According to an independent security review conducted by Red4Sec, there are ‘no critical vulnerabilities’ in the NANO. Red4Sec is a cybersecurity firm that has been in charge of reviewing the node software for NANO. The firm has been enlisted by the Nano Foundation to conduct the audit.
NANO Has No Critical Vulnerabilities
The NANO cryptocurrency seems not to have any critical vulnerabilities according to Red4Sec. The company started in September to conduct an audit of the consensus and representative software of the virtual currency. After working and testing this digital asset, there are no serious exploits in this cryptocurrency.
Nano Founder, Colin Le Mahieu, commented in a statement:
“When we began the challenge of finding a firm qualified to conduct a security audit, we were immediately impressed with the knowledge of cryptography and distributed systems possessed by the Red4Sec team. Our team is confident that we’ve landed on the best choice to aggressively test the Nano consensus protocol.”
This is very important for NANO that experienced a devastating situation earlier this year. In February, the BitGrail exchange (focused on NANO) was attacked. They lost around $150 million in NANO, something that completely harmed one of the fastest growing cryptocurrencies in the market.
BitGrail exchange founders accused NANO of having an issue in their code that affected the whole network and produced vulnerabilities that hackers exploited. However, NANO has always been explaining that this is not in this way and that the hack was the fault of the Italian cryptocurrency exchange.
With this review, NANO can show investors that they are a serious virtual currency that is expected to continue growing in the future.
Red4Sec has been also testing other blockchain networks and virtual currencies such as NEO, TenX or nOS, among others.
Diego Jurado, Co-founder of Red4Sec, commented on the matter:
“At Red4Sec we always like to learn about new disruptive technologies and at this point, we are impressed with the innovative vision of Nano’s solutions for peer to peer transfer of value. It is a pleasure for us to be able to actively work on improving the security of the Nano protocol, in collaboration with the Nano Foundation.”
NANO is currently the 39th largest virtual currency in the market. It has a market capitalization of $152 million (almost the same amount that was stolen in February of 2018) and it can be purchased for $1.15. In the last 24 hours, NANO registered a 7.33% growth.
These audits conducted by Red4Sec and other security companies allow the cryptocurrency space to be more prepared for the future. Furthermore, it increases security standards among the top virtual currencies.