Coinbase, an American company that operates a platform for cryptocurrency exchanges or transactions has come up with a tool for smart contract analysis named Solidify. Solidify will be employed to detect and classify risks associated with Ethereum smart contracts and DeFi clones. Solidify carries out its Ethereum smart contract check using the solidity programming language.
The tool was made to be useful in different areas like auditioning of smart contracts and the likes. The company intends to make Solidify’s source code available for possible modification. On June 23, through an online article, Coinbase top executive engineer made public the new facility which according to him was built for smart contracts in other to enhance the hitherto manual process of analysis.
The executive said that to ensure the security of customers, token listing for smart contracts will involve in-depth evaluation and risk avoidance mechanism. He said that the latest smart contract technology was developed in response to the growing need of their clientele community, their desire for a tool that will effectively conduct analysis securely.
The new facility has about 6000 distinct signatures. The enormous number of signatures used by the facility according to the Coinbase executive is for the facility to ably identify the main characteristics and dangers associated with contracts. It will also provide ratings for the risk, give recommendations on how it could be avoided and also come up with indepth evaluation.
In the words of the Coinbase man, the facility is yet to be used in automated market makers(AMM) and DeFi apps due to the enormous their custom code which will still use manual method of analysis. Coinbase has the intention of backing the programming language; Vyper, which is useful in Ethereum Virtual Machine (EVM).
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