Smart Contract Security
Why this revolutionary feature needs a breakthrough partner
Smart contracts are an innovative asset within a blockchain that can deliver results in a wide array for several industries. This breakthrough tool has continued to show why many segment leaders in banking, tech, and government have such aspiring hopes for this space. While a smart contract may be a snippet of code that gets automatically implemented within a blockchain, it’s features and capabilities are limitless to what it can enable. As such we see various contracts run asset exchanges, (even decentralized ones), supply chains, various forms of intellectual property such as NFT’s, as well as different fundamentals within crowdsourcing. The concept of smart contracts enables a developer to open up a limitless toolshed for whatever their network ambitions may be.
Smart Contract Security
Throughout this past decade, we have seen our beloved industry become the butt-end of so many security flaws it’s no longer a surprise to see “X project member takes XX from the project” or “Exchange Y loses X millions”. While a majority of this occurs due to malicious intent from an internal source, more often now we’re seeing flawed smart contracts pass-through protocol and loss an insatiable amount of user funds. With the recent trend in “DeFi” we’re seeing a plethora of platforms commit mind-numbing errors from a security standpoint and deploying products that need to go through proper security checks. With 90% of successful attacks coming from the application and contract layers, it’s obvious to note that the network or protocol itself is not the issue but more so those instances being created on them. As blockchains are recognized for being tamper-proof, a failed smart contract withholding or exposing massive amounts of data or assets can be critical towards a network’s public image and future growth. Even though the direct development team of a said network may have no relations to the exposed product’s team, this still delivers a public blow and essentially a pr nightmare for up and coming networks. No matter the case smart contracts are currently facing a growing pain, as this industry tries to identify its best practices for implementing proper checks and balances.
A Partner Like No Other
Smart contract security solutions come in various forms, from tools that offer direct insight during conception like Remix-IDE, Solgraph, and Mythril, along with a dozen others, to stagnate offers such as security audits from various firms and so on. Throughout the last decade, there has been no real-time, automated security solution for smart contracts to lean on post-production.
Enter CertiK Chain
CertiK Chain is a multi-faceted blockchain solution that delivers several tiers of security features for any “DeFi” platform or Dapp to plugin. Specifically segmenting out one of CertiK Chain’s more prominent features comes within the CertiK Security Oracle. The Security Oracle offers your standardized data interest that comes across with other oracle solutions but offers something unlike others before. The CertiK Security Oracle offers Oracle scores that are dynamic, querying the latest security primitives and tests to aggregate the scores while producing insights into the reliability of the underlying code. This allows a smart contract to be essentially weighed in a score prior to it being issued. If the score doesn’t meet select criteria then it’ll be halted until further input or negated completely. Additionally, CertiK Security Oracles can be used to submit requests about unaudited smart contracts. This feature allows the CertiK Security Oracle to not only be a shield amongst potential threats but also deliver insight on how to mitigate future attack vectors with new smart contracts. The greatest part about all this is the CertiK Security Oracles are designed to be extremely easy to integrate with, simply requiring a few lines of code in the smart contract allowing developer experience to be first-class from start to finish.
A Shield to Your Funds
As previously noted, we’ve seen an almost unfathomable amount of funds become lost or stolen due to improper practices from a developmental standpoint. These instances have left many not aware of the trials and tribulations that come with developing a platform, scratching their head in disbelief. It’s unfortunate and we’ve seen some products come about to offer insurances for different circumstances, but none like CertiK Chains. CertiK Chain offers the CertiKShield Pool system, which utilizes the unique staking, governance, and security features of the native chain to provide a secondary layer of asset protection. A CertiKShield Pool is a flexible, decentralized pool of CTK that uses CertiK Chain on-chain governance system to reimburse lost, stolen, or inaccessible assets from any blockchain network. Yes, you read that right, any network. In an event of irretrievable asset loss, such as tokens stolen or lost through a smart contract hack or frozen contract, the members of specific CertiKShield Pools may submit detailed Claim Proposals to the other members of the pool, thereby opening a voting period for the community to determine whether reimbursement is appropriate. The CertiKShield Pool offers an innovative way to address smart contract security, all while allowing the network itself to partake in governing various claims.
The New Way of Business
As we continue to march into this new decade with valiant hopes and admiration for the greater blockchain industry, one thing needs to become a norm and immediate focus going forward. Smart contract security. It’s common knowledge that there’s a growing interest and need for research within this given area, but the industry focus seems to be keen on things not worthy of the spotlight. With the 2020 circus act of “DeFi” it was quite distasteful to see some larger hacks get swept under the rug while every fruit in the basket would redeem a platform for a temporary moment of stardom. The CertiK Foundation and CertiK Chain will usher in a new generation of chains, and offer solutions, unlike anything we’ve ever witnessed before. But for now, take a deep dive within the CertiK Foundation’s mission and find out why this exciting project has acclaimed all this hype to date.
As always I appreciate you taking the time out of your busy schedules to read our content. Until next time…..
