AuditOne Helps Make the Soonaverse a Safer Place
The full article was originally published by Soonlabs on Medium. Read the full article here.
Recent events in the crypto space have shown us that even the largest protocols or applications with millions or even billions at stake can collapse in a matter of days. What is the reason for that? Usually, it is a chain reaction of events that leads to this catastrophic downfall. Ultimately, the majority of users lose trust in the protocol. How can users lose it all of a sudden? How can we minimize the number of fraudulent actions? There are three factors to consider: Transparency, accountability and impact. Crypto is a fast changing environment with lots of variables affecting a project. From a user perspective it is extremely difficult to understand the current state of a project and most importantly, they need to rely on what is communicated from the project to the users.
The Soonaverse has become a significant player in the crypto space with more than 18,500 members and 1,800 communities. AuditOne has had conversations with SoonLabs on how they can help by being a trust anchor to ensure users feel safe and that users can confidently participate in projects without having to worry about scams or rug pulls. Although eliminating the risk completely is not possible, we can still minimize this risk by a lot. Thus, AuditOne has decided to add their services as a service module on the Soonaverse. This way AuditOne will be able to verify & secure projects on the Soonaverse while being able to highlight those on the platform itself. Users on the Soonaverse will be able to understand which individuals, tokens and projects have been verified/audited and which not.
What are the services that AuditOne is implementing in the Soonaverse?
- KYC/KYB: Verification of individuals and businesses
- Due Diligence: Assessing projects on tokenomics, team, market, business & marketing
- Security Audit: Quality assurance, testing edge cases & identifying vulnerabilities in the code of the protocol
- High-level financial audits: Confirming financial well-being, reserves and potential financial risks
While KYC is a requirement for launching a token on the Soonaverse, the other services are optional, helping projects to establish trust within the community and improve their visibility across the platform. On Soonaverse’s token exchange projects with completed KYB, due diligence and a security audit will have a higher ranking. Verifications and reviews can be done on different dimensions: Member, Space, Collection, Token. Each will have its own attributes.
Some of the key features that will be released include:
- Validation widget on member, space, collection and token
- Integrated pop-up for the validation process (optional)
- Verification check mark on member, space, collection and token to indicate validation
- Increase token and collection ranking score (bump up in the list)
- Automated process to list tokens on the exchange
There are also a few future improvements and decentralization components that we are already looking into as well:
- DID integration
- On Tangle requests and immutable audit trail
- Enable ability to use validated information within L1 or L2 smart contracts
- Turn widgets into web components so they can be used within third party apps
What are the economic benefits of this integration for the Soonaverse community?
Aside from establishing trust and giving users more confidence about projects on the Soonaverse, there will be economic benefits by AuditOne’s integration. 5% of the revenue generated by the services will be flowing to the Soonaverse Vault where they will be used to buy SOON tokens off the open market and then get distributed to all SOON token stakers. All service module providers receive a 50% discount on KYC, due diligence, and financial audit services. Regarding the security audits, 20% will be discounted. This way service module providers will be encouraged to verify and enhance their projects.
To conclude, with this integration we will tackle the lack of transparency, accountability and impact in Web3. The services are all geared towards improving the landscape of projects that users interact with. AuditOne identifies risks and helps projects to manage them effectively. Together with the SoonLabs team, AuditOne will achieve this mission on a large scale and we are extremely excited to start with this journey.