MXC Foundation, the break-through cryptocurrency promoting LPWAN technology, announced today that Certik, a formal verification framework to prove smart contracts are bug-free and hacker-resistant, certified the MXC smart contract. This smart contract manages the vesting of MXC belonging to investors. “Third-party certifications are key to developing strong, bug-free and hacker resistant solutions,” said Vlad Karl, CTO of the MXC Foundation. “Passing a Certik certification demonstrates that the certified code designed to manage investments is bug-free and secure.”
The MXC smart contract supports the MXC token on the Ethereum blockchain. The contract’s primary function is to manage the vesting of the Machine eXchange Coin by enforcing a time lock mechanism. With this smart contract in place, MXC investors will legally own their MXC, however, the tokens will remain locked for the agreed upon time.
“It is the support of our investors that makes it possible to build the tools needed for a publicly owned wireless network for smart cities,” said Xin Hu, CEO of the MXC Foundation. “Now that we are certain their investments are safe, our development team can focus entirely on the development of the MXProtocol.”
MXC has a portfolio of powerful investors. These include Fenbushi Capital, BlockAsset Ventures, Longhash, the Vechain Foundation, Node Capital and Quarkchain. Each investor believes strongly in MXC and its vision of building the future of IoT on a low power wide area network (LPWAN).