Hashlock Completes Security Audit for Moria Protocol

What is the Moria Protocol?

Moria Protocol is a brand new player on this planet of decentralized finance (DeFi) built on Bitcoin Cash. It lets users borrow MUSD, a stablecoin pegged to the US dollar, by locking their Bitcoin Cash (BCH) as collateral. The platform offers flexible rates of interest and uses transparent oracle-backed pricing to make sure fairness. In its latest version, Moria allows borrowers to set their very own rates. This creates a market-driven model where loans will be redeemed by third parties to maintain the stablecoin’s value stable. If a loan’s collateral falls below 120%, it gets liquidated. Moria provides BCH holders the prospect to get liquidity without selling their assets and earn yield through liquidity provision.

The “USDT-Killer”

According to Cryptopolitan, Moria is becoming referred to as a “USDT-killer.” Unlike centralized stablecoins, Moria offers transparency, verifiability, and resistance to censorship. Before its official launch, an early version of MUSD was tested on the mainnet. During this phase, Moria was in comparison with USDT. But the comparison was more about highlighting how different Moria is from the normal custodial models. MUSDv1 offers a borrowing framework where borrowers set their rates of interest, and undercollateralized loans will be redeemed by others. All positions will be verified using on-chain Proof-of-Reserves. The smart contracts are open-source, unchangeable, and designed to implement decentralized collateralization.

Hashlock: Ensuring Security

Hashlock, a pacesetter in Web3 security, recently accomplished a comprehensive security audit of the Moria Protocol. Hashlock’s audit found that the code is secure, logically ordered, and built with clear intent. Moria’s design minimizes centralization, reduces the danger of attacks, and follows best practices in secure protocol design. All issues found throughout the audit were fastidiously reviewed, and any vulnerabilities were documented within the audit findings.

For more details, you may view the audit report here.

About Hashlock

Hashlock focuses on smart contract auditing and blockchain cybersecurity. Their mission is to make sure the secure adoption of blockchain technology by conducting rigorous audits and offering comprehensive security services. Hashlock is committed to helping projects like Moria succeed by verifying their security and reliability.

Learn more at their website and follow them on X.

Meet the Minds Behind Moria

Moria Protocol was created by Dagur Valberg Johansson, a veteran in bitcoin development. Dagur is understood for being the primary to implement BIP-100 during his time as a bitcoin node maintainer. Despite challenges like a DDOS attack throughout the blocksize wars, Dagur persevered. During this time, he met Halvor Bakke-Veiby, a Norwegian rocket science prodigy. Halvor was developing Norway’s first bitcoin wallet app while skipping classes on the Norwegian University of Science and Technology. Together, they co-founded Riften Labs.

Dagur’s Vision

Dagur, who has a Master’s Degree in informatics, worked with Bitcoin Unlimited under Peter Rizun. He played a key role in implementing the CashTokens upgrade to the BCH chain, enabling DeFi in Satoshi Nakamoto’s programming language. Dagur later introduced Cauldron, the world’s fastest decentralized exchange (DEX). He has now returned with MUSD, an immutable and transparent stablecoin designed in Satoshi’s spirit.

“The age of trust-me-bro stablecoins is over.” – Dagur Valberg Johansson

Halvor’s Perspective

Halvor, who dropped out of university to pursue his passion, contributed significantly to the event of Moria. He emphasizes the importance of secure, transparent, on-chain collateralized stablecoins to forestall potential black swan events within the crypto industry.

“Trust-me-bro stablecoins constitute one of the biggest attack vectors for crypto as a whole. If liquidity is not migrated to secure, transparent, and on-chain collateralized stables, it could prompt a future black swan event for the entire crypto industry. We built MUSD to make sure that never happens.” – Halvor Bakke-Veiby

About Riften Labs

Riften Labs, based in Saint Kitts and Nevis, is a privately held company co-founded by Dagur and Halvor. They issue MUSD, Moria Protocol, Cauldron DEX, d3lphi.oracle, and lots of other smart contracts. Riften Labs is devoted to supporting the progressive BCH DeFi ecosystem and providing BCH holders with a sturdy financial infrastructure.

Explore more about Moria on their website and follow them on X.

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