Programmatic Security
We decided to eliminate the minting function from the code, one of the backdoors that hackers use to gain control over a crypto token. This has a double advantage: hackers can't use this specific way of gaining control over the tokens, and the creators behind Bitsliced can't create more tokens to trigger inflation. Every market participant knows in advance that there are only 250 Million tokens. Transactions can be tracked on the Polygon blockchain, which is publicly viewable.
Another feature is that the tokens were distributed over multiple wallets that are also publicly viewable. These wallets have a multi-signature requirement to move or release tokens. This is another good measure to protect the community against malicious activities, since it requires multiple team members to physically "sign" into the wallet. These activities are logged and can be audited by third parties.
Programmatically speaking, two more functions would protect token holders against malicious activity. One is the freeze function available in the smart contracts, and the other is the possibility to blacklist wallets. This gives the issuing entity the option to freeze all token movements to investigate hacker attacks at scale. The smart contracts can be paused, which will stop the hacker(s) from selling the tokens. Once we stop the contract, we can track the wallet down and mark it as blacklisted.
The final layer on top of the technical implementation of diverse coding functions is the regulatory processes we must follow due to Swiss Banking Regulations. We are voluntary members of a self-regulatory organization (SRO) recognized by the Swiss Financial Market Supervisory Authority (FINMA). Bitsliced GmbH is a member of the VQF (see our registration number: https://www.vqf.ch/en/)
Following regulatory mandates gives SLICED an added security, which further adds more trust to the token itself and the underlying economic model.
An independent third party has audited all these features. The consultancy group Quillaudits conducted audits on over 500 smart contracts with a market cap of 15 Billion dollars. For more information, see here: https://audits.quillhash.com/smart-contract-audit
Please check our published audit here:
Last updated