A CONSENSYS DILIGENCE Audit Report

Orchid Multisend

1 Summary

ConsenSys Diligence conducted a security audit on the second version of Orchid’s batch send smart contract used for multiple disbursements of ERC20 tokens in a single transaction.

1.1 Orchid’s OXT Token Information

ConsenSys Diligence prepared this Report on behalf of Orchid Labs (“Orchid”) to summarize the results of our security audit, which was limited to a technical audit of Orchid’s smart contracts (see the Audit Scope for more details). We understand Orchid intends to use these smart contracts to release OXT tokens to its buyers. Note that the actual release/distribution of OXT tokens will be managed by Orchid in accordance with its policies and procedures.

Please see the links below, which were supplied by Orchid, for more information. ConsenSys Diligence is not responsible for the information included in these links or any transactions contemplated by Orchid.

Orchid OXT token contract:

https://github.com/OrchidTechnologies/orchid/blob/3187d0716f16eeb59552d2c103c02efd5a530a76/tok-ethereum/token.sol

Current OXT release schedule:

PDF Link

Original schedule:

PDF Link

Orchid Whitepaper, including description of OXT:

https://www.orchid.com/assets/whitepaper/whitepaper.pdf

Orchid’s OXT web portal:

https://www.orchid.com/oxt

2 Audit Scope

This audit covered the following files:

File Name SHA-1 Hash
sender.sol 674d1645b6fb76bfecbb0fa19661dc1ad85038b5

3 Key Observations/Recommendations

  • The codebase is small enough that the lack of comments or documentation is not detrimental to the audit process.
  • The development team is advised to create at least a minimal test suite covering the happy paths of the batch sends with end-to-end testing. Still, 100% code coverage is desirable.

4 Security Specification

This section describes, from a security perspective, the expected behavior of the system under audit. It is not a substitute for documentation. The purpose of this section is to identify specific security properties that were validated by the audit team.

4.1 Important Security Properties

The following is a non-exhaustive list of security properties that were verified in this audit:

  • Funds are incapable of being locked in the contract as a result of a send.

5 Issues

No issues were found as part of the audit to the smart contract under scrutiny. The smart contract should operate according to the specification provided.

6 Tool-Based Analysis

Several tools were used to perform automated analysis of the reviewed contracts. These issues were reviewed by the audit team, and relevant issues are listed in the Issue Details section.

6.1 MythX

MythX is a security analysis API for Ethereum smart contracts. It performs multiple types of analysis, including fuzzing and symbolic execution, to detect many common vulnerability types. The tool was used for automated vulnerability discovery for all audited contracts and libraries. More details on MythX can be found at mythx.io.

The output of a MythX Full Mode analysis was reviewed by the audit team and no relevant issues were raised as part of the process.

Appendix 1 - Disclosure

ConsenSys Diligence (“CD”) typically receives compensation from one or more clients (the “Clients”) for performing the analysis contained in these reports (the “Reports”). The Reports may be distributed through other means, including via ConsenSys publications and other distributions.

The Reports are not an endorsement or indictment of any particular project or team, and the Reports do not guarantee the security of any particular project. This Report does not consider, and should not be interpreted as considering or having any bearing on, the potential economics of a token, token sale or any other product, service or other asset. Cryptographic tokens are emergent technologies and carry with them high levels of technical risk and uncertainty. No Report provides any warranty or representation to any Third-Party in any respect, including regarding the bugfree nature of code, the business model or proprietors of any such business model, and the legal compliance of any such business. No third party should rely on the Reports in any way, including for the purpose of making any decisions to buy or sell any token, product, service or other asset. Specifically, for the avoidance of doubt, this Report does not constitute investment advice, is not intended to be relied upon as investment advice, is not an endorsement of this project or team, and it is not a guarantee as to the absolute security of the project. CD owes no duty to any Third-Party by virtue of publishing these Reports.

PURPOSE OF REPORTS The Reports and the analysis described therein are created solely for Clients and published with their consent. The scope of our review is limited to a review of Solidity code and only the Solidity code we note as being within the scope of our review within this report. The Solidity language itself remains under development and is subject to unknown risks and flaws. The review does not extend to the compiler layer, or any other areas beyond Solidity that could present security risks. Cryptographic tokens are emergent technologies and carry with them high levels of technical risk and uncertainty.

CD makes the Reports available to parties other than the Clients (i.e., “third parties”) – on its website. CD hopes that by making these analyses publicly available, it can help the blockchain ecosystem develop technical best practices in this rapidly evolving area of innovation.

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