Almost every blockchain-based startup claims to be outstanding, innovative and profitable. The juicy descriptions of project’s advantages combined with high promised returns attract lots of people. The ICO is a simple yet effective mechanism for raising money. But this approach has its dark side: it has created lots of opportunities for frauds.
Lots of experts in the crypto investments suggest thorough research of the project paying special attention to the usage of smart contracts. Open source projects also allow studying the code which may be a good idea. However, this requires certain expertise in the sphere. The other option is to rely on the opinion of an expert in blockchain strategy and technology consulting. The successful passing of audit means not only that the information available to the public is trustworthy, but also shows that the company has an intention to improve. And that is the key feature for successful business. Masa Suganuma, an independent gaming consultant, has confirmed the importance of this factor in his recent interview on Luckchemy: “Speed and continuous improvement are mandatory in internet gaming.”
Luckchemy, a blockchain-based gambling company, has successfully passed the audit by New Alchemy, one of the leaders in the sphere. The object of the research were the smart contracts that implement their crowd sale and associated Luckchemy token (LUK). At the moment company is fully entitled to state that the contracts’ implementation and behavior completely match the official public documentation. Luckchemy has also improved the security issues.
The audit was performed in two stages. After the initial New Alchemy’s documentation was given to the gambling project, Luckchemy has worked on the discovered issues. These changes were also estimated by the specialists from New Alchemy and were included in the final document.
The iGaming project has never lacked the attention of pubic as it is using a promising combination of blockchain technology and offchain cryptography. However, the audit by New Alchemy showed that there was room for perfection. Here are some results of the changes provoked by the audit results.
Luckchemy uses Solidity, a special contract-oriented programming language for its smart contracts. The choice of this language was great, nevertheless Luckchemy used its old versions. After the audit Luckchemy switched for Solidity version 0.4.21 – the most recent version at the time of testing. The company also fixed some minor ‘bugs’ and improved the code quality.
The focus of the performed audit was on identifying security flaws in the design and implementation of the contracts. Luckchemy invited a third party to check the code – and has definitely benefited from this decision. The audit by New Alchemy has strengthened the positions of the Luckchemy as security and credibility are crucial for the success of an iGaming project.