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As of today, Smart Contract Audits have 3 Big Bugs: 1- No consequences (Doing a bad or lazy audit job has no consequences. Demand is growing, skills are hardly traceable); 2- False incentives (A single auditor or a connected group might choose to wait and exploit a bug when the smart contract is live); and 3- Lack of trust (There is no accurate security confidence metric that determines how secure any given smart contract is, producing lack of trust in projects and leaving room for scams)
To solve this, Solidified introduces the first fully decentralized smart contract audit process and Bug Prediction Market. In a bug prediction market, actors can bet on whether a vulnerability will be discovered in a smart contract by a certain date. The basis for such a market is a smart contract that has been audited and secured by an individual or a group of auditors using the Solidified platform. These actors are held accountable for securing the code by having staked income and reputation in form of the SOLID token.