In the world of smart contracts and ERC20 tokens, independent audits should have been the norm by now. So far, that has not been the case, yet companies such as Quantstamp are trying to make a positive impact in this area. The company recently conducted a security audit of Binance’s ERC20 tokens, and found no real issues to speak of.
Binance is Doing the Right Thing
It is evident that there is a huge lack of proper independent audits of exchanges, smart contracts, and ERC20 tokens. Although Ethereum’s token standards are impressive and intriguing, there is a real chance that some issues will arise. In particular, the recent issues with ERC20 token smart contracts which allowed for a massively inflated supply have sparked a lot of debate and concern in the industry.