CertiK Project Insight: A BlockChain Audit and Blockchain Security Protocol

The CertiK Foundation is a nonprofit, research-driven organization whose mission is to give people the power to trust in blockchain.

By
Rich
on
January 7, 2021
Category:
BSC News

CertiK Foundation

The CertiK Foundation is a nonprofit, research-driven organization whose mission is to give people the power to trust in blockchain. By pushing forward the adoption of provably secure software, the Foundation hopes to raise security standards across the space.

CertiK Chain provides developers with the safeguards and flexibility to code with confidence, facilitating blockchain adoption for developers and large enterprises.

The CertiK Chain isn't just a blockchain; the ecosystem also consists of security layers below the blockchain level, including the DeepSEA compiler, the CertiK Shield Pool CertiKOS. This security-first technology stack sets new standards in blockchain, providing stakeholders with the safeguards needed to transact with one another more securely and efficiently.

Key Metrics

CertiK Shield Pool

A Decentralized On-Chain Pool to Reimburse Lost or Stolen Assets

The CertiK shield pools provide security for your crypto assets as well as earn you some Yield. All you have to do is stake your $CTK to a node validator, deposit your stake as collateral and join the shield pool. This must all be done within CertiK's wallet, "DeepWallet," which I'll be addressing further on in this article.

There are several tokens present in the shielded pool. Currently, eight tokens are in the pool:

·         PancakeSwap   ($CAKE)

·         MultiPlier     ($MXX)

·         Hard Protocol   ($HARD)

·         Kava             ($KAVA)

·         Binance Coin   ($WBNB)

·         Binance USD   ($BUSD)

·         Nexus Mutual  ($WNXM)

·         CertiK          ($CTK)

 

The current APY (Annual Percentage Yield) on the shield pool is 13,49%.

The shield, which can also be activated from within the DeepWallet will last for 21 days, shielding selected tokens and thus insuring them against potential losses. However, there is a way to insure for a longer period; CertiKShield also allows Shield Purchasers to obtain Shields by staking their own $CTK. The shield will be active for as long as your $CTK is staked; you will receive your full $CTK back after unstaking. Basically, the protection would have cost you nothing.

 

CertiK DeepWallet

DeepWallet is CertiK's own (online) wallet, a non-custodial digital wallet that stores your private keys encrypted and locally on your device.

DeepWallet provides many features, such as CertiKShield, governance, and staking options. The wallet lets you manage your portfolio and track your rewards from staking. If you want to register for a wallet, follow THIS link.

 

Security Audits

As most people are probably aware, Binance and CertiK have a partnership; both Binance and CertiK are trying to make the crypto space a more secure space. Binance values the audits that CertiK performs, so listing new coins on Binance is more secure and trustworthy after a positive audit.

Projects audited by CertiK will find it easier to get listed on Binance CEX. Binance and CertiK will also give you a discount if your project is on the Binance Smart Chain (BSC). The discount is 20%, which is quite a lot.

As more and more people enter the crypto space and the De-Fi landscape, the need for good audits becomes bigger. CertiK has already established itself as a qualified player in audits, endorsed by major companies like Binance.

Of course, an audit is no guarantee of security; but it significantly reduces the risk, as apparently malicious code will be instantly recognized, saving people unnecessary losses.

CertiK also offers a QuickScan product, a new security toolset that uses an automated scanning technology to check smart contracts against known vulnerabilities. Quick scan can produce highly accurate smart contract security scores, which indicate the risk potential for hacks and code malfunctions. The quick scan will take approximately 40–60 minutes to complete its smart contract analysis. More info on QuickScan can be found HERE.

Of course, the full audits for static protection and the security oracle for Dynamic and runtime protection are still available.

CertiK has audited many great projects, the most notable ones being:  crypto.com, Aave, and Kava.These are a few projects amongst the 200+ that have been audited by CertiK

 

DeepSEA

DeepSEA is a programming language designed to write verified smart contracts. CertiK has Leveraged prior research from Yale University with funding from Columbia-IBM Blockchain Center, Columbia Data Science Institute, Qtum Foundation, and Ethereum Foundation to create this language. The CertiK team is developing the DeepSEA programming language, easing verification by automatically generating executable code.

In other words, the DeepSEA code should help create code that will be immune against vulnerabilities. This will be done through "Formal Verification," which will mathematically prove that the code will work as intended.

For more in-depth information about DeepSEA, you can follow THIS link.

 

CertiKOS

CertiKOS is the world's first fully certified multi-core OS kernel, assured to be safe, functionally correct, and hacker-resistant. The operating system incorporates Formal Verification to ensure that programs perform as intended.

The Operating System (OS) will run multiple threads simultaneously, useful when running on modern multi-core machines.

The architecture is structured to be  significantly extended, able to many new applications that don't have to be blockchain-related.

With "DEEP" specifications, programmers' life gets a lot easier as they only have to do many lines of code (proof)  once; the specifications can be used without having to look at the code again.

The library, written in the Coq proof assistant, then compiles all the individual layers from each specification to correct the entire layer. The CertiKOS kernel is made up of hundreds of layers that are composed together using the DEEP specifications system.

More information on CertiKOS can be found HERE

 

Closing Thoughts

The CertiK Foundation has a lot going for it, providing security solutions such as audits and oracles and insurance-linked staking from within their own DeepWallet. The many great companies and projects the Foundation works with and contribute to the crypto space's secure future.

An audit by CertiK brings additional value to projects as they can claim to have a more secure product because of the audit.

For users, the ability to insure your funds against theft and losses is sure to be appealing to many.

The endorsement by Binance and the 20% discount for both Binance Smart Chain projects and customers paying with $CTK for their membership is also an incentive to choose for CertiK.

For more info on the CertiK Foundation, check out their (social) media pages.

 

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Rich

Richard is a multilingual writer, located in the Netherlands, husband and father, cryptocurrency and tech enthousiast enjoys long walks and bicycle rides. Fervent Binance Smart Chain projects promotor.

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