Loci’s Smart Contract Audit Concludes Secure Platform for Token Sale

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Loci announces fully functional smart contract ensures a secure and easy experience for token sale (or ICO) participants in their intellectual property ecosystem.

Ensuring that the Loci platform and token sale operate the way they are intended to is our greatest concern.

Dave Hoover, a prior ConsenSys employee, conducted a routine audit on Loci's smart contracts to administer the LOCIcoin token sale. In particular, the smart contract manages functions corresponding with the IRefundHandler, LOCIcoin and LOCISale operations within the code.

The audit reported that the contracts are well-written and thoroughly tested with 125 unit tests. Hoover also notes that, “smart contract security, particularly re-entracy, was clearly at the top of the authors’ minds during the development of these contracts.” There were no showstopping faults and only a few mild concerns, which the Loci team has already edited within their code.

Loci’s team has been working overtime to ensure the technology is buttoned up and ready for their token sale, which launches on December 6th (0:00 UTC). Token sales are controversial, as many individuals get concerned that companies can’t or won’t hold up their end of the bargain. This new way of fundraising has been impacted by hacks, instances of fraud, and much disappointment. Loci, however, is working with the talented team of lawyers at Cooley LLP to ensure a safe experience for all participants.

Loci’s Director of Technology, Eric Ross, says, “Ensuring that the Loci platform and token sale operate the way they are intended to is our greatest concern. According to our audit, it is believed that our smart contracts are secure and will function properly. Security of our InnVenn platform and token sale are our utmost priority and we will take the steps necessary to protect our users.”

Hoover dove into blockchain technology in 2015, mentored by Brian Forde and Neha Nerula. He was a software engineer for two decades before focusing on blockchain technology and cryptocurrency and quickly grasped the fundamentals, which led him to a job at ConsenSys. After leaving ConsenSys, Dave has been leading the blockchain and software engineers at raise.com, and auditing contracts for companies like Loci.

Loci also recently released an updated white paper, which details updates to Loci’s DIY patent search platform, InnVenn. Updates include new information regarding the distribution of native token, LOCIcoin which fuels Loci’s intellectual property ecosystem. Loci’s token sale launches to the public sphere on December 6th with the whitelist registration period going on now. To learn more, visit Loci’s website.

To learn more, view their newly released white paper, here.

For media inquiries, please contact Jesse Lucas at Melrose PR Jesse(at)melrosepr(dot)com or call (310) 260-7901.

About Loci
Loci, a platform for IP discovery, creation, and exchange, is built on patented technology nearly a decade in the making. The company uses a combination of intuitive user interfaces, machine learning, and blockchain technology to optimize this process. Loci will be one of the first to hold a token sale with an already established product, InnVenn, and has its own expansive IP portfolio. Their company profile video can be viewed here on YouTube.

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