Coinbase Introduce Solidify A Tool That Automatically Detects Smart Contract Risk

Coinbase is committed to expanding its list of supported cryptocurrencies.  Recently, they launched the Asset Hub to streamline their diligence process for new listings. One of the critical factors they have  consider is smart contract security, especially with regard to Ethereum-based tokens which can vary greatly in technical complexity. Therefore, they created a smart contract security tool called Solidify to help automate, standardize, and scale this process.

To keep their customers and Coinbase safe, their token listing process requires security reviews and risk mitigation recommendations for every smart contract. They consider it as a challenge of figuring out how to do this specialty risk identification and recommendation process at scale. They identified existing smart contract security scanners that are geared toward manual reviews. But these tools do not offer the required safety guarantees and standardized risk scoring for fully automated analysis.

To solve this problem they developed a tool called Solidify (a play on Solidity) to increase the rate of new asset security reviews without lowering their high security standard that Coinbase customers have come to expect for protecting their tokens. Solidify uses a large signature database and a pattern matching engine to reliably detect contract features and their risks, standardize and score smart contract risks, suggest mitigation strategies, and generate detailed reports to help inform their decision on whether or not Coinbase should list the asset. Solidify evaluates security risks of hundreds of smart contracts either fully automatically or through identification of unique functions that require additional manual review.

ABOUT COINBASE
Coinbase is a secure platform that makes it easy to buy, sell, and store cryptocurrency like Bitcoin, Ethereum, and more

RESOURCES
Blog Post