CertiK Review: The Top Blockchain Security Platform Today

July 1, 2023 - Around 9 mins mins to read

In the blockchain world, the security of smart contracts is a very serious matter and should be best protected to avoid the risks of assets and stored information. To solve this problem, CertiK (CTK) was born with the mission of providing powerful measures against phishing attacks or computer hacking. Let’s learn details about this project with Coincu through this CertiK Review article.

CertiK Review: The Top Blockchain Security Platform Today 6

So what is Certik? What makes this project stand out? Coincu will give extensive information on the CertiK project and its CTK token in the next article.

What is CertiK?

CertiK is a platform for testing smart contracts without the need for human participation, with all operations carried out automatically. Decentralized and blockchain apps will utilize the ecosystem. CTK tokens are used for intra-project transactions. The project’s developer says that his solution may remove the possibility of faults and vulnerabilities in the programming. A novel mining system based on a proof-of-concept algorithm and an economic model based on the usage of CTK tokens as an incentive for ecosystem players.

CertiK chain

CertiK Chain is a consensus-based Delegated Proof-of-Stake (DPoS) blockchain that seeks to serve as a foundation for infrastructure blockchains and decentralized applications. This addresses the many steps of the application deployment process, such as smart contract compilation, generated bytecode verification versus source code, and on-node execution verification.

The implementation of DPoS with established security enables the project to adopt robust anti-attack measures against assaults such as forged cross-chain transactions or quantum computer hacking.

CertiK Chain’s architecture is made up of six distinct modules for each level. Each module is in charge of compiling and validating the source code, reviewing the compilation results, producing the signature from the source code, and assembling the blocks based on the signature. Communication modules are implemented in both Ethereum and IPFS through communication channels.

CertiK Chain is compatible with several protocols, including ERC-20, ERC-223, and Nano. Its primary goal is to serve the complete spectrum of mainstream applications in order to assure market liquidity. Now, the CertiK Review article will delve into the project’s components.

The main components

CertiK mainnet and many software solutions, such as the CertiKOS operating system, DeepSEA programming language, CertiK Security Oracle, and CertiK virtual machine, were introduced. The project’s remarkable characteristics include:

CertiK Security Oracle

In the blockchain, Oracle is used to transport off-chain data into and out of smart contracts. The CertiK Security Oracle’s aim is to obtain a set of security scores from a decentralized network of security operators who are in charge of assessing the trustworthiness of its source code. By executing real-time security checks enabled by a decentralized network of miners, on-chain transactions are protected from malicious assaults.

CertiKOS

CertiKOS is a smart contract-based operating system that focuses on security and resilience to hacker assaults.

Skynet

Skynet is a unified security toolset that uses automated algorithms to evaluate deployed smart contracts against a diverse set of known vulnerabilities at scale. Skynet provides smart contracts with accurate security scores, indicating a possible vulnerability to attacks and code flaws.

CertiK Virtual Machine (CVM)

CVM is a virtual computer that provides configurable information regarding smart contract security.

DeepSEA

DeepSEA is a functional programming language that allows developers to handle extremely complex codes during verification via the Coq proof assistant. DeepSEA is compatible with Microsoft’s CertiK Chain virtual machines, Ethereum WebAssembly, and Ant Financial’s AntChain.

CertiKShield

CertiKShield is a fund established to restore funds stolen by attackers as a result of the project’s security flaws. This fund has collaborated with well-known initiatives worth billions of dollars, including Aave, Celer, Kava, and Matic. The team directly gave 1,000,000 CTK to the foundation.

Main target

The project team created a decentralized proof system that mathematically ensures the stated smart contract is error-free, resistant to hacker assaults, and functionally validated. This is accomplished via the use of a check mechanism. The project is a turnkey solution that makes use of certified kits. They include characteristics like:

Smart labeling;
Class-based decomposition;
Proofing tool;
The proof object can test the machine;
Certified dApp library;
Custom certification service.

These components safeguard smart contracts by marking critical portions of the code and their intended functionality, as well as breaking down the verification process into smaller jobs. All of the components are then reassembled into a fully operating and tested smart contract.

To accomplish the aforementioned aims, the project integrates the model with machine learning (deep learning) aspects. The system automates the procedure using machine learning and contextualizes its whole work history in the service of its own evolutionary learning. The platform will be able to mathematically describe and automatically categorize contracts based on their proper functionality in the future. This technology will allow for very accurate verification as well as dynamic, precise, and automated contract analysis. Nodes running the software validate the finished proofs.

CertiK is a protocol and smart contract auditing service. Its unique feature is that formal verification is automated, somewhat decentralized, and may be performed in any programming language.

How does it work?

In general, all platforms and applications investigated, implemented, and created by CertiK will have the objective of measuring transaction safety.

Moreover, using this platform, apps will be able to make precise judgments about carrying out transactions that are part of the transaction.

