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How Audit and KYC Projects Build Trust in DeFi Industry

Published

4 years ago

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The Decentralized Finance world is one of the most outstanding financial revolutions of the 21st century. Generally, with DeFi, everyone globally can take charge of their finances and investments while benefiting from other services like lending, gaming, etc. 

However, the trust in DeFi is still lagging; thus, the adoption is also lagging. The primary reason for the lagging confidence in DeFi has always been about its bad. Generally, as a product of the crypto world, DeFi is always blamed for the issues associated with cryptocurrency. Since some KOLs still view crypto as a scam, DeFi suffers the same fate. 

Fortunately, there are ways to help bolster the trust in DeFi, including audits and KYC procedures. 

How Audit and KYC strengthen DeFi Projects

How do KYC and Audit projects strengthen confidence in the DeFi world? Here is a short guide. 

  • Audit Proves That a DeFi Project is Genuine

One of the significant ways that KYC and Audits bolster trust in DeFi is by proving that a project is genuine. Scams connected to the crypto world have been soaring, with investors losing fortunes to fake schemes. However, how do these scams happen?

Some developers may introduce a project with the primary intention of stealing from unknowing investors. Generally, these kinds of projects promise to offer high yields and could easily attract investors. Due to such scams, some investors could easily lose trust in DeFi. 

However, by using the KYC and Audit procedures, investors will now start trusting DeFi-related projects. The auditor can know if a particular project is genuine or not. In some cases, the auditor may do deep research, including looking at the following; 

  • Project webpage
  • Coin Minting mechanism
  • Team behind project
  • Economic model

By doing thorough analytics of the above mentioned, the auditor can assure investors that the new DeFi project is genuine. 

  • Real Tests

Another reason why audit and KYC platforms contribute to bolstering trust in DeFi is the real tests done. Smart contracts involve codes that are very complex for a person with no coding knowledge to understand. Therefore, it may be impossible for any investor to do an audit of a project before investing. 

However, smart contract audits have for some time now been an industry standard. The smart contract system auditors include a group of people with coding experience. The auditors apply autonomous tests on the system to see how it reacts to different scenarios of transactions. 

Furthermore, the auditors include manual tests to see if the results are consistent with the autonomous ones. The applications of real tests make their reports more valid and dependable to the DeFi investors, thus increasing trust in the DeFi industry. 

  • Audit Projects Give Recommendations

Another thing that audit and KYC projects do to help in building trust for the DeFi world is offering recommendations. Developers of the projects are the primary beneficiaries of the recommendations given by the auditors. The auditors can tell the developers how to change some code for more efficiency. Since the audits are often done before the project launches to the public, the developers can take their time and make the necessary changes to achieve efficiency. 

Investors, on the other hand, can benefit vastly from the project. The recommendations given by the audit companies may include what an average investor should do. On some occasions, they may state the risk level involved in investing in the projects. As such, the average investor will benefit. 

  • KYC Details Boost Consumer Trust

The fact that KYC collects details is another aspect that makes investors have deep confidence in the DeFi space. An average investor often wants to know that their investment will remain safe from hackers.

As mentioned earlier, KYC helps eliminate fraudulent people who are planning to commit manipulations or financial fraud. As such, it’s safe to say that KYC procedures can help boost investors’ confidence.

  • SolidProof Helps Bolster Investor Trust

Solidproof’s primary intention was to help in auditing and providing KYC services for DeFi projects. It aimed to participate in bolstering the trust of investors in DeFi, thus speeding up DeFi adoption. 

Solidproof KYC standards target to protect the DeFi platforms from corruption, fraud, money laundering, and financing of terrorism. It does KYC by; 

  • Identifying project customers.
  • Understanding their nature of activities.
  • Assessing money laundering risks and offering their recommendations to the platform developers.

Auditing by the Solidproof network also takes a few straightforward steps to ensure that services are provided efficiently. The steps include:

  • Communication– The first step to getting an audit is communicating with the Solidproof network and submitting the code.
  • Auditing– The second step is Solidproof working on your project’s audit, searching for any vulnerabilities manually and algorithmically.
  • Fixes- Here, Soldiproof suggests recommendations to the developing team, which they will work on. Afterward, the Solidproof network takes a second audit. 
  • Reports- Finally, SolidProof releases its audit report. 

Final Word

It’s true that with the increasing cases of scams, DeFi institutions are vulnerable to related financial frauds. Frauds contribute vastly to slacking investor trust in the Decentralized finance space. 

