Case study: Hacken audited smart contract of PumaPay
Company Name: PumaPay
Company Description: billing infrastructure for flexible payment on the blockchain.
Service: Smart Contract Audit
"Since the day we had started development of the PumaPay PullPayment Protocol, we knew that security would always be our top priority. We chose Hacken as one of our security partners for the audit and were impressed by their professionalism and expertise in the field. Their team goes into every detail, and we appreciated the scope and detail of their reports,’ — said PumaPay Chief Blockchain Architect Giorgos Kourtellos.
Located in Cyprus, PumaPay is a comprehensive blockchain solution offering an advanced cryptocurrency billing infrastructure that enables among other things recurring payments on the Ethereum network. The project’s innovative idea has made PumaPay extremely popular in the cryptocurrency market. The company provides a reliable yet simple solution for merchants and shoppers to receive or send funds using the company’s own cryptocurrency, the PumaPay (PMA) token, or any other ERC20 tokens. With its unique PullPayment architecture, PumaPay is also enabling merchants to design their own transactions that best suit their specific business logic.
Never before available, PumaPay’s billing options include recurring transactions with a fixed amount, pay-per-use, shared and restricted payments.
The company’s goal is to “serve merchants, not exploit them” which is why PumaPay deals with businesses from all industries including those which are deemed “high-risk” (i.e. gaming, e-Commerce, financial trading, online entertainment etc.). The purpose is to introduce them to its new crypto billing opportunities and to help them eliminate all those risks associated with credit cards such as fines, chargebacks, and high transaction processing costs (3% to 15%) “PumaPay creates a solid business environment for the 21st century”—the quote from the PumaPay website speaks for itself.
The smart contract audit was carried out twice. The reason we recommend to perform the audit several times is to minimize the potential risks. The bigger and more complicated the contract, the higher the possibility to miss something. The goal of the audit was to find and fix security issues which might have led to the potential breach of the confidentiality.
During the audit process, we verified whether a smart contract didn’t have logical or access control issues and made sure that its compliant with the Solidity Code Style guide. Taking into account the funds that are at stake, the smart contract security should be considered as an investment rather than expenditure.
We are happy to confirm that PumaPay’s smart contracts comply with all requirements and exceed the expectations for products of such kind.
Summing Up: Smart Contract Audit by Hacken
When it comes to cryptocurrency transactions, a lack of cybersecurity may lead to the potential loss of important confidential data. This is exactly why PumaPay contacted Hacken for smart contracts audit. Our professional team provided the service in accordance with the internal methodology. We analyzed the contracts’ functionality and performed checks against known vulnerabilities.
At Hacken, we take security extremely seriously, and all the checks are performed according to the highest standards. If you have any questions about the topic or need a consultation, feel free to contact our Team!
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