CertiK Blockchain Audit Startup Secures Binance Labs Investment Support
Blockchain Audit Startup CertiK Receives Support From Binance Labs
The Binance cryptocurrency exchange has a wing of their company called Binance Labs, which helps with their investments in startups and other projects. In an announcement on Monday, Binance Labs revealed that they’ve gotten involved with a new startup called CertiK.
CertiK focuses on smart contract and blockchain auditing, and they hope to create better security in these types of platforms. The verification process is incredibly formal, and the team is already working on their efforts with existing blockchain platforms, eliminating any risk of blockchain bugs. These bugs usually go after funds or other vulnerabilities in the technology to create worse problems, but the use of CertiK can make the difference.
This company has been working on their project since last year, which has been due to the work of Yale professor Zhong Shao. Shao is already fairly successful, having developed the “certified operating system” that eventually became CertiKOS. The development was aided by Columbia University assistant professor Ronghui Gu.
To perform their auditing procedures, CertiK’s team uses mathematical proofs, applying them to the network to check for opportunities that hackers would otherwise have for breaching the system. In the release, the team’s methods include:
“a layer-based decomposition approach, pluggable proof engines, machine-checkable proof objects, certified [decentralized application] libraries and smart labeling.”
With these options, researchers believe that they have the ability to be objective about the security of a platform.
Even though Binance Labs has been quite about their investment amount, a spokesperson confirmed that their stock in the company is worth “multiple millions” of dollars. The CEO, Ella Zhang, discussed how CertiK is a necessary part of the blockchain industry, saying,
“CertiK mathematically validates the security of smart contracts, which is a critical pain point we are facing in the blockchain ecosystem, bypassing the limitations of manual detection.”
The statement continues, saying that their investment “signals the recognition of the importance of formal verification in the blockchain industry.” It also claims that there’s a “unique advantage,” based on the technology used. The technology includes CertiKOS, which is already one of the tools that the U.S. Defense Advanced Research Projects Agency (DARPA) uses.
CertiK has several partnerships, apart from their recent investment with Binance Labs. Some of those partnerships include NEO and Ontology. With all of this support, it makes it easier for CertiK to improve their security protocols and technology.