Audits help assure investors that the underlying project is genuine and the people behind it are not malicious. Moreover, auditors do real tests and give recommendations to the developers and, in some instances, the investors. KYC details collected and analysis done helps in protecting the projects.

Any platform offering DeFi services can try to use Solidproof’s auditing and KYC services to bolster efficiency. 

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Press Release

CertiK to Showcase Web3 Security Innovations at Hong Kong Web3 Festival 2025

Published

2 weeks ago

on

February 12, 2025

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CertiK, the leading Web3 security firm, announced its participation in the Hong Kong Web3 Festival 2025, one of the largest and most influential Web3 events of the year. As a key player in blockchain security, CertiK will highlight its largest advancements in smart contract auditing, formal verification, and ecosystem solutions at the event, reinforcing its commitment to safeguarding the Web3 industry.

The Hong Kong Web3 Festival 2025, taking place from April 6–9, 2025, will bring together industry leaders, innovators, and policymakers to explore the latest trends and challenges in blockchain technology. CertiK’s presence at the event underscores its role as a trusted security partner for Web3 projects worldwide.

CertiK enters 2025, following a year of major achievements:

Apple acknowledged CertiK for the sixth time for identifying a vulnerability in Apple Vision Pro’s eye-tracking technology, while Samsung recognized CertiK’s discovery of a high-severity issue in the Blockchain Keystore.
● CertiK completed the first-ever formal verification of the ZKWasm Circuit, a breakthrough in the ZK-proof ecosystem.
● CertiK expanded its security expertise into the Decentralized Physical Infrastructure Network (DePIN) space, working with projects like APhone and Aethir to mitigate security risks.
● CertiK audited six of Forbes’ Top 10 Tokens in the first half of 2024, including TON, Core DAO, PEPE, FLOKI, FET, and Bitget.
● CertiK contributed stablecoin regulatory proposals to the Hong Kong Monetary Authority (HKMA) and Hong Kong’s Financial Services and the Treasury Bureau (FSTB), both of which were approved.
Beyond security, CertiK is actively investing in Web3 growth through CertiK Ventures, a newly launched investment initiative with a multi-million dollar fund dedicated to supporting emerging blockchain projects.

As Web3 adoption accelerates, security remains a top priority for both Web3 projects and investors. CertiK invites attendees to connect at the festival to explore how its cutting-edge security solutions can protect and empower Web3 innovations.
CertiK’s Official Website: https://www.certik.com/

Hong Kong Web3 Festival 2025: https://www.web3festival.org/hongkong2025/?lang=zh#/en

About CertiK

CertiK is a pioneer in blockchain security, utilizing industry-leading formal verification technology to protect and monitor blockchain protocols and smart contracts. Founded in 2018 by professors from Yale University and Columbia University, CertiK’s mission is to secure the Web3 world. CertiK applies cutting-edge innovations from academia to enterprise, enabling mission-critical applications to scale with safety and correctness.

One of the fastest-growing and most trusted companies in blockchain security, CertiK is a true market leader. To date, CertiK has worked with more than 4,800 enterprise clients, secured over $530 billion worth of digital assets, and detected more than 115,000 vulnerabilities in blockchain code. Our clients include industry-leading projects such as Aptos, Ripple, Sandbox, Polygon, BNB Chain, and TON.

CertiK is backed by InsightPartners, Sequoia, Tiger Global, Coatue Management, Lightspeed, Advent International, SoftBank, Hillhouse Capital, Goldman Sachs, Coinbase Ventures,
Binance, Shunwei Capital, IDG Capital, Wing, Legend Star, Danhua Capital, and other investors.

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TiDB Sponsors HK Web3 Festival 2025: Empowering Web3 Innovation and Infrastructure

Published

2 weeks ago

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February 11, 2025

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For the third consecutive year, TiDB is proud to sponsor the HK Web3 Festival 2025, a global gathering of Web3 pioneers and industry leaders. This premier event highlights the latest developments in decentralized technology and its transformative potential across industries.

As a leader in data management solutions for Web3 infrastructure and wallet services, TiDB plays a pivotal role in driving innovation within the decentralized ecosystem. From managing massive on-chain data to enabling real-time queries analytics for DeFi and NFT platforms, TiDB empowers developers and businesses to unlock new opportunities in the Web3 space.

