Fantom will use an automated technique to search for flaws in smart contracts.
Fantom has implemented Watchdog, an automated smart contract monitoring system, to enhance the security of decentralized applications on its blockchain.
Watchdog, which was developed in collaboration with blockchain security startup Debaub, would automatically search smart contracts for faulty code that might serve as the root cause of security threats, according to a statement by Fantom Foundation. It will concentrate on threats against decentralized financial (DeFi) applications.
Fantom Foundation’s chief executive officer, Michael Kong, said, “We’re ecstatic to deliver a new level of safety and security to the ecosystem with Watchdog.” “Developers demand cost-effective, efficient, and reliable auditing solutions for smart contracts. Watchdog does this and will establish a new benchmark for security.”
Fantom Foundation said that Watchdog would automatically examine all smart contracts inside the Fantom ecosystem for flaws. In the event that a vulnerability is discovered, the security company Dedaub will alert the project, aid them in understanding the risks, and provide timely assistance in correcting the issue.
The automated analysis of smart contract logic may not definitely provide security against assaults due to the possibility that certain complicated defects would go unnoticed. This is why Watchdog is intended to augment costly third-party audits, as opposed to completely replacing them.
Even though the DeFi market has enjoyed significant expansion since 2020, security breaches have increased in tandem. 97% of the $1.3 billion worth of bitcoin stolen in the first quarter of 2022 came via DeFi applications, according to statistics from the Federal Bureau of Investigation (FBI).
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