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The crypto industry has seen a number of exploits and hacking attacks this year, many of which were quite disastrous. Not to mention that the bear market itself was strong and damaging enough to cause major issues for a lot of blockchain projects. Phantasma (SOUL) itself suffered from several exploits, the latest one took place on April 28th of this year.
But, instead of giving up, the project used this as motivation to step up its game and it came up with a series of upgrades that will make its project better and stronger than ever before, calling it The Next Evolution. Now, it made its first progress report, sharing what has been done so far.
THIS is how you turn a situation around in your favor. @PhantasmaChain has taken being exploited in stride and used it as a catalyst to upgrade and improve their chain with integrity and fairness. Don't sleep on $SOUL. Phan is about to melt faces.https://t.co/wOfWapgn16
— Doktor Funk (@doktor_DeFi) June 27, 2022
The Next Evolution: Progress Update
Phantasma originally announced The Next Evolution series of upgrades on May 20th, noting that it will include dual audits by renowned security companies, as well as many new additions to its network.
In the five weeks that followed, the project’s developer team has been working on fulfilling this promise, preparing for the audits, and finishing up “mountains of refactoring,” as the announcement says, noting that it has all been merged to the master branch of the upgraded code repository.
They have already ensured that the private repository containing the full, upgraded codebase will reach Github, and it has already been delivered to both companies that were chosen to do the audits — Vaulted and Hacken. They also included full instructions for deploying their own testnet, so both firms will be able to go through the code and look for vulnerabilities, bugs, exploits, and anything else that hackers could use against Phantasma in the future.
Hacken has already started the process, and it is closely communicating with Phantasma’s own team, particularly with its core chain developers. As soon as the company identifies any flaws in the project’s code, this will be shared with Phantasma’s devs, who will then create patches to fix the exploits on the go.
As for Vaultes, the deal is for the company to start its own audit in a few weeks. That way, the company will be checking the already fixed code, looking for anything that the others may have missed. As Phantasma put it, it will audit the audit. Not only that, but Phantasma will also work with the auditors to ensure the maximum efficiency and security throughout the organization
What other changes has the project made?
Furthermore, Phantasma also made a list of additional changes, new additions, features, and alike. It noted that its new testnet is running and that auditors can easily deploy their own four node testnets locally to try and see what damage can be caused.
The project noted that its cryptographic code needs unification, and also that it must work on improving transparency, which is why they are working on revamping the cryptographic code. The project is still dedicated to decentralizing the operation of its Mainnet, and it also aims towards creating a new, faster, and feature-richer blockchain explorer. The full list of additions and features can be found in Phantasma’s progress update, available for anyone to access and see.
To learn more visit our how to buy Phantasma guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.