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To ensure maximum safety of TIME token holders we decided to make multiple security audits by the best security researchers in the world.
Nikolai Mushegian is the CEO of DappHub and a well-known security researcher. He saved MakerDAO from the same fate as TheDAO and will be reviewing ChronoBank’s smart contracts code. He will make a security audit of TIME and LH tokens to ensure that smart contracts are safe for public release.
Nikolai Mushegian has gained prominence thanks to his actions in preventing the catastrophic hack of MakerDAO due to the same loophole that led to tens of millions of dollars of Ether being extracted from The DAO last year — leading to a hardfork of the Ethereum blockchain and an ideological split in the community.
‘A few weeks before the infamous hack of The DAO, the DappHub team identified the same recursive withdrawal bug in Maker Market, an experimental decentralized exchange that MakerDAO created to securely sell their token MKR,’ explains Nikolai Mushegian. ‘We quickly moved to exploit the bug ourselves and pull all ETH out of the exchange. It was then returned to its rightful owners and the bug was patched, avoiding certain disaster. We were able to do this because of our clear code and sensible interfaces that limited the attack surface that we had to secure. Since then we have had no issues with any live contracts created for MakerDAO.’
Protecting TIME token holders
DappHub is one of the oldest smart contract development firms in the Ethereum space, first formed to create the MakerDAO stablecoin contract system. As a group with a profound understanding of Ethereum’s smart contracts ecosystem, they were a natural choice when looking for a code audit. ‘Security is our number one concern,’ comments Sergei Sergienko, CEO of ChronoBank. ‘We are committed to getting our software to market and into use as quickly as possible, but we won’t do that at the expense of security. That’s why we’re thrilled to be working with DappHub to make sure there are no unexpected issues.’ The audit is expected to be completed by the end of the crowdfund, which lasts until 23:59 UTC on 14 February.
‘We have led the way in innovation with our open source contributions including dapple, our command line developer multi-tool, and dappsys, our composable smart contract framework,’ continues Milenius. ‘We take pride in our unwavering commitment to security and deep understanding of the Ethereum Virtual Machine. Our core competencies are well aligned with Chronobank’s goal of launching a safe and usable instance of their TIME token, and we look forward to working together towards that end.’
To find our more about ChronoBank or to participate in the crowdfund, visit www.ChronoBank.io.
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