Long due update here. We’ve been working really hard to make sure everything is good to go from our end.
In the time since we last posted and after taking in some of the discussions from those who contributed, we have opted to go for Oak Security to conduct the audits for the Interchain Security (ICS) code.
We believe given their experience that they are currently the best suited. You might ask why haven’t we gone with an open-tender proposal instead of us choosing a validator?
Well, the answer is simple really. That process is too time consuming and currently the pool of possible auditors in the space is rather limited so this was the best approach. Given some more time when auditors will join the space, we would have surely gone with that approach.
This proposal aims to use community pool funds to commission a third-party audit for the Interchain Security code. This audit is to be conducted by Oak Security, one of the most-reputable auditors in the space.
The quote provided ranges between $85K - $120K and has a timeline of around 2.5 - 3.5 Weeks for the audit. They will require 50% upfront to start the audit. Therefore, it is in the community’s best interest to get the on-chain proposal process going.
Since this is a community pool spend proposal, we want to ensure the community that the funds will arrive at the designated recipient by creating a multi-sig.
The multi-sig should comprise of:
- Damien (Simply Staking)
- Jehan (Informal Systems)
- Zaki (Core Cosmos Contributor)
- Jacob (Notional)
Breakdown of Fees:
With this proposal, We (Simply Staking) will be the main point of contact with Oak which means that we will handle all things related to answering their questions and queries. For this work, we seek a compensation fee of around 15% of the final quote. The fee will be calculated after the full invoice from Oak and any unused funds will be returned to the pool.
From that 15% a fee would be distributed to the multi-sig members as a form of compensation for undertaking this task with the utmost due diligence and care.
All payments are to be sent out to the recipients once the whole process is complete.
Due to the time between tranches of payments to Oak and price fluctuations of the ATOM tokens, we are including a buffer of 25% on top of the higher-end quote price. This would reduce the risk of not having $ value equivalent in ATOM tokens to cover the cost of the audit.
$160,000 - Oaks higher quote + 25% price fluctuation buffer
$18,000 - 15% cut to be taken by Simply Staking and other multi-sig members.
Total ask: $178,000 (assuming higher-end quote and fee).
All leftover funds will be sent back to the community pool.
NOTE: ATOM figures will be calculated when the proposal goes live due to price fluctuations and may include buffer to account for these changes over the duration of the proposal and audit.
Looking forward to hearing your thoughts! We aim to post this sometime early next week.
The forum post above has been updated and edited to reflect these updates.