Published
1 year ago on
May 19, 2022
CertiK is the go-to crypto security platform for developers, utilising pioneering AI and Formal Verification technology to ensure that smart contracts and Web3 applications are watertight, and to observe and monitor the ever-growing world of blockchain networks.
It is a platform that is highly revered by the crypto community, used by big-name blockchains like Polygon (MATIC) and presale platforms like Firepin (FRPN) alike.
CertiK is backed by some of the biggest names in crypto, such as Binance and Coinbase, as well as educational institutions like Yale University.
The company also works tirelessly to make sure its objectives are being met by employing some of the world's best minds, from world-renowned universities to former employees of some of the world's largest tech companies.
What Does CertiK Do?
By having a team that is knowledgeable of the digital landscape, CertiK provides four pivotal services for crypto creators, all designed to test and monitor the security of their project networks in order to suggest ways for improvement.
CertiK Services
Security Audit
CertiK’s Security Audit function is pivotal for emerging crypto projects, as it is designed to assess the security of smart contracts and blockchain coding to point out weak points and suggest methods of improvement.
Skynet
Skynet allows users to monitor insights on blockchain-based smart contracts. This has been made possible via CertiKs state-of-the-art technology, setting a precedent for early risk detection and making future predictions.
SkyTrace
This function allows users to track suspicious activity on wallets on the Ethereum and Binance Smart Chain networks, meaning that users can monitor and prevent fraudulent activity. This is a function especially crucial for newer, smaller crypto projects, as fraudulent activity or token theft could leave a major impact on the health and future of the venture.
Penetration Testing
One of CertiK’s most efficient and renowned services, ‘Penetration Testing’ allows a simulation to be run against an exchange, DApp, or wallet, to expose vulnerabilities in a system. This method allows for the most thorough security inspection, allowing complex security vulnerabilities to be exposed.
Why Are Such Extensive Checks Necessary?
Security is everything in cryptocurrency. As an entirely virtual currency, poor security could lead to disaster, with users being at risk of losing huge sums of money and systems being at risk of distortion or corruption.
As an example of just how damaging poor sub-par crypto security can be, look no further than the case of Ethereum Classic (ETC).
Ethereum (ETH) and Ethereum Classic (ETC)
For an example of just how important having proper cybersecurity is, look no further than the case of Ethereum (ETH) and Ethereum Classic (ETC).
In 2016, Ethereum, now Ethereum Classic (ETC), was in cooperation with ‘The DAO’ an at the time revolutionary smart contract technology that aimed to provide a new business model for non-profit and commercial businesses.
As a decentralised platform, one aspect of The DAO was that its code was open-source. This meant that anyone could see this code, and potentially use it against this system.
The open-source code used by The DAO was not secure enough to prevent an attack, and in June of 2016, $50 Million in Ether was stolen- an event so catastrophic that it caused the Ethereum Foundation to set up an entirely new network, creating Ethereum (ETH) and Ethereum Classic (ETC).
How Does This Affect Crypto Users?
For crypto users, this all means making sure the currencies and systems that are invested in and used are safe. An easy way to assure this safety is by looking for a successful CertiK audit, which guarantees a high degree of security.
Firepin (FRPN), for example, proudly displays its CertiK audit on its website, as proof of safety and security in its project.
