DeepMarkit Corp (TSXV: MKT) (OTC: MKTDF) (FRA: DEP) has confirmed that its wholly owned subsidiary, First Carbon Corp. has received a Security Assessment Certificate from Quantstamp. In order to receive the certificate, Quantstamp evaluated and passed security-related issues, code quality and adherence to specifications and best practices related to the MintCarbon.io platform’s smart contracts.
MintCarbon.io is DeepMarkit’s NFT platform for the minting of carbon credits. It has the scope to become an important cog in a future carbon credit trading ecosystem, leveraging NFT technology to allow credit owners to sell their credits on independent platforms. Independent certification by the likes of Quantstamp will be important for the broader acceptance of the platform by investors.
The company complied with Quantstamp’s iterative audit process to rigorously review and test the MintCarbon.io platform’s blockchain-based smart contracts. Quantstamp performed the security assessment of the platform’s codebase and FCC incorporated feedback and recommendations from Quantstamp to complete the audit and receive the certificate. All audited smart contracts are now ready to be deployed on the MintCarbon.io platform.
“The certificate validates our robust focus on enhancing the MintCarbon.io platform’s codebase security,” said Ranjeet Sundher, CEO of DeepMarkit. “Performing institutional-level diligence further highlights our competitive strategy, which is to ensure that our products and ideas are well designed, offer a high level of utility to stakeholders and are well protected.”
Given the demonstrated vulnerability of some cryptocurrency trading platforms to concerted hacking efforts, independent security reviews also form an important role in establishing the credentials of independent minting venues. This is regarded in many quarters as a prerequisite for institutional participation.
“The carbon credit market is an excellent example of how Web3 can improve liquidity in traditional markets,” explained Quantstamp CEO Richard Ma. “We are proud to provide the security foundation necessary for pragmatic use cases to thrive in the real world,” added Ma.
Quantstamp is a leader in blockchain security and its mission is to secure the decentralized internet. To date, it has protected over $200 billion in digital asset risk from hackers. Start-ups, foundations and other enterprises work with Quantstamp to protect their innovative ideas and products.
Quantstamp’s services include securing Layer 1 blockchains, securing smart contract powered NFT and DeFi applications as well as developing financial primitives for Layer 1 blockchain ecosystems.
With Web3 security more critical than ever, developers are encouraged to test and evaluate codes by engaging with an established third-party security auditor. Accordingly, DeepMarkit’s engagement of Quantstamp through FCC is aligned with its goal of ensuring the security of the MintCarbon.io platform for users and stakeholders.