Merlin Records excellent results in Hacken Security Audit
Introduction
As a new and emerging project in the blockchain and cryptocurrency industry, the Merlin project is performing series of activities and actions that will launch it into the market and present it as an enterprising project before investors and crypto enthusiasts. One of such exercises is the number of audit protocols and measures that the team intends to implement. In the general business world, auditing has become a mainstay process organizations execute to checkmate certain irregularities and ensure that their platform and network satisfy all requirements and industry standards. Following this, different companies and projects in the blockchain space are executing audit protocols on their platform, which can be internal or external. An internal audit is done by the team members, while the other is usually outsourced to professional audit firms.
For the Merlin project, the team is focusing on performing audit measures on its security system, which is a critical aspect of their network, considering the recent and continuous hacks and scams happening within the crypto industry, which has led to the loss of assets and relevant information and records. These recent happenings have caused numerous platforms in the market to build the security framework and architecture of their network.
Why is Audit Protocol Needed?
We can describe a network security audit as an industry-based procedure that is usually offered by external audit firms, often referred to as managed security service providers (MSSPs), to their users. A quick walk-through of the entire process involves the investigation by the MSSP of the clients’ cybersecurity assets and policies, which are available on the network. This exercise is targeted at identifying all deficiencies and loopholes on the platform that subjects the identity and asset to vulnerabilities, security breaches, and risk.
Some blockchain networks do not depend on a particular MSSP to conduct the security checks on their platform, others may even request that different firms do the audit protocol at different intervals. For any of these audit companies adopted by the blockchain projects, there is no exact sequence or method followed. The procedures changes from one MSSP to the other, however, some general basic processes involved include the following;
Device and Network Recognition:
For audit companies operating as MSSPs, this is usually the foremost step taken. They have to identify all the assets and devices available on the network, and this also includes the active operating systems. It is an important process that seeks to ensure the identification of any threats or vulnerabilities.
Security Policy Review:
Most blockchain networks, Merlin project inclusive, often have resident security procedures and policies. Hence, the MSSPs have to review these structures to ensure that they meet the industry standards expected to shield the information assets and technology gadgets from threats. It also checks the provision of access and the assigned roles to such access.
Security Architecture Assessment:
The previous step analyzes the documented regulations, while the step in the audit process reviews the security framework of the network, which usually analyzes the controls and equipment in the platform. Performing these steps will enable the project to have a comprehensive review of its entire cybersecurity measures.
Risk Valuation:
This is another step involved in the audit measures performed by the MSSPs where they assess all the system characteristics such as processes, applications, and functions, which helps them to identify threats and examine the platform to determine what likely risks exist and their probable effect. The firm then utilizes the report from the evaluation to optimize the fixes that resolve the possible threats, from the most significant ones to the least, in the system.
Firewall Framework Review:
This is a critical aspect of any network that every MSSP will want to analyze comprehensively, as it manages the traffic within the platform. In this analysis, the audit company will consider the review of the firewall architecture, rule-base examination, management procedures, and settings. Another likely evaluation carried out by the MSSP is the policy for remote access and check for recent patches available for the firewall.
Penetration Testing:
This is in form of a stress test performed on a blockchain network’s security framework, whereby the auditors attempt to pass through the protection set-up and try to discover unresolved issues.
After the entire audit process, the Merlin project will expect to receive a detailed report from the MSSPs, containing information on their findings. This final step will enable the team members to identify the risks their platform may be exposed to and possibly identify ways to tackle them and develop important fixes.
Merlin Audit Plan
It has remained the primary intention and resilient commitment of the Merlin Project to develop a secure and safe platform for its users and they are implementing three different audits on the network, which will be conducted by some of the most reputable and proficient blockchain security audit companies. The project has already completed one, Hacken Cybersecurity, of the three, and they passed the process excellently. They are currently into the final steps before launching can take place.
Hacken Cybersecurity is a top digital security consulting company with a primary focus on blockchain security. They deliver varied services such as monitoring of bug bounty programs, learning on cybersecurity, blockchain security consultation, crypto exchange ratings, and web and mobile penetration. The audit approach utilized by the Hacken team is the architectural assessment, manual review, and computer-aided validation. Some of the merlin code reviews include Reentrancy, Style guide violation, implicit visibility level, data consistency, assets integrity, functionality checks, and many others.
After the audit, the Merlin team was happy to announce that the Hacken Cybersecurity report stated that no harmful or vulnerable issues were discovered. To show the transparency of the platform, they also intend to upload the audit report on GitHub.
Merlin Maintains Commitment to Security
Besides the Hacken, the Merlin will implement the audit measures with the other two MSSPs, Certik and Haechi labs. This is in view to accelerate the growth and development of its community and network, promote the security and efficiency of its smart contracts and ensure that its blockchain-powered services remain sustainable. They will also execute additional security measures for all product releases in the future, as this will show the authenticity of its smart contract code and the security level that protects the users.
Follow these Merlin Official Links for the latest updates
Website: https://www.merlinlab.com
Telegram Announcement: https://t.me/merlinannouncements
Telegram Community: https://t.me/merlinlab
Telegram Bounty Rewards Group: https://t.me/merlinbounty
Twitter: https://twitter.com/MerlinLab_
Medium: https://merlinlab.medium.com/
Github: https://github.com/merlin-the-best/merlin-contract
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