Xfinite announced that their local currency XET, (Xfinite Entertainment Token) Audit has officially been completed by Runtime Verification. XET is the utility and governance token used in the Xfinite ecosystem, a Platform that redefines the future of on-demand digital entertainment on the Blockchain.
XET, built on the Algorand Blockchain, acts as a unique exchange value 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 for displaying any type of asset on the Algorand Blockchain.
The audit focused on comparing the XET specification with its description in the Whitepaper as well as searching the token’s Python provisioning script. To Make sure that the token provisioning script was free from errors and that the token worked as stated in the whitepaper, two separate sources became rigorous analyzed: the XET whitepaper v2.3.1 and the content of the XET Github repository.
Member of the runtime verification team Musab Alturki carried out the XET audit and published an extensive report on July 12, 2021.
The first phase was to compare the specification of XET with the Description in the white paper. The specifications were taken from the Configuration file and the deployment script. The second phase was the review the report and try to follow the instructions to create and run the report Main script while looking for inconsistencies and problems. Finally the configuration and deployment code has been reviewed to ensure accuracy and consistency.
The methods used led to the identification of two potentially serious ones Concerns plus four insightful findings and recommendations. All of the important topics were covered, and most of the useful results and general recommendations have been implemented.
Xfinite is a blockchain-based platform for restoring trust between trust Consumers, content creators and publishers. Through the use of viewer-based Rewards helps the Xfinite ecosystem of the media and entertainment industry Combat advertising fraud by increasing transparency and creating a new habit Engagement.
XET (Xfinite Entertainment Token) is the native currency of the Xfinite ecosystem. XET acts as a unique exchange of values and governance mechanism for everyone Stakeholders, including users, brands and influencers, as well as content producers.
XET was built on the Algorand blockchain because it is inexpensive in scale and therefore perfect for microtransactions. The average cost is less than $ 0.001 per transaction.
About the runtime check
Runtime Verification is a technology startup based in Champaign-Urbana, Illinois. The company uses formal methods to conduct security audits on virtual Machines and smart contracts on public blockchains.
It also offers software Tests, verification services, and products designed to improve security, reliability, and Correctness of software systems in the blockchain area.
Disclaimer: This is a paid post and should not be treated as news / advice.