Binance Crypto Exchange To Use The CertiK AutoScan Engine (CASE) For Security Benefits
Binance is looking forward to integrate Certik’s Autoscan on their platform to guard against hacking.
With Certik Autoscan Engine, businesses, exchanges among others need not be scared again as they can easily identify risks prone areas while devising ways to eliminate them.
CertiK, a blockchain and smart contract verification and auditing platform, provides necessary measure to militate against blockchain hacking. There has been incessant hacking of different exchanges over the years resulting in governments taking stiff measure on crypto-related firms.
According to CertiK group, hacking has reduced reliance on cryptocurrency, and nothing less than $2 billion has been carted away due to attacks on smart contracts.
Notably, a major crowdfunding project, The DAO, lost more than $50 million USD. Due to this, the smart contracting auditing platform has been working on ways to eliminate risks by researching on auditing and verification techniques that will reduce the level of attacks on platforms.
Interestingly, Etherscan, a leading block explorer for Ethereum, puts CertiK among the 17 recommended audit service providers.
CertiK, which is being deployed by Binance, says it has three major advantages over regular security audit service providers. Among them are well researched mature formal verification framework, high scalability and highly automated.
However, owing to security concerns, CertiK says it will not be identifying the token names or locations of vulnerabilities said to have issues by CertiK’s ‘AutoScan’ process. In lieu of this, CertiK engage this projects and help them investigate these smart contracts.
Once resolved, CertiK will publicly announce the details around the vulnerabilities detected, the investigation process, and the solution implemented.
Meanwhile, the addition of this safety measure on Binance will guard against security breaches that can result in colossal damage.
When Certik tweeted about its new development, Binance CEO, says the idea is “cool”, making Certik respond to the tweet, saying:
— CertiK (@certikorg) September 1, 2018