Hacken, a leader in blockchain cybersecurity auditing, has incorporated Chainlink in order to boost on-chain security for DeFi.
In their Twitter announcement, Chainlink reveals that Hacken will “make its audit data available across numerous blockchain environments” using Chainlink.
Security auditor @hackenclub will make its audit data available across numerous blockchain environments using #Chainlink. This data on penetration testing, proof of funds & more enables users to check if a #DeFi contract is audited before sending it funds. https://t.co/O3pMNFMwv2
— Chainlink – Official Channel (@chainlink) September 16, 2020
This implies that, through this incorporation with Chainlink, Hacken will be able to bring its security audit data on-chain for DeFi. Hacken is well known for providing investors, exchanges, and wallet providers with data that contains underlying security of key infrastructure pieces. They are also known for informing users on the security level of DeFi smart contracts and exchanges.
Leveraging on Chainlink to drive on-chain security audits
This integration with Chainlink will make Hacken’s security audit data available on-chain so that decentralized applications can make use of them. Such audit data can be about DeFi projects, smart contracts, and cryptocurrency exchanges. This would be made possible due to the market-leading decentralized oracle network by Chainlink.
In this case, Chainlink will be the link through which smart contracts from any blockchain can access Hacken’s security data. By leveraging the pool of secure node operators already existent on Chainlink, developers can easily build in buffers that will offer more secure protocol automation that is based on the data feeds of Hacken.
This partnership will allow Hacken to elevate the Chainlink ecosystem by adding extra security layers. Such extra security would be beneficial to Chainlink’s massive user base, which is spread across many DeFi projects and blockchains.
DeFi and security
On DeFi, users can find it hard to access real-time information on security and trusted audits. For this reason, Hacken seeks to make this data available to users and to strengthen security in DeFi in order to boost transparency. With the current explosive growth of DeFi and the accompanying potential for rampant speculation, such data is desperately needed.
In 2017, Hacken launched its security data product, CER, which offers cybersecurity data to both decentralized and centralized exchanges. To enable smart contracts to gain access to this CER data, there is a need for an “oracle.” This oracle will link both environments together and help them maintain their smart contracts in the process.
For this reason, Hacken has chosen Chainlink’s oracle networks to enable the availability of data on-chain in a tamper-resistant and highly available manner. This would allow smart contract developers to have greater programmable options available to them. Some of these potential options could include confirmation of an audit before interacting with a smart contract, creating a reputation system for data providers, and and the implementation of security checks before sending any funds to a smart contract.
The ongoing DeFi surge has seen many platforms become very proactive in order to enter, or expand their horizons, in the DeFi space. Recently, leading digital currency exchange Binance revealed that its United States counterpart, Binance.US, is joining the Chicago-based DeFi Alliance. This partnership will help develop and further enhance the DeFi space in the United States.
Also, developers on the Matic Network have been granted access to Chainlink’s decentralized, secure, and reliable price oracles.