CertiK: Protecting Blockchains with Precision | Read Now!
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Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Web 3.0 stores data in a decentralized manner such that it eliminates middlemen (since there is no centralized store of data). In Web 3.0, applications are designed on a decentralized network. The decentralized network is then managed by different interconnected nodes in a peer-to-peer manner.
This essentially implies that there is no centralized store of information, which makes it more secure as a single point of failure has been effectively eliminated. So when a point (block) contains a falsified transaction as a result of a hack, the other verifying nodes will render it invalid. Consequently, hackers find hacking a blockchain very challenging.
However, hacks still occur on blockchains and apps built on them when an error occurs in the blockchain, resulting in a glitch or glitches. It also occurs where there are poor security practices; that has been the case with exchanges that got hacked. As a result, this is where CertiK comes in. Being a pioneer in the blockchain security business, it uses top-notch Artificial Intelligence to track and protect blockchain projects and smart contracts. It is also maintained by highly intelligent individuals from universities such as Yale University and Columbia University.
What Is CertiK?
CertiK, a leader in innovation and research, is a blockchain security technology business. By using cutting-edge Formal Verification technology on smart contracts and blockchains, CertiK is a pioneer in blockchain security. Best-in-class artificial intelligence (AI) technology is used to safeguard and keep an eye on blockchain protocols and smart contracts. With the intention of protecting Web3, Yale University and Columbia University professors created CertiK in 2018.
Services Rendered By CertiK
Some of the key services offered by CertiK are briefly explained below.
Smart Contract Audit: This is an audit carried out on a smart contract in which the smart contract code is thoroughly examined and analyzed. The aim of this exercise is to detect errors, problems, and security weaknesses in the smart contract codes so that they can be fixed, preventing hackers from exploiting these weak points to the detriment of the project. CertiK renders this service.
Skynet: CertiK also offers Skynet services, which is a project designed on the Sia blockchain whose purpose is to provide decentralized storage. This essentially reduces the risks associated with content file sharing and delivery on the internet. Skynet can be viewed as the internet’s alternative infrastructure.
Know Your Customer (KYC): CertiK also helps with KYC solutions. Know Your Customer, or Know Your Client, is a marketing term. When opening an account and on an ongoing basis, the client’s identity must be identified and verified through the obligatory KYC or KYC check process. In other words, banks or decentralized protocols have to make sure that the customers they are dealing with are indeed who they say they are.
Penetration Testing: This is another service offered by CertiK in which a blockchain is attacked solely for the purpose of checking how vulnerable it is or to detect the weak points in it so that those weak points can be properly fixed to prevent hackers from exploiting them.
Bug Bounty: CetiK also conducts bug bounty programs, which are deals made available by numerous websites, organizations, and software companies that allow people to be rewarded and recognized for reporting bugs, particularly those that relate to security exploits and vulnerabilities.
SkyTrace: Lastly, CertiK also offers SkyTrace service, which is a sophisticated wallet tracing and visualization tool that can be used to track the flow of money and get security information. SkyTrace shows and examines transactions for Ethereum and BSC wallets, allowing users to keep an eye out for unusual activities and lower the possibility of fraud. Website.
Conclusion
With the recent reports of hacks conducted on the blockchain, it is now known that the decentralized nature of the blockchain isn’t sufficient to effectively prevent hackers from carrying out their malicious attacks on protocols built in the blockchain.
However, with the service of CertiK, investors looking to design their own protocol need not worry much because their goal is to provide them with state-of-the-art blockchain security services.
