Digitex has been ramping up our developer partnerships to bring you the most robust futures exchange possible. This includes the brilliant SmartDec team, which has been working alongside Digitex from the very beginning. Known as the smart contract experts, SmartDec recently showcased their expertise by winning a hackathon at ETHParis. Find out more on who they are and what they do for us here.
Who Is SmartDec?
SmartDec is a cutting-edge IT company focused on security audits of applications and the development of security tools. Among the company’s main products and services are SmartCheck, a security testing tool for Solidity and Vyper, and SmartDec Scanner, an enterprise static code security analyzer.
SmartCheck probes and tests smart contract code for vulnerabilities and bad practices and SmartDec Scanner scans source code in 20 languages (including Solidity). It also scans binary code such as Java, Android, iOS, and more, while integrating with various development tools.
SmartDec COO Sergio Pavlin says, “In spring 2017 we started conducting Smart Contract Audits. For now, we have performed around 200 of them. Our audit reports are accepted by the top-rated exchanges like Binance, OKEx, etc.”
Not only has the Russian company audited smart contracts, but they’re also experts in DApps in general, as well as traditional apps, protocols, front-end, back-end, crypto wallets, banking, and eCommerce apps (web and mobile).
Without a doubt, SmartDec is among the best in the industry. They constantly publish their research results and articles to raise awareness and, to showcase their work further, the team recently won a Hackathon at ETHParis.
Winning the ETHParis Hackathon
The SmartDec team took part in the ETHParis Hackathon (part of ETHGlobal) this month, emerging as the winners of the grueling event! They walked away with the main prize of $1,200 and three sponsors’ prizes as well! You can find more about their project Cleanedapp here.
So what did the Hackathon involve? According to Sergio, “The goal was to develop a concept of product which can help in adoption of blockchain technologies. We built a fully decentralized application in which people can post a comment about a particular token, but only after burning a certain amount of that token. We called it Cleanedapp.”
This means that people can only comment on tokens and DApps if they have actually used them and are qualified to make statements and leave reviews.
Sergio explains, “The higher percentage of total supply of the token you burn, the longer the text that you can post and the higher your post appears on the page. Whenever the full amount of tokens on a particular address is burned, there is memory freed on the blockchain, which is a useful “gardening” effect.”
Use Cases for SmartDec’s Cleanedapp
Some of the use-cases of Cleanedapp start by policing the space of dead and dying projects. Before people can openly comment with their emotions rather than fact, and labeling projects unfairly as a “scam”, they must have burned tokens to prove that the project is actually dead.
Sergio says, “The ICO mania left us with a huge variety of useless tokens. Many stakeholders in these failed projects would like to express themselves. For example, in our DApp, people can post short exclamations, such as “this was a scam!”, or “it was fun while it lasted”, or “shut down, bc regulation”. However, they have to burn their tokens as proof that the project is dead.”
Cleandeapp can also be used to construct what Sergio calls ‘postmortems’. The owners or developers of projects can attach a text to the act of burning, which explains what went wrong, why the proposed system did not work, why it was shut down, and why the tokens are deemed useless and are destroyed.
Finally, there are cases, when tokens are burned in healthy projects. In situations similar to Numer.ai and Gnosis, where the development team has an unnecessarily large stake in total token supply, the team can choose to burn tokens to release control over the market. Says Sergio, “They can do this through our DApp, attaching an accompanying text to the act.”
How Is SmartDec Working with Digitex?
SmartDec has been working closely with Digitex right from the very beginning, monitoring the smart contracts from our initial ICO with excellent success.
Sergio recalls, “Our work with Digitex started from security audits of smart contracts for the first round of crowd sale and also slight improvements in them. The Digitex team highly appreciated our work and entrusted the smart contract development of the Digitex Treasury token sales.”
We’re also working with this brilliant Moscow team on the decentralized architecture of our exchange. This project is an interesting technical challenge for both Digitex and SmartDec since it requires solving the typical problems of blockchain projects: privacy, scalability, and capacity.
“We implement cutting-edge technologies like Plasma on ZK Snarks and payment channels to build Digitex platform. Now we are working on the first version of the blockchain part of the exchange in parallel with further crowdsale stages.”
Digitex Futures Is in the Best Hands
We’re preparing for launch in the complete confidence that the Digitex Futures exchange is in the very best hands possible. From the constant security audits and analyses of our smart contracts to the additional features we’re adding, Digitex is working with the world’s best around the globe.