The importance of security in blockchain and why we created Torbuck
Why is security important? Some transactions on blockchain require or involve cryptocurrencies, which are sent to smart contracts. Storing cryptocurrencies requires a wallet. If an attacker can find and exploit a vulnerability to access a transaction, a contract or a wallet, serious amounts of cryptocurrency can be stolen. Just take the many examples of hacked ICO’s that lost money due to badly secured DAPPS and smart contracts or the many computer hacks leading to stolen wallets.
At Toreon we believe that security of smart contracts and DAPPS is essential. And that this security can only be achieved by the principle of “security by design”. That’s why we decided to develop a DAPP for internal use: the Torbuck.
The Torbuck is a cryptocurrency that is built on standard ERC20 tokens. The goal is to create an internal knowledge market, to allow employees to provide and buy training from outside the company and to create budget by teaching each other and sharing knowledge.
We will also let our ethical hackers have their way with it, to see how secure it is.