The Growing Importance of On-Chain Data Services

Web3 is reshaping the internet by leveraging decentralized technologies and smart contracts. At the heart of this evolution are on-chain data services, which act as the backbone for countless Web3 applications. These services are critical for:

  • Unlocking Blockchain Value: Blockchain data holds immense untapped potential. Data service providers extract actionable insights from this “gold mine,” offering solutions that drive business value.
  • Preventing Redundancy: Web3 fosters knowledge sharing. By enabling developers, companies, and wallet users to access shared data services, TiDB reduces repetitive efforts.
  • Driving Competition and Innovation: In the race to solve industry pain points, data providers delivering the fastest and most effective solutions gain a competitive edge.
  • Supporting dApp Development: On-chain data services power decentralized application (dApp) development, fostering creativity and growth within the Web3 ecosystem.
  • Improving Data Usability: Professional data solutions ensure blockchain data is consistent, accessible, and easy to use, helping developers, businesses, and users harness its full potential.

TiDB: The Backbone of High-Performance Web3 Data Services

TiDB is an open-source, distributed SQL database designed to handle the unique workload requirements of Web3. With its ability to scale efficiently, manage large-scale data, and deliver high-performance analytics, TiDB is uniquely suited to support the demands of decentralized applications and infrastructure.

For a deeper dive into how TiDB is shaping the future of Web3 data services, read our whitepaper here.

Join Us at HK Web3 Festival 2025

KV

Visit TiDB at Booth H18 during the HK Web3 Festival 2025 to explore the future of blockchain and discover how our database solutions are driving innovation in the Web3 ecosystem. Let’s shape the future of decentralized technology together!

Hong Kong Web3 Festival 2025: https://www.web3festival.org/hongkong2025/?lang=zh#/en

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Digital Revenue World: Your Trusted Guide in the Cryptocurrency Investment Landscape

Published

2 weeks ago

on

February 10, 2025

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In an era where the cryptocurrency market is evolving at an unprecedented pace, investors and enthusiasts are constantly seeking reliable, in-depth, and actionable insights to navigate this dynamic landscape. Enter Digital Revenue World, a comprehensive platform dedicated to empowering cryptocurrency investors with expert analysis, detailed reviews, and cutting-edge market insights.  

With over 15,000 cryptocurrencies evaluated, Digital Revenue World has established itself as a trusted resource for both seasoned investors and newcomers alike. The platform offers a wide range of services tailored to meet the unique needs of the crypto community, including in-depth reviews of cryptocurrencies, exchanges, wallets, and security protocols. By delivering meticulously researched insights, Digital Revenue World ensures that its users are equipped with the knowledge they need to make informed investment decisions.  

“Our mission is simple: to provide clarity and confidence in the often complex world of cryptocurrency investing,” said the Digital Revenue World team. “We carefully evaluate each cryptocurrency, analyze market trends, and deliver reliable comparisons to help our users stay ahead of the curve. Whether you’re looking to diversify your portfolio or explore new opportunities, we’re here to guide you every step of the way.”  

What Sets Digital Revenue World Apart?

Digital Revenue World stands out in the crowded cryptocurrency space by offering:  

  1. Expert Analysis: A dedicated team of professionals conducts thorough evaluations of cryptocurrencies, ensuring users have access to accurate and up-to-date information.  
  2. Comprehensive Review*: From emerging altcoins to established giants like Bitcoin and Ethereum, the platform covers a wide spectrum of digital assets.  
  3. Market Trends and Insights: Stay informed about the latest developments, trends, and opportunities in the crypto market.  
  4. Security and Trust: With a focus on security, Digital Revenue World provides valuable guidance on safeguarding investments and navigating the risks associated with digital assets.  

The platform’s user-friendly interface and commitment to transparency have made it a go-to destination for cryptocurrency enthusiasts worldwide. Whether you’re exploring new investment opportunities or seeking to optimize your existing portfolio, Digital Revenue World offers the tools and insights you need to succeed.  

Join the Digital Revenue World Community

Digital Revenue World is more than just a platform—it’s a community of like-minded individuals passionate about the future of cryptocurrency. By connecting with Digital Revenue World on Facebook and Instagram, users can stay updated on the latest reviews, market trends, and expert advice.  

“We believe that knowledge is power, and our goal is to empower our users to make confident, informed decisions,” the team added. “Cryptocurrency investing doesn’t have to be overwhelming. With the right resources and guidance, anyone can navigate this exciting space and achieve their financial goals.”  

For more information, visit https://digitalrevenueworldcoin.com/ and join the growing community of informed investors today.  

About Digital Revenue World

Digital Revenue World is a leading platform offering comprehensive cryptocurrency reviews, market insights, and expert analysis. With over 15,000 cryptocurrencies evaluated, the platform is dedicated to helping investors make informed decisions and navigate the ever-changing world of digital assets.  

Website: https://digitalrevenueworldcoin.com/  

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