Alchemint has partnered with Qihoo 360, a Chinese cyber security company known for its antivirus software, web browser, and mobile application store. Alchemint is a decentralized NEO-based stablecoin issuance platform backed by over-collateralized digital assets. Over-collateralization is the process of providing more financial backing than is needed to obtain financing, which lowers a creditor’s risk and exposure to default.
Qihoo 360 is known for its antivirus software, 360 Total Security, and has recently begun working within the blockchain space. In May of 2018, the company audited the EOS Node Remote Code Execution, and discovered a vulnerability that could allow malicious actors to take control of a nodes server.
In its partnership with Alchemint, Qihoo 360 will provide security for the Alchemint ecosystem and smart contracts that may be potentially vulnerable to bad actors. Through its efforts with Alchemint, Qihoo 360 aims to expand its business further into blockchain security.
On the partnership, Elva Zhang, founder of Alchemint, expressed the sentiment that blockchain is a young and evolving technology. As one of its primary uses, Alchemint is deployed within the finance industry, providing digital assets. To remain in line with its prioritization of security, Qihoo 360’s audits will make Alchemint more “efficient and secure, exclude the security risks, [and] provide better service for all the users.”
Looking forward, Qihoo 360 will study the NEO blockchain to best ensure security for Alchemint smart contracts.
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