Quantstamp recently audited Nuo Network, a debt marketplace that connects lenders and borrowers from around the world using smart contracts.
Backed by ConsenSys Ventures, Nuo Network aims to enable global cross border lending with it's decentralised debt products. Currently, it provides a way for lenders to pool their tokens and earn interest on their token reserves proportionally. This reserve pooling ensures instant disbursal for crypto collateral backed loans. It also offers margin trading with 3x leverage and provides instant liquidity to go long or short on Bitcoin, Ether and select ERC20 tokens through decentralized exchanges like Kyber and Uniswap.
“Nuo Network is a novel concept that enables a debt marketplace through the use of smart contracts,” says Quantstamp CEO Richard Ma. “We are proud to contribute to the security of projects that have the potential to facilitate the growth of the world economy.”
The goal of the audit was to review the contracts for potential vulnerabilities to help ensure smart contract security and safety of funds. To the extent reviewed, this audit aims to make sure that funds cannot be accessed or stolen from the contracts. This involved auditing to avoid any bugs in the contract code or at the time of execution, which can be exploited by a malicious attacker to access funds from the contract.
Nuo Network enables global lending and borrowing using smart contracts and their contracts are open source and available on Github and verifiable on Etherscan.
More on the Nuo Network
Nuo Network heavily leverages web3 infrastructure and projects including: Uniswap, Metamask, Maker, 0x, Kyber, Open Zeppelin, Gnosis, Truffle, and Infura.
Nuo Network also places heavy emphasis on building a seamless user experience. In order to deliver a web2-like experience to their web3 application, Nuo uses tools such as MetaMask, which allows users to access web3 through their browser, and meta transactions, which abstracts gas fees and other elements of the blockchain.
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