|Oct 09, 2018 12:08 AM||By: Ben Noble | 2605 Views|
CertiK, a leading blockchain cybersecurity company, has stated in a press release that Binance Labs, the investing arm of the Binance crypto exchange, has allotted several millions of dollars to assure the highest level of security in smart contracts and blockchain ecosystems.
CertiK was founded in 2017 by Yale and Columbia University professors and consists of a team that involves former Google employees and Facebook engineers. In case, the formal verification technology adapts within blockchain applications and transforms the software code into mathematical proofs, presenting actual and undisputable calculations.
This partnership highlights the value of formal verification in the blockchain industry, and Binance Labs CEO Ella Zhang acknowledges that:
“CertiK mathematically verifies the security of smart contracts — which is a significant pain point we are facing in the blockchain ecosystem — bypassing the constraints of manual detection.”
Cryptocurrencies’ and blockchain projects’ wide selection needs a secure ecosystem, and Binance Labs is performed to addressing the most important issues of the industry. The organization has dedicated a $1-billion strategic fund, dubbed Binance Ecosystem Fund, to fuel all these projects that will help to release the full potential of blockchain technology.
According to Binance Labs, CertiK demonstrates the significant background and expertise, and CertiK COO Daryl Hok was especially excited to be carried by one of the world’s top exchanges. He replied:
“With published research that started in academia, we understand that Binance Labs is the ideal partner to stimulate the impact of our unique technology within the broader blockchain space.”
CertiK has earlier introduced the DeepSpec technology in collaboration with MIT, Yale, Princeton, and University of Pennsylvania and has numerous partnerships with notable blockchain companies to confirm. Additionally, CertiK created the world’s first hacker-resistant operating system, CertiKOS, which is registered in the US and widely used in several fields, from academia to enterprise programs.
CertiK’s smart contract verification platform was acquired to ensure that blockchain ecosystems are bug-free and immutable to malicious attacks. Its highlights introduce a layer-based decomposition approach, pluggable proof engine, machine-checkable proof objects, declared decentralized application libraries, and smart labeling.