Centralex Development Update: Smart Contract Audit

March has been super hectic and exciting for everyone on the Centralex team. We’ve been working on multiple fronts, particularly with the auditing team and shaping our strategy for garnering traction in the market, and ensuring our token sale happens just as scheduled.

We’re delighted to announce we’ve hit a major milestone — passing our smart contract audit conducted by Hacken.io. The audit will be a constant each year.

What’s a smart contract

A smart contract is an automated computerized transaction protocol that satisfies pre-determined contractual conditions such as payment terms, currency support, etc. The audit is needed to minimize both malicious and accidental exceptions. A proper audit of smart contracts ensures there are no security issues and contracts are fully optimized for performance.

Why we went for an external audit

Centralex opted for an external audit rather than conducting it in-house to cover for all possible leaks and possible instances of substandard performances. The in-house route is easier on cost but fraught with risk, which may result in security breaches like loss of personal data, theft, etc. The contract may not operate in the desired manner.

Ambit of auditing

Audit of Centralex smart contract included parameters like Performance Validation, Gas Analysis, and Vulnerability Identification. The terms of the audit extended to:

  • Simulating attacks on the contract
  • Common errors and security flaws
  • Stack problems, compilation, and reentrance mistakes

Getting the smart contract audited before deployment will bring confidence to the users of Centralex ecosystem and token holders.

Centralex — security-enhanced, experience simplified

Starting our journey in Hong Kong in 2018, we’re keen on developing an advanced, cutting-edge crypto exchange that will play a prominent role in the popular adoption of cryptocurrencies. The product is focused on enhancing the security features and simplifying the experience. We believe that increased confidence in the security aspect of the ecosystem and ease of use will help the adoption of cryptocurrencies and make them part of the mainstream.

Problems Centralex resolves

Centralex has worked hard on the problems crypto trading platforms were facing regarding user-friendliness, safety, customer service, trading tools, speed, fees, and more. Trading, depending on their own knowledge of crypto trading, can trade in basic or advanced mode. Our developers have roped in the latest technological advancements to ensure the best connection speeds and low latency for advanced traders.

Beefing up security, Centralex has rolled out a custom desktop application with an extra security layer. To enhance the security and efficiency of operations, Centralex has partnered with the likes of Fractal ID, Chanalysis, and Fireblocks.

What’s ahead

With auditing of the smart contract done, it is time to move into the next phase — ILO i.e. Initial Launch Offer. Bringing in a better experience and an array of convenient features, we’re confident about increasing the participation of users. The platform’s dazzling fast, custom-built matching engine, built on advanced hardware acceleration technique, is sure to leave our users more than impressed.

Early users of the Centralex platform can take advantage of a two-tier referral system, designed to encourage and impressively reward those who help new users onboard the platform.

Sign up to Centralex today!

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Written by: Dilip Kumar Patairya

Disclaimer: The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.

Centralex is a Hong Kong based international cryptocurrency exchange. With a global vision in mind and an international office footprint spanning two continents