Its operating system is comprised of the following core components:

Business Chain: Certik Foundation will integrate Security Oracle as a bridge to assist the project in accessing information or data about transaction safety and reputation.
CertiK Chain: With this component, users will be provided CTK and will be required to register for tasks. At the same time, the Oracle Operator units will be coordinating activities to record the completed tasks on the chain.

As a result, each Operator will be compared to the Primitive Operator in order to examine and re-check the whole safety. CertiK Chain will then submit the results to Security Oracle.

CTK token

CertiK Coin (CTK) is the ecosystem’s internal currency, which is utilized for smart contract operations, staking, Oracle Secure Network participation awards, asset support, and refunds. The community employs CertiKShield as well as voting in this process. It is used as a mechanism on a platform with decentralized network governance. CertiK Chain also contains a Proof-of-Stake (DPO) blockchain that was created using the Cosmos SDK. The project is intended to be a platform for developing trustworthy blockchain infrastructure and decentralized apps. CertiK Chain is intended to protect many kinds of blockchain products, from development to deployment, with built-in blockchain features such as Oracle Security, CertiKShield Return, and Super Secure Programming Language (DeepSEA).

Key Metrics

Name token: CertiK.
Ticker: CTK.
Blockchain: CertiK Blockchain.
Consensus mechanism: DPoS.
Standard: BEP-20.
Address: 0xa8c2b8eec3d368c0253ad3dae65a5f2bbb89c929.
Token type: Utility, Governance.
Total Supply: 121,463,502 CTK.
Circulating Supply: 92,380,396 CTK.
Exchange: Binance, Gate.io, BingX, Bitfinex, Uniswap…

Allocation

Private Sale 1: 29%.
Foundation: 25%.
Community Pool: 17.5%.
Team: 10%.
CertiKShield Pool: 8%.
Private Sale 2: 9%.
Binance Launchpool: 1.5%.

Release Schedule

Binance Launchpool: 1,500,000 CTK
Private Sale 1: 3,500,000 CTK
Private Sale 2: 8,000,000 CTK
Team: 2,500,000 CTK
Foundation: 1,000,000 CTK
Community Pool: 5,600,000 CZK

Use Case

The CTK token is meant to be used in two ways

CertiK Chain

CTK is used to pay transaction fees and smart contracts on the blockchain.
Staking: To safeguard the network, nodes employ CTK for staking.
Voting: CTK holders may submit and vote on the blockchain enhancement recommendations.

CertiK Services:

Payments: Use CTK to cover the running expenses of Audits, Security Oracle, and CertiKShield.
CTK is utilized as a collateral asset in CertiKShield.
Shield Purchasers’ refund claims are accepted or rejected by voting Claim Proposals.

CertiK assesses the safety of a project

Any interested developer may put their service’s security to the test. To do so, he must seek an audit from the project, which may be of four varieties depending on the aim of the audit:

Crowdsale or a token contract.
Smart contract.
Wallets and dapps.
Blockchain protocols.

Advantages of using CertiK for project auditing:

Expertise.
The order takes 48 hours to complete from the moment it is received.
Utilizing exclusive patented technology.
Exchanges acknowledge audit outcomes.
Certain projects will get a free quote.
Report transparency.

The audit is conducted in the following stages:

Overview of the source code.
Individual order value estimation.
A thorough examination of the source code.
Create a list of proposed corrective steps.
Finish the audit and deliver the appropriate certificate.

Team

CerrtiK was established in 2018 by two academics from prestigious US colleges. Their primary field of study is computer science.

Professor Zhong Shao has worked at Yale University for about 25 years.
Professor Ronghui Gu has been teaching at Columbia University for over 5 years.

Investors and Partners

Investors

Binance Labs was the first hedge fund to make an undisclosed investment in the project in 2018. It was funded by huge names like Coinbase, SoftBank, Goldman Sachs, and Sequoia after the fundraising calls.

CertiK obtained funds via two rounds of private sales (period not indicated), totaling $39.43 million. The audit company then increased Series B and prolonged Series B for a total of four hikes. It was valued at $2 billion in the most recent fundraising round.

Partners

The ecosystem is fairly robust, with key industry partners like Bitman, Huobi, and OKX… on board.

Roadmap

In recent years, the project team has been consistently boosting the platform’s quality and efficiency in order to meet pre-set goals such as:

February 2021: Completely unlock 9% from the second Private Sale
April 2022: Increase the number of vacancies from the first Private Sales by 29%.
May 2023: Continue to completely unleash 10% of the team’s potential.
June 2023: Full unlocking with 25% from the Foundation.

Conclusion of CertiK Review

The CertiK platform is developed by a highly qualified and experienced team. Since smart contract technology is always evolving, the full potential of a project capable of comprehensively verifying smart contracts has yet to manifest. Since smart contracts regulate a large portion of the ecosystem’s assets, a certification process is essential to confirm that the code is valid and to avoid unanticipated losses or hacks.

CertiK automates the procedure and ensures constant quality. This will assure the ecosystem’s continuing evolution by offering a novel, rapid, and efficient method of qualitatively analyzing smart contracts. Hopefully the CertiK Review article has helped you understand more about the project.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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