Audit findings cause Ampleforth stablecoin to enhance security

Audit findings cause Ampleforth stablecoin to enhance security
Jan 13, 2019 by Rico Wise

Ampleforth is a stablecoin that utilizes another principle for the preservation of the peg ratio via the transfer of the instability from unit value to unit count. With the cryptomarket shifting around Ampleforth, previously known as Fragments, customers’ balances change to account for the price changes.

Security standards are undoubtedly crucial in stablecoins and digital currencies as a whole. Ampleforth hired SlowMIst, a Chinese company for its first examination, with the audit not managing to discover any significant weak points. The findings of the second audit, however, made more progress in this respect, resulting in the need for security upgrades, with 75 percent of the changes recommended by the New York-based audit company ultimately implemented by Ampleforth. Still, the upgrades were merely minor code upgrades. The suggestion that was not implemented was connected with the intentional design of the stablecoin, which will be scrutinized by the developers, but not subjected to changes yet. Per the opinion of the audit firm, the ill-intended market makers might take advantage of Ampleforth’s oracle services.

As mentioned above, Ampleforth is ex-Fragments, with the rebranding taking place in order to provide a little bit of a different product that strives for being more of a natural resource rather than a national banking institution.

To sum up, no matter the final concept of the digital currency and whether it is pegged to fiat or not, security audits are crucial, especially when it comes to smart contracts, as weak security may cost quite a lot of money.