Meta Auditor's primary intention was to help in auditing and providing KYC services for DeFi projects. It aimed to participate in bolstering the trust of investors in DeFi, thus speeding up DeFi adoption.
KYC standards target to protect the DeFi platforms from corruption, fraud, money laundering, and financing of terrorism. It does KYC by;
Identifying project customers.
Understanding their nature of activities.
Assessing money laundering risks and offering their recommendations to the platform developers.
Auditing by the Meta Auditors network also takes a few straightforward steps to ensure that services are provided efficiently. The steps include:
Communication- The first step to getting an audit is communicating with the Meta Auditors network and submitting the code.
Auditing- The second step is Meta Auditors working on your project's audit, searching for any vulnerabilities manually and algorithmically.
Fixes- Here, Soldiproof suggests recommendations to the developing team, which they will work on. Afterward, the Meta Auditors network takes a second audit.
Reports- Finally, Meta Auditors releases its audit report.
It's true that with the increasing cases of scams, DeFi institutions are vulnerable to related financial frauds. Frauds contribute vastly to slacking investor trust in the Decentralized finance space.
Audits help assure investors that the underlying project is genuine and the people behind it are not malicious. Moreover, auditors do real tests and give recommendations to the developers and, in some instances, the investors. KYC details collected and analysis done helps in protecting the projects.
Any platform offering DeFi services can try to use Meta Auditors's auditing and KYC services to bolster efficiency.
🏷️ Contract Address: 0x91102910cd19fcfdd3a41fa5d3219f6660cc0b59
🔹 Renounced Ownership: https://bscscan.com/token/0x91102910cd19fcfdd3a41fa5d3219f6660cc0b59