in collaboration with blockchain security firm Debaub is an automatic and continuous smart contract monitoring system that boosts the security of decentralized applications (dApps) on Fantom.
Fantom Foundation’s Chief Executive Officer Michael Kong said “We’re incredibly excited to bring a new level of safety and security to the ecosystem with Watchdog. Developers require access to cost-effective, efficient, and trustworthy smart contract auditing tools. Watchdog delivers just that, and will set a new standard for security.”
The functionality of the Watchdog will encompass automatically scanning for defective code in smart contracts that might become the core cause of security threats and upgrading the quality and performance of Fantom-native applications. This tool is of utmost importance, especially, seeing that smart contract vulnerabilities have been on the increase lately.
However, Watchdog is not making an attempt to completely replace expensive third-party audits in any manner, particularly, as the project team understands that automated analysis of smart contract logic does not guarantee security against assaults, so, some complex defects and vulnerabilities might not be discovered.
Watchdog Offers Seamless Automated Analysis
Notably, the security tool will offer seamless automated analysis of smart contracts. For all decentralized applications analyzed on Fantom Network, a human auditor is required to examine all concerns which may arise.
Once a vulnerability or security loophole is spotted, Debaub experts will call the attention of the project to the issue. Afterward, the security firm will enlighten the project team about the risks involved and guide them to fix, mitigate and manage the vulnerability in a timely manner.
Apart from running for 24 hours every day every week to identify more than 80 different vulnerabilities, other benefits of the Watchdog include periodic updates and improvements with new attack vectors as new research emerges. Next are dynamic updates with the latest network data and smart contracts of selected projects.
Non-fungible token (NFT) and DeFi projects which qualify will have their smart contracts analyzed by the Watchdog system, each receiving administrative access to a list of vulnerabilities in their smart contracts at any time.
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