Runtime Verification audits XET token and its deployment script

Posted on July 19, 2021 by Silvia Barredo

Posted in Audits

XET Token Audit Completion

Runtime Verification is thrilled to announce XET token audit completion. XET token is the utility and governance token of the Xfinite ecosystem, a blockchain platform redefining the future of digital on-demand entertainment.

XET Token's Audit Scope

XET token is the native currency of the Xfinite ecosystem. The token functions as a unique value of exchange and governance mechanism for all stakeholders including users, brands, influencers, and content producers. XET is implemented as an Algorand Standard Asset (ASA), a Layer-1 mechanism to represent any type of asset on the Algorand blockchain.

The audit focused on checking the consistency of the specification of the XET token against its description in the white paper and reviewing the token's deployment script written in Python. Two different sources were thoroughly analyzed: the XET white paper v2.3.1 and the XET Github repository content to make sure the token deployment script was free of bugs and the token worked as it was specified on the white paper.

Methodology

Runtime Verification team member Musab Alturki conducted the XET Token audit and published a detailed report on July 12th, 2021.

The first step consisted of reviewing the specification of the XET token against the description in the white paper. The specifications were extracted from the configuration file and the deployment script. The second step consisted of reviewing the README.md and attempting to follow the instructions to compile and execute the main script while looking for inconsistencies and issues. Lastly, the configuration and deployment code was reviewed to ensure correctness and consistency.

Results

The applied methodology led to identifying two potentially critical issues and four informative findings and recommendations. At the time of writing this blog post, all critical issues have been addressed and most of the informative findings and general recommendations have been incorporated.

About Xfinite

Xfinite is a blockchain-based platform designed to re-establish trust between consumers, content creators, and publishers. Through the use of viewer-based rewards, the Xfinite ecosystem helps the media and entertainment industry combat advertising fraud by increasing transparency and creating a new habit of engagement.

About Runtime Verification

Runtime Verification is a technology startup based in Champaign-Urbana, Illinois. The company uses formal methods to perform security audits on virtual machines and smart contracts on public blockchains. It also provides software testing, verification services and products to improve the safety, reliability, and correctness of software systems in the blockchain field.


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