SpaceChain Token Audit

What is an ERC-20 token?

ERC-20 is a simple standard for tokens on Ethereum. It says that for a smart contract to be an ERC-20 token, there are a limited set of functions that the contract must have. Things like the ability to send tokens to another address, find a balance, and a few other common items are included. This is so that there is a baseline and anything that is called an ERC-20 token can at least do those things.

What does verification mean?

There are two possible types of code audits. In the first one, an engineer reads and looks for issues in the code. This is helpful and important, but humans can and will miss things.

Why is it important?

Unlike traditional software, smart contracts cannot be upgraded whenever a problem is discovered. When a developer finds a bug in their phone application, they can simply fix it, create a new version, you download it, and everyone moves on. With smart contracts, since the code resides on the Ethereum blockchain, it is immutable. This is both good and bad.

How did we manage to score so well?

There are a few reasons why. First, we kept things simple by keeping the new code to a minimum. Every extra feature has the potential for a bug. By limiting this to just what was needed for an ERC-20 Token, we’ve minimized the number of things that could have gone wrong. When it comes to security, simplicity almost always wins out. This is something that engineers in fields such as aerospace have known for years; the less moving parts something has, the less likely it is to fail (or do something unexpected).

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