Place/Date: - February 20th, 2022 at 2:00 pm UTC · 3 min read
The world of audit has always had an inherent problem, the conflict of interest that comes from paying for audit services. Auditors are meant to be independent of their clients, but how can you be independent when you are auditing your employer? With countless instances of paid auditors issuing fraudulent attestations to keep their clients happy – say, Enron, WorldCom, and Tyco, to name just a few – the world is finally waking up to the need for alternative decentralized and independent solutions.
That’s why we’re enormously excited to be hosting SCATDAO’s public sale on the KICK.IO launchpad. Funded by Project Catalyst, Smart Contract Audit Token Decentralized Autonomous Organization (SCATDAO) is a new audit paradigm that performs decentralized, truly independent smart contract audits on Cardano, redefining the way audits are selected, performed, and financed.
It has been clear from the beginning that to ensure DeFi mass adoption the ecosystem requires independent audits using a consistent set of standards for certification of the code, as well as rigorous assessment of the project’s development team and its legitimacy. Nevertheless, the current system leaves the door open for Dev teams to influence their audit results. Not only does the current fee model cast the independence of many auditors into doubt, it also creates a system of inequality, where only well-funded dev teams can afford an audit.
That’s why SCATDAO was designed to avoid this inherent conflict of interest by creating a unique funding mechanism that self-finances their operations so that independence is always maintained. The token holders will be the ones who choose the projects they care for and want to be audited through a streamlined, standardized, and automated process. This method also provides critical infrastructure to Cardano by offering a free resource where dev teams can obtain a comprehensive audit, receive feedback on any bugs or potential exploits they were unaware of, and demonstrate to the general public that their protocols are safe to use.
SCATDAO’s public sale will kick off on February 21, 13:00 UTC and will run until February 24, 13:00 UTC. Mark the date to avoid the risk of missing out.
KICK.IO is a Cardano-based fundraising platform and project accelerator, designed to provide transparent, efficient, and fully decentralized crowdfunding services. KICK.IO is set to mature into a cornerstone of the new Cardano-dominated DeFi landscape, becoming the place where Cardano’s extensive community can come together to fund projects characterized by the immense potential for future success.
Our next-generation decentralized launchpad will be built according to the best DeFi industry practices, ensuring real-time settlement, top-notch security, interoperability, true decentralization, zero counterparty risk, while also being fully scalable to meet the needs of institutional investors. Unlike our competitors, we offer full support of Cardano native tokens and a suite of advanced DeFi tools that upcoming projects need to thrive and prosper.