Blockchain security refers to the critical measures implemented to safeguard networks and users against a spectrum of threats posed by malicious actors.
This includes hacking, fraud, front running and unauthorised access. These measures are implemented with the primary objective of mitigating the risks of malicious attacks, such as theft. One of the fundamental aspects of Redbelly Network, which strongly distinguishes this network from the rest, lies in its resistance to forking and intrusion attacks.
For users of blockchain, security serves as the linchpin for trust and the integrity of the network. A secure blockchain guarantees the immutability and protection of transactions, shielding them from tampering and potential threats. This level of security is pivotal in upholding user trust within a decentralised environment, where traditional oversight is absent.
Redbelly Network partnered with Hashlock in May 2023 to conduct a critical audit, to ensure the security of the network. Hashlock is Australia's leading blockchain security and smart contract auditing firm.
Hashlock has reviewed the Redbelly formal verification. This paper reveals a significant advancement in blockchain security. It details Redbelly's architecture and protocols, rigorously tested through mathematical proofs for theoretical soundness and practical security resilience. This level of formal verification, uncommon in many blockchains, underscores Redbelly's robust, secure foundation and commitment to addressing potential vulnerabilities comprehensively.
“It is great to see a blockchain [Redbelly Network] that is built from the ground up, with formal verification in mind.” says Jock Haslam, Director at Hashlock.
Traditional blockchains often face security issues, such as a vulnerability to 51% attacks and smart contract flaws. However, Hashlock's analysis indicates that Redbelly Network stands out in its resilience against these common pitfalls, owed to its unique consensus mechanism and smart contract architecture, enhancing its overall security.
Formal verification and manual auditing
Formal verification and manual auditing are synergistic in securing a blockchain. Hashlock's approach to auditing Redbelly’s smart contracts involves identifying issues and hack scenario’s with core infrastructure and smart contracts. Unresolved, these vulnerabilities could lead to significant security breaches. Formal verification, on one hand, is used to mathematically prove certain theses and areas of trust, and is extremely accurate and useful at doing so. Auditing, on the other hand, is used to catch edge case attack scenarios and bugs.
“We like that Hashlock takes a holistic approach in their smart contract auditing,” says Professor Vincent Gramoli, CTO of Redbelly Network. “They looked deeply at the research work conducted at Redbelly Network, and the smart contracts. We have to create a more secure and regulated environment for regulated markets. I don’t know of any other blockchain that has formally verified its consensus. We are the first”
In September 2023, Redbelly Network announced its Compliant Asset Tokenisation solution, a world-first technological solution that enables democratised access, boosts liquidity, choice and efficiency for regulated asset markets and investors throughout the world. Traditional blockchain issues of delayed finality, anonymity, security holes and limited throughput have not only been addressed by Redbelly Network, but solved. This solution creates compliant block space for on-chain tokenisation of high-value, regulated, real world assets.
Hashlock aids Redbelly in providing a robust compliance-ready solution through comprehensive vulnerability assessments and ensuring that the protocols and smart contracts meet and exceed security standards. This approach ensures Redbelly's adaptability to regulatory changes, making it a secure and compliant option for users and enterprises.
Redbelly Network looks forward to continuing this robust partnership with Hashlock, and the important work of further-optimising a cutting edge solution for regulated markets and network users.
With an imminent mainnet launch fast approaching, Redbelly Network invites readers to join our valued community to keep up to date with the latest news and announcements. Stay tuned, because our community will play a pivotal role in helping us create a more secure future.
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