PRESS RELEASE. The world of audit has always had an inherent problem, the conflict of interest that comes from paying for audit services. Auditors are meant to be independent of their clients, but how can you be independent when you are auditing your employer? With countless instances of paid auditors issuing fraudulent attestations to keep their clients happy – say, Enron, WorldCom, and Tyco, to name just a few – the world is finally waking up to the need for alternative decentralized and independent solutions.
That’s why we’re enormously excited to be hosting SCATDAO’s public sale on the KICK.IO launchpad. Funded by Project Catalyst, Smart Contract Audit Token Decentralized Autonomous Organization (SCATDAO) is a new audit paradigm that performs decentralized, truly independent smart contract audits on Cardano, redefining the way audits are selected, performed, and financed.
It has been clear from the beginning that to ensure DeFi mass adoption the ecosystem requires independent audits using a consistent set of standards for certification of the code, as well as rigorous assessment of the project’s development team and its legitimacy. Nevertheless, the current system leaves the door open for Dev teams to influence their audit results. Not only does the current fee model cast the independence of many auditors into doubt, it also creates a system of inequality, where only well-funded dev teams can afford an audit.
That’s why SCATDAO was designed to avoid this inherent conflict of interest by creating a unique funding mechanism that self-finances their operations so that independence is always maintained. The token holders will be the ones who choose the projects they care for and want to be audited through a streamlined, standardized, and automated process. This method also provides critical infrastructure to Cardano by
