Mikko Ohtamaa from TokenMarket team audited ChronoBank's development process.
The ChronoBank team has planned for different risks,’ summarises Ohtamaa. ‘Instead of trying to create a perfect smart contract, ChronoBank builds upon several layers of security and corrective actions. Issues can be mitigated and resolved without needing blockchain forks. In the end, despite how careful you are, human errors and external factors always find their way in. If it happens for space crafts, it may happen for your project too.’
In particular, Ohtamaa praises the team’s measured attitude towards development and launch of the core ChronoBank software.
‘The Ethereum community is young. In the past, teams have rushed forward to make a name for themselves. ChronoBank values investor protection and acts over longer, stabler, development and testing paths.’
Sergei Sergienko, ChronoBank CEO, adds:
‘This is precisely what we want investors to understand,’
‘We are pressing forward and making fast progress, but that progress will not come at any cost. We will not release software until we are confident of its security, and that investors’ funds are protected to the fullest extent possible. We will not rush our deployment out of a misguided desire to get to market quickly. We do things fast, but more importantly, we do them right.’
Overall, the audit focuses on a number of different areas, from ChronoBank’s broader approach to issues of security down to specific issues such as loss of private keys and smart contracts testing.