CertiK Foundation announced its CertiK blockchain, on a mission is to promote a more trustworthy blockchain ecosystem for all. This development was on 22 July.
CertiK Foundation commenced by informing that its blockchain was built to enhance the security of smart contracts, leveraging the CertiK Foundation’s Formal Verification platform. CertiK Foundation headlined that by allowing smart contract execution and interactions on a security-focused chain, the full potential of decentralized computing would be realized. CertiK Foundation asserted that as pioneers of industry-leading technology, their focus would be security.
CertiK Foundation shared intimate details on the offering as –
“Security is paramount for allowing a system to meaningfully grow and scale. Exponential growth is terrific, of course — but less so if that growth culminates in exponential risks. By focusing on security first, the CertiK Chain provides developers with the security and flexibility to code with confidence. That security will inherently position the blockchain for mass adoption, empowering budding developers and established enterprises alike. We’re in this for the long term. And, for there to be a long-term, secure and stable solutions must be offered to the community.”
CertiK Foundation continued to blog while throwing light on some technical details of its blockchain. The firm clarified that on-chain smart contracts would contain cryptographic certificates as proof of verified security. CertiK Foundation clarified that smart contracts may interact with each other and check for these certificates in order to gain assurance. On the contrary, smart contracts devoid of these certificates may require higher fees to transact.
CertiK Foundation informed that security would be planned from the bottom-up. The base layer is the CertiK Virtual Machine (CVM), which would undergo formal verification to certify its authenticity. The CertiK Chain would use a verified software that assures no bugs are introduced during the compilation.
Late last year, CertiK announced it has received several million in funding from Binance Labs. Binance Labs is an initiative launched by Binance, one of the world’s largest and most popular cryptocurrency exchanges. Binance Labs investment in CertiK endorses the importance of formal verification in the blockchain industry.
CertiK Foundation expressed on what makes their blockchain distinct. The firm averred that by putting security at the forefront of its development, the CertiK Chain aims to reduce the security vulnerabilities. Such loopholes have almost defeated the blockchain world, stifling innovation. CertiK Foundation added on a positive note that the CertiK Chain would help provide individuals and enterprises with the tools needed for broader adoption.