Interview with the head of CashCow development
I believe you all know that on August 10, PolyNetwork, a cross-chain interoperability project, was attacked by a hacker and stolen nearly US$610 million in assets. Although the hackers returned the dirty money with the efforts of all parties, this event creates a significant impact on the crypto market. Historical annals because this is the most potent hacking incident in the history of Defi and the worst incident in the entire cryptocurrency market since its inception.
Privacy and assets are the core factors of Defi security. Every exchange and Defi project declares that user assets belong to users, but the business may be attacked or run away. The same thing will happen to Defi projects. According to audit data from security companies, there have been hundreds of hacked Defi projects, and security is hidden under the aura of decentralization and has not received enough attention.
How does the emerging lending and leveraged mining platform CashCow guarantee the safety of user assets? According to data, the CashCow platform TVL has reached 37 million U.S. dollars, with a total deposit of 36 million U.S. dollars and 60K global community members, which is enough to show the trust and love of users in CashCow. We invite Jackie, the head of CashCow development, to share with you the platform’s security.
1. Views on current DeFi security
HOD: Security is always the primary concern of our company. Security is the foundation of the industry’s development. The lack of security will make the industry look like a tall building built on the beach, and the collapse is just a moment. Defi is not a paradise for evil. The successive vicious hacking incidents have severely affected the confidence of users and the industry in decentralization. Therefore, it is not too much to emphasize safety. Of course, this is a long-term mission that requires the continuous and ongoing efforts of all our employees, external companies and even users.
2. How does CashCow build secure code
HOD: First of all, we have established the safety first rule from the beginning of the project. Therefore, we will select well-qualified and experienced employees from famous companies and schools when recruiting project members. Most project members who graduated from TOP Related majors in colleges and universities have served well-known companies like Microsoft, Google, and Ali. The code they write is of high quality, which fundamentally reduces logic loopholes and product bugs.
Secondly, focus on product testing. Before new functions are launched, they will be tested and modified repeatedly following the standard SOP process, and ambiguous content is never allowed. It is never our goal to let the code run. High-quality and safe operation is our pursuit.
3. How is CashCow’s security audit progress?
HOD: Of course, there is no perfect code, so we focus on external audits. We have passed the code audits of Certik and noneagle Technology while SlowMist and Fairyproof are still in communication.
The project will also conduct regular audits and self-examinations, establish an offensive and defensive team, continue to look for potential risks and promptly correct errors. Whenever there is a safety accident in the industry, we will keep paying attention and conduct controlled experiments to absorb the experience of others. In addition, the project has in-depth cooperation with university network laboratories and network security companies to monitor the status of smart contracts 24 hours a day.
4. How does CashCow guarantee the security of user assets?
HOD: Excellent code and multiple external audits are good enough to filter out the vast majority of risks. Users can view their assets on the smart contract. Everything is open and transparent. In addition, the platform has a complete defence process system and an excellent risk control system for users.
Safe mining escort:
l Professional security technical consultants, 7*24 full-time service
l World-leading digital asset protection technology, comprehensive defence against DDOS+CC attacks, cloud protection cluster
l Real-time attack location, emergency alert system to ensure global backup
l Early warning of large-scale I/O transaction back-end funds
l Upgrade database quotation function, stable price fluctuation system, real-time notification of price changes
l Back-end permission security box, permission automation process, and time lock online planning
The team is constantly planning a more complete and safer plan. After the procedure has passed, we will release it publicly.
Summarize
We can see that CashCow has made efforts for platform security. There is no shortcut to security. It is nothing more than spending high costs and making great efforts to establish a sound security foundation and continuously strengthen the firewall. Hackers first find potential risks and correct them. I want to remind everyone that the project platform will do its best to eliminate risks as much as possible, but Defi is an industry that no one can predict. Black swan events may also occur, so don’t invest funds that exceed your risk tolerance, and treat yours as carefully as possible. Funding is as cautious as CashCow treats code.
