NEW YORK, NY / ACCESSWIRE / November 6, 2018 / MonitorChain -- the real-time surveillance and smart contract alert system -- has partnered with software and blockchain development company The SilverLogic (TSL) to enhance their token contract security.
MonitorChain will provide an on-chain Ethereum contract monitoring and alert service to token contracts developed by TSL. Smart contract security has become a severe problem in the cryptocurrency space following the persistent high-profile exploits of token contracts, leading to millions in stolen funds.
The MonitorChain surveillance system enables instant alerts to TSL when specific triggers within smart contracts are executed. These triggers are based on the critical functions within a contract's code needed to exploit them and move funds to exchanges. TSL provides token contract development services for upcoming ICOs and STOs. Integrating MonitorChain into their services confers preventative security measures to their contracts, adding an important security layer.
The SilverLogic CEO, David Hartmann, stated:
'The focus of our blockchain solution is a simple user experience for all parties involved. Part of this effort is selecting best in class partners for KYC, signing, and other relevant areas. Together with MonitorChain, we have now found our partner in security monitoring.'
The MonitorChain alert system enables TSL to be notified about triggers in smart contracts such as changes to supply and minting rules, large transfers, and smart contract rules violations. TSL will be updated on instances of contract exploits in real-time, which will allow them to activate freeze functions in token contracts or even alert exchanges to blacklist the addresses trying to liquidate stolen funds.
Preventative measures offered by MonitorChain provide a crucial last line of defense and augment existing security standards such as smart contract auditing. MonitorChain is a product of the company Zenchain, led by CEO Seth Hornby, who commented:
'The best form of security is preventative, and together with The SilverLogic, MonitorChain intends to provide the highest level of fraud prevention in upcoming token contracts. By combining TSL's technical expertise with our cutting edge security monitoring, we aim to raise the bar for quality and trust in future token sales.'
Attack vectors continue to evolve in the emerging cryptocurrency ecosystem. Delivering preventative security measures with MonitorChain offers not only a powerful deterrent to hackers but also strong assurances to The SilverLogic's customers that their token contracts are not subject to potentially catastrophic exploits. Their partnership represents the significant progress made in emphasizing improved smart contract security in the industry.
About MonitorChain:
MonitorChain is an on-chain Ethereum Oracle alert system that surveys smart contracts across the network for changes to critical functions in token contracts. A product of Zenchain -- who is based in Victoria, BC Canada -- MonitorChain provides a security solution for exchanges, token issuers, and traders alike. Users can subscribe to the real-time surveillance system with graded alert levels based on the severity of triggers in contract functions.
About The SilverLogic:
The SilverLogic is a software development company in Boca Raton, FL that provides custom software including blockchain and smart contract development services. Their services range from customized payment solutions to distributed applications and record management. The SilverLogic also offers token contract development for Initial Coin Offerings (ICOs) and Security Token Offerings (STOs) on blockchain networks.
Contact:
shazirm@aol.com
SOURCE: MonitorChain
View source version on accesswire.com:
https://www.accesswire.com/527318/MonitorChain-and-the-SilverLogic-Partner-to-Enhance-Token-Contract-Security
