CertiK’s Audit Review for FrenchICO

CertiK | Dec 20, 2019

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FrenchICO is a company that has developed a platform for funding projects using cryptocurrency. Their vision to offer the greatest number of financing solutions and alternatives to traditional financing. Recently, France’s first financial regulator, the Autorité des Marchés Financiers (AMF), granted FrenchICO the country's first offering approval.

FrenchICO, an impressive and notable project, aims to solve many ICO related challenges around funding, regulations and trust for both parties as a project founder, investor, and government. Their unique business model sets the team up for great success in the future, while also bridging the ecosystem into a new, digital financial era.

The Audit

The FrenchICO team asked CertiK to conduct a security audit of the design and implementation of their Minime-based smart contracts.

In CertiK’s comprehensive audit, the source code was conducted by a variety of methods and tools such as CertiK’s Formal Verification engine as well as manual review by the team’s smart contract experts. Formal Verification mathematically ensures that the contract runs exactly as its intended to by calculating it against every possible value for all variables.

The auditing process paid special attention to the following considerations:

  1. Testing the smart contracts against both common and uncommon attack vectors
  2. Assessment of the codebase for best practice and industry standards
  3. Ensuring contract logic meets the specifications and intentions of the client
  4. Cross referencing contract structure and implementation against similar smart contracts produced by industry leaders
  5. Thorough line by line manual review of the entire codebase by industry experts

Read more about our Formal Verification Process here!

CertiK directly interacted with FrenchICO’S team of engineers to fix critical loopholes and address design changes throughout the audit process. After timely enhancements to the source code, we found the contracts to follow good practices and are currently not vulnerable to any classically known anti-patterns or security issues at the time.

About CertiK

CertiK leads blockchain security by pioneering the use of cutting-edge Formal Verification technology on smart contracts and blockchains. Unlike traditional security audits, Formal Verification mathematically proves program correctness and hacker-resistance. CertiK was founded by Computer Science professors of Yale University and Columbia University, securing over $5B in assets, including many of the world’s top projects.

The research efforts of CertiK have received grants from IBM and the Ethereum Foundation, and notable investors include Binance Labs, Bitmain, Lightspeed Venture Partners, Matrix Partners, and NEO Global Capital, among others.

To request the audit/verification of your smart contracts, please email audit@certik.io or visit certik.io to submit the request.

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