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Smart contract firm Solidified secures $500K from innogy New Ventures

Solidified, a leader in smart contract security code audits has unveiled a $500,000 seed investment from innogy New Ventures, LLC ahead of its token sale event, which will go toward funding an innovative new bug prediction market.

The development of Solidified’s bug prediction market having been recognized by innogy New Ventures signifies Solidified’s place as a leading smart contract security provider. The Solidified token (SOLID) sale, which is primarily targeted at auditors and security experts who will use the token to work with the new bug prediction market, will launch on July 23rd, 2018.

Blockchain boom makes smart contract security key

The migration to blockchain technology across many industries has made smart contract security a business critical requirement. As increasing value is being stored in smart contracts, the threat of infiltration from hackers and fraudsters casts a shadow over the nascent technology. Since smart contracts are immutable and unsupervised after their release, their code has to be bug-free from the beginning

The SOLID token will fuel a new bug prediction market

Rather than serving as a speculative asset, the SOLID token will serve as a means of collateralized reputation for auditors and bug hunters, as well as a medium of payment for the services they render. Generally, these actors would stake SOLID tokens when making security assurances, lose the tokens when such assurances are incorrect, and gain tokens when they help secure contracts through audits and bug reports. Developers, bug hunters and contributors to the Ethereum ecosystem will be prioritized. For the first month, there will be a 20% discount on the SOLID token.

Targeting the sale towards the technical experts promotes a functional use case and provides a strong foundation for the economics of the system.

Eduard Kotysh, Founder, CEO at Solidified

“We are happy to announce the closing of a seed round with innogy New Ventures. This validates our track record of delivering bulletproof audits and opens the road for an exciting new initiative – a security assurance system powered by bug prediction markets”.

Eduard Kotysh, Founder, and CEO at Solidified

“Solidified is the premier smart contract audit platform in the crypto space. With this strategic investment, we are proud to be a partner of Solidified in its quest to improve the quality and transparency of the Ethereum ecosystem”.

Florian Kolb, Managing Director at innogy New Ventures, LLC in Palo Alto

“We describe the future energy world as a system of energy, mobility and human-machine-interaction and intelligent buildings. Our investment in Solidified fully supports our ‘Machine Economy’ strategy according to which in the near future a machine will be able to pay its assembly, maintenance and energy autonomously in exchange for other digital commodities such as compute power, data, bandwidth etc. In such a world, a bug-free infrastructure is crucial to govern the right decisions, for example, buy or sell contracts. With our strategic investment in Solidified, we identified another building block that fulfills the basic need for safety and fully audited smart contracts.”

Kerstin Eichmann, Head of ‘Machine Economy’ of the innogy Innovation Hub in Berlin

Further information about Solidified is available at https://solidified.io. The whitepaper for the upcoming SOLID token sale is available on demand. The official launch is July 23rd, 2018.

Source:Solidified
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