CertiK Launches New Blockchain With Real-Time Smart Contract Verification
CertiK, a software security firm operating in the blockchain industry, previously revealed it wants to create a formally secure blockchain for DeFi. The company has now announced the mainnet launch of its custom blockchain, CertiK Chain.
The new ecosystem focuses heavily on security, turning the previously static process of assaying smart contracts into a real-time protecting system.
Professor Ronghui Gu, the CEO of CertiK, said, “Gone are the days of reliance on off-chain security analysis, static security audit reports, and unnecessary loss of time and money.”
The CertiK Chain is “setting a new industry standard in blockchain security protocols,” he explained.
The new blockchain has a custom programming language known as DeepSEA, which is configured to make formal verification – a piece of mathematical evidence that the code does what it is created to do – into a massively automated process.
A Security-Focused Blockchain
The CertiK Chain also features an interoperability focus via the concept of Security Oracles, which offers real-time analysis of smart contracts on other blockchains.
The firm says that the function can be used by smart contracts on other blockchains to analyze the security of their peers. If the oracle believes the targeted smart contract is unsafe, developers may choose to evade engaging with it quickly.
The oracles will operate via a system of customers and operators. End users or developers who want to understand the range of security of a specific contract will submit a request, funded with the ecosystem’s CTK tokens. The operators running the oracle will then carry out the analysis and publish the results on-chain.
In addition, the firm is creating an insurance mechanism to cover any funds loss from hacks, known as CertiKShield. The mainnet release comes after a testnet launched in March 2020; back in February, the project also published a DeepSEA language demonstration.
CertiK is one of the most active security controllers in the industry, being recently selected as a partner for auditing Binance Smart Chain and protocols developing on that platform.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.