VeChain has successfully showcased the practicality of blockchain technology through its adaptation of ERC-4337, as evidenced by a recent audit that awarded it a perfect score of 10.
The audit, conducted by Hacken, a trusted blockchain security auditor, focused on VeChain’s Account Abstraction Layer (AAL) to assess its security, code quality, and documentation depth. The results of the comprehensive audit, carried out at the end of last year, confirmed VeChain’s excellence with a flawless 10/10 score.
The introduction of ERC-4337 in Ethereum brought about a new approach to account abstraction, eliminating the need for Ether tokens for transactional fees. This advancement significantly enhances transactional flexibility and smart contract operations, according to the VeChain team.
The auditing process involved the use of automated tools to identify initial vulnerabilities, followed by manual testing to uncover deeper issues. By conducting manual testing, the team was able to simulate real-world attack scenarios. Reflecting on their initial findings, the team highlighted a medium-severity issue related to redundant gas reservation, which could affect transaction efficiency. They also noted low-severity issues such as potential execution reversion due to incorrect revert reason sizes and inconsistencies in user operation hash generation.
The VeChain team promptly addressed these issues after they were brought to their attention. They took the recommendations from the security audit seriously and made improvements to their system. As a result, VeChain achieved a perfect score of 10/10 for both overall functionality and security. The specific changes made included optimizing the system’s gas usage to improve efficiency, enhancing error handling, and implementing better data verification codes. Additionally, VeChain adopted new best practices for writing and documenting secure smart contracts.
The audit report emphasizes the importance of conducting thorough security audits to strengthen the security and functionality of blockchain systems. It also highlights VeChain’s commitment to continuous improvement and innovation in its technology.
Despite the positive audit report, VeChain’s native token VET did not experience a significant price reaction. Currently, VET is trading at $0.04683 after a slight drop of nearly 3% in the last 24 hours.
While VET has been correcting after a period of impressive performance, savvy investors are taking advantage of this opportunity to accumulate more before the next breakout. Notably, VeChain has recently achieved significant milestones that could drive adoption and increase prices, such as the launch of VeBetterDAO, a sustainability dApp ecosystem powered by $B3TR and $VOT3 tokens. This platform will facilitate community engagement, earning, and prosperity while promoting sustainability and ecosystem growth. Additionally, VeChain (VET) has been selected as one of over 10 renowned organizations and institutions to form a task force for AI and blockchain integration.
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