February 22, 2024

Hashlock joins the peaqosystem

peaq

Community

What is happening?

Hashlock, an Australian smart contract auditing company, is joining the peaqosystem to support DePINs building on peaq with a 50% discount on audits.

Why is it important?

The development will make it easier for peaqosystem builders to make their projects as impenetrable as they can be, ensuring that the Economy of Things on peaq will be highly resilient.

What does it mean for the community?

Better smart contract security means more trust, which, in turn, is another great incentive for more DePINs to start building on peaq, driving more value for everybody.

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Real security for real-world projects

The Web3 space is unfortunately infamous for hacks. Just last year, the industry reportedly lost some $2 billion to all sorts of malicious actors. DeFi hacks of growing diversity accounted for about $408 million there. These figures serve as a stark reminder: In Web3, security should never be an afterthought.

As the industry pivots to everything real-world, with the rise of decentralized physical infrastructure networks (DePINs), security grows even more important. An attack draining a DeFi protocol’s treasury can result in millions’ worth of crypto loss. An attack on a network of automated delivery trucks can result in real-world harm and deaths. Obviously, all-around security is a must to prevent that.

Hashlock is an Australian company providing a wide array of blockchain security services. Besides auditing smart contracts — the business logic any decentralized application relies on — it does simulated attacks, testing, monitoring, incident response, and more. It is now joining the peaqosystem on a supporting role to help make the Economy of Things on peaq as secure as possible.

Joining the peaqosystem, Hashlock will provide all DePINs building on the network with a 50% discount on smart contract audits. Besides the initial onboarding and scoping, such services also include multiple rounds of code review. This is done to make sure that no new vulnerabilities pop up as the team works to remove the ones that had been spotted. With the audit completed, Hashlock can optionally publish and promote it to affirm the project’s security standards.

“Exciting as it is to witness the Web3 expanding into the real world, the paramount importance of security cannot be overstated. At Hashlock, we are thrilled to bolster the security infrastructure of the peaq ecosystem through our premier auditing services. Our commitment extends to supporting the DePINs as they lay the groundwork for the Economy of Things. With our extensive experience in working with RWA's and L1 blockchains, we firmly believe in the transformative potential of blockchain technology in this realm. RWAs represent not just assets, but opportunities for individuals to access larger asset classes with otherwise high entry barriers, and for seamless, frictionless trading across assets and continents. Together, let's pave the way for a secure and resilient future.”

— Fletcher Roberts, Co-founder and Director of Hashlock

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