Hi again everyone!!!
I gave a Complete Guide about DeFiBox, the One-stop DeFi Application Platform.
But everyone who read might be having doubts on whether it is safe to invest their money in or not.
A lot of people have trusted Newdex for many years on the EOS chain and can invest their money safely.
DeFibox was started by DeFibox Foundation but funded by Newdex. This simply means you can give out same trust to Defibox as it is still not different from Newdex coupled with the fact that it's a DeFi(Decentralized Finance) Platform.
For the benefit of users and investors and having their interest in mind. DeFibox has gotten a
This is a security solution designed from different dimension upholding the principle of fairness and transparency.
The whole DeFi platform is built on decentralization and transparency, therefore DeFibox has put the security of users, in form of their assets first.
The followings are the dimension of DeFibox Security Policy
- Security Audit
- Multi-signature contract
- Bug Bounty Programs
- Code Open Source
In protecting the security of users asset, Defibox has allowed some well-known security companies to audit the Defibox smart contract. Defibox Smart Contract has undergo multiple audits, all for security.
Smart contract is a piece of code running on the Blockchain Network which makes all functions entered by users to be possible, the fact that this programs are written by humans, they are bound to mistakes and this is why it is extremely important to have a security audit where the security audit companies will carry out a comprehensive inspection of the smart contract, review everything and if any provide an improvement plans.
Each modification and deployment of the contract is confirmed by multiple parties and this is what multi-signature means. Doing this, it is completely impossible to misappropriate users assets in the contract but may not be possible to avoid asset loss caused by bugs.
Currently, Defibox has the support of 11 nodes and they implement 1+3 multi-signature rules. This means that aside those 11, deployment of contract still needs to be signed by another 3 nodes.
To improve project safety and reduce project risk. Defibox has launched a Bounty Program just from the perspective of security, which is believed to improve project safety.
This program has been put in place to encourage righteous hackers to be part of the project ecological construction. All problems or bugs discovered are going to be rewarded. If anyone submits a contract security vulnerability concerning Defibox project and this person is able to keep it private and confidential until it is resolved then a reward will be paid based on the vulnerability level.
More info about it can be seen Here
Code Open Source
Defibox being a DeFi(Decentralized Finance) project, decentralization simply means openness and transparency.
Defibox has a plan of releasing the source of contract code to fully practice decentralization. Blockchain technology is a big ledger distributed among lots of users, this means that multiple parties are involved to make things work in a decentralized settings and to get more partners to join building the platform, Defibox has decided to open the source code of the project.
This way Defibox Foundation is going to adhere to the spirit of decentralization.
This is the Security Policy of Defibox.
THANKS FOR READING
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