EthSign has recently come out with an announcement claiming that the company has formed a collaboration with Secure3. This is more in terms of a security arrangement where its TokenTable is concerned. The idea is to be able to effectively safeguard it from any sort of threat perception.
EthSign happens to be creating an interface between Web2 and Web3 by linking legal agreements and smart contracts. EthSign Signatures, which happens to be their very first product, offers similar capabilities, UX, as well as legal standing to the Web2 e-signing platform.
This is achieved with the utilization of the strength of blockchains in order to make them more transparent, as well as safe. Through Signatures, users come into the position of being able to upload, as well as edit and download documents. They are also able to keep track of signing status, along with witnessing events related to the whole process of the agreement.
EthSign TokenTable explains the smart contract’s utilization to trustlessly enforce agreements happening all through the process of a start-up project. Through TokenTable, founders are able to organize their token collection distribution. They are also able to issue, as well as sign, and implement a variety of token-investment contracts, along with token grants.
Secure3 is a StartX incubated and intelligent audit contest platform based in Silicon Valley. They offer cost-effective and safe audits in the case of Web3 projects. The audit contest sets up decentralized and certified auditors for audit competition. They compete amongst themselves to locate business logic bugs and other safety-related factors. They have conducted hundred audit contests.
The two entities happen to be on the same page so far as the overall safety issues related to the present blockchain industry are concerned. Safety happens to be the prime concern of EthSign, and with the help of this collaboration with Secure3, there seems to be a high level of assurance on that front.
According to Alan Xia, who happens to be the Director of Secure3, the need of the hour for the smart contract auditing industry is further clarity, as well as intense professionalism. In his opinion, a community-oriented security consensus is required to be set up.
This can be achieved by influencing the members of the community to take part in the code review procedure. The modules, as well as the technologies that they happen to possess, help in identifying the most threatening as well as soft bugs in the best of ways. In the case of TokenTable, the auditing was completed in two weeks’ time, and all possible threats were removed.
Where the CTO and Co-Founder of EthSign, Jack Xu, is concerned, he believes open sourcing to be playing a big role in making blockchain applications trustless. Therefore, it becomes necessary for prime security auditing companies to look into the code before it is positioned for production. In this regard, the edge that Secure3 has with its effective auditing module makes certain the auditors are able to correctly identify serious cases.
There is also the issue of them earning incentives for locating risk factors. In his viewpoint, this factor happened to have turned the decision of which security company to hire in favor of Secure3.