Chengdu LianAn, the company that found a batch overflow vulnerability in EOS Blockchain, with Yang Xia as their CEO & Founder, developed their own smart contract auditing platform, VaaS, limiting human intervention and making smart contract auditing faster and more efficient.
Headquarted and established in March 2018 in Chengdu, China, LianAn Technology Co. Ltd. is not widely known, but they are backed by the first and one of the most influential Venture Capital company in China, Fenbushi. They focus on investing in blockchain technology related companies since 2015. “Fenbushi Capital is planning to invest in 100 companies in the blockchain industry, and we are the only company that focuses on the blockchain security”, CEO & Founder of LianAn Yang Xia said.
Yang Xia CEO & Founder, expert and pioneer of formal verification technology for blockchain, successfully developed the world’s first automated smart contract formal verification platform – VaaS. Besides being an associate professor of UESTC, one of China’s leading universities in its field, and providing service in the aerospace and military industry. She has also been working on developing embedded security-critical software systems for Microsoft, Huawei, China Electronics Technology Group Corporation No.30 Institute and so on. During her career she has already published more than 30 academic papers, applied for more than 20 patents and founded two companies.
Her latest project, LianAn, is mostly known for its own invention in the blockchain auditing atmosphere in China, VaaS (Verification as a Service) – a blockchain-based formal verification platform for EOS and Ethereum,etc. Being the first company in China to provide smart contract auditing, they invented and use this platform for accurately locating risks in code and pointing out their causes.
“We believe smart contract auditing will be essential in the future.” – Yang Xia, CEO & Founder
“The idea of smart contract auditing was triggered by a serious issue that Ethereum holders were facing in June 2016, when the DAO was hacked due to a smart contract vulnerability and $60 million worth of ETH was stolen by hackers“, CEO & Founder Yang Xia stated in an interview with China Crypto News, “that is the reason why we believe smart contract auditing will be essential in the future.”
“Smart contract auditing is mainly done in two different ways. Traditionally, a hacker attacks the smart contract to find loopholes, report them and fix them. On the contrary, the formal verification that uses mathematical logic to prove the security of the contract. Yang Xia explained that ,”The former way relies heavily on the human capability, including not only the developer’s experience and knowledge but also the factor of being human itself. In addition, it takes a lot of time. On the other hand, the one-click audit of the VaaS platform only takes a few minutes to check a simple ICO smart contract on vulnerabilities. ”
“We already made profit and are not looking for investment through an ICO.” – Yang Xia, CEO & Founder
Focusing on the smart contract auditing itself, LianAn has not launched an ICO yet and is not planning on doing so in the near future. Speaking of the ICO topic in China, LianAn CEO & Founder Yang Xia said: “We already made profit and are not looking for investment through an ICO. Also, we cooperate with the government and therefore comply with the national laws and regulations. Instead we are focusing on the blockchain technology itself, using VaaS to build a new ecosystem for security.” Last year, on September 4th, 2017, the central bank and other seven ministries and commissions identified the ICO as an unapproved illegal financing. Any platform is forbidden to engage in cryptocurrency-related businesses. Hence, their business at present mainly consists of smart contract auditing based on their VaaS platform for exchanges and other projects.
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Recently, they were expanding their network and adding more and more clients and partners to their portfolio. LianAn is now working with QuarkChain, BitSG, BBang, AACoin, COINTIGER and Bituan as strategic partners for their business development and technology enhancement and companies like Tconomy from Korea and 财链社 (Cailianpress) as strategic partners for media services, marketing planning and content creation. In addition, they already have established partnerships with many other projects from Southeast Asia and are poised to expand to American and European countries.
To us, LianAn has a unique position in the market at the moment, but the market is growing every day, especially in China. Moreover, long-term goals and focus, which we are always looking for in any project, is very important in this case and is a must have for building a sustainable business in blockchain.
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