German-Based Solidproof Introduces First Automatic Auditing System - Coindoo

German-Based Solidproof Introduces First Automatic Auditing System

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Aug 6, 2021
3 min reading time

German-Based Solidproof Introduces First Automatic Auditing System

What do you call a crypto project designed to help in the KYC and Audit related services in Defi? The platform, whose concept was introduced in 2021, is transforming the crypto Defi business by helping upcoming Defi projects with their KYC and Audit related tasks. 

Solidproof is based in Germany, and its involvement in the Defi business will speed up its adoption. Their German base is one of the most exciting things about this project. Why? 

In Germany, the project falls under the regulations of DSGVO, which is the European agency for data protection. Therefore, users of this platform should note that their data will always remain safe since Solidproof has set excellent data protection policies. 

Why are audits and KYC important in Defi? Generally, auditing and KYC help reduce fraud, build trust, and secure the Defi business and growth. Already the platform has audited multiple platforms with success and highlighted risks in some projects. Now, Solidproof is looking to the future, introducing other highly advanced services for better auditing and KYC.

Automatic Auditing Overview 

Since its launch, Solid proof has been offering excellent auditing services, with several platforms in the Defi world receiving their reports and cleared. The system has been using manual audit systems that are very accurate since they have the human touch. One issue against manual auditing is its time consumption and the possibility of errors. 

For that reason, Solidproof is planning to completely automate the auditing process to create more efficiency in the delivery of services. Automatic auditing involves the use of an application that has all the audit policies fed. How will the launch of algorithmic/ automated auditing affect the system?

The speed of service delivery will be high once the system is implanted. The network will easily be able to work with short deadlines and offer highly reliable results. Furthermore, since the system is already knowledgeable in manual auditing, it will have more accurate results from 2 sources. 

The auditing process as is now is straightforward, involving the following steps; 

  • Communicate
  • Auditing 
  • Fixing the system for a second audit
  • Report

Imagine how fast things will be once the autonomous systems are implanted; the auditing process could take shorter than usual. 

Unicrypt Is Onboard 

Solidproof wants to be the best in the crypto business and, as such, is partnering with top industry players to streamline the service provision. Currently, the network is in a partnership with Unicrypt, a famed platform for its excellent launchpad services. 

Unicrypt has already participated in the launch of multiple successful projects in the crypto world. This launchpad platform has always required auditors for the listed projects. 

Therefore, Solidproof being Unicrypt’s partner, puts it as Unicrypt’s auditors. Thus, Solidproof will help in auditing the many Defi projects that continuously list in the Unicrypt network. Flatswap, Buffalo Swap are among the projects that Solidproof has assisted.    

A New Token in Place

In a mission to increase its followership, this German-based network plans to introduce a token that will help handle platform services. More on that will be available as the system updates in the coming days. 

Currently, there is very little information on the same, but the network will continuously update its users via social media pages. You can follow them on Twitter, Facebook, Medium to enjoy the updates as they come. 

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
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