Quantstamp engineers recently completed an audit of Ampleforth, a digital-asset-protocol for smart commodity-money and the first IEO on Tokinex (Ethfinex/Bitfinex IEO platform).
Founded with a mission to create fair, politically independent money, the Ampleforth protocol receives exchange-rate information from trusted oracles, and propagates that to holders of its units (Amples) by proportionally increasing or decreasing the number of tokens each individual holds. Quantstamp will serve as a trusted data feed provider for Ampleforth’s price oracle.
“Being audited by Quanstamp was important to us,” said Ampleforth CTO Brandon Iles. “They hold their clients and themselves to the highest security standards. We know that identifying any risks and vulnerabilities is critical to mitigating the risk of any future hacks.”
Commodity-monies such as gold and silver are naturally fair and independent; however, they are inadequate substitute for central-bank-money as they cannot respond efficiently to fluctuations in demand. To tackle this challenge, Ampleforth’s protocol allows its units (Amples) to avoid the deflationary problems of fixed-supply commodities without requiring a central authority. As the price of Amples fluctuates, the number of Amples a trader holds adjusts to meet the price target, stabilizing the asset.
Quantstamp’s objective was to evaluate the repository for security-related issues, code quality, and adherence to specification and best practices. The audit was conducted by three experienced security engineers from Quantstamp’s auditing team and involved architecture review, unit testing, functional testing, computer-aided verification and manual review. In the end, there were no significant security vulnerabilities found during the audit. The full report is publicly available.
Following the launch of Security Network V2, Ampleforth will be running a Quantstamp node, helping contribute to the reliability and decentralization of the network.