Ampleforth Stablecoin Improves Security After Audit
Ampleforth has completed upgrades after its second security audit through New York firm Trail of Bits.
The full report is available below. Ampleforth is a stablecoin which uses a different method of preserving its dollar-to-unit ration, by transferring “volatility from unit price to unit count.” As the market shifts around Ampleforth, formerly Fragments, users balances change to reflect the change in price.
Security is obviously very important in stablecoins and cryptocurrencies generally. Ampleforth hired Chinese firm SlowMist to conduct its first audit. The audits find no major vulnerabilities. The second audit finds some possible improvements. Ampleforth has responded by implementing 75% of the recommended changes in its latest version. Only minor code updates were required.
Ampleforth has determined that the fourth issue spoke in fact to their intentional design. They have committed to “monitoring it closely.”
3 of 4 Suggestions Implemented
This issue that Ampleforth decided not to address was related to its oracle services. According to Trail of Bits, a malicious market maker could play with the stability of Ampleforth. They said:
CCN asked Ampleforth for clarification on this matter. They responded:
Ampleforth CTO Brandon Iles said of the audit:
Ampleforth Aims to Be “More Like A Natural Resource Than A National Bank”
As CCN previously reported, Ampleforth is a rebrand of Fragments. From a recent phone conversation with the Ampleforth team:
Ampleforth’s website says:
The bottom line is that security audits are especially important in smart contracts. Vulnerabilities vanquish millions of dollars, after all.
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