BCH-based Stablecoin Protocol Moria passes security audits in flying colors

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Moria, a BCH-based Stablecoin publishing protocol, has been successfully audited by Hashlock, a Web3 security and smart contract auditing company. The audit found that the code that powers the Stablecoin platform is “safe, logically ordered and built with clear intentions.”

BCH Stablecoin Issunce Protocol Moria passes security audit

Moria, a BCH-based Stablecoin-issuing protocol, has passed security audits and has increased operational safety standards. The platform that receives Bitcoin Cash as collateral for MUSD’s loans, a Stablecoin paged at 1:1 dollars, opens a market where traders can access liquidity without losing access to Bitcoin Cash tokens.

An audit conducted by Hashlock, a known Web3 security and smart contract auditing company, discovered that the platform had no security issues and opened the door for more users to try to adopt it if higher security standards were reached.

At a press conference, Moria stressed that the Hashlock was safe and said that it only found minor vulnerabilities resolved as part of the audit.

After reviewing Moria’s codebase, Hashlock concluded, “It appears that there is a healthy and well-tested codebase as the vulnerability findings have been resolved. Overall, most of the code is ordered correctly and follows industry best practices.”

With this new audit, Moria deepens its commitment to verify the security of its platform. Dagur Valberg Johansson, a 10-year Bitcoin veteran and co-founder of Riften Labs behind Moria, has repeatedly criticised the current state of centralized stubcoin, highlighting the end of the “reliable Me-bro” stubcoin era.

Halvor Bakke-Veiby, rocket scientist and co-founder of Riften Labs, highlighted the need for a similar protocol to Moria as a way to protect the health of the broader crypto ecosystem.

He said:

Trust-Me-Bro Stablecoins are one of the biggest attack vectors across ciphers. If liquidity is not moved to a safe, transparent and chain-secured stable, it could spur future Black Swan events across the crypto industry.

Read more: Adaptive Blocksize Limit Algorithm is published on Bitcoin Cash Network