CertiK has Completed a Security Audit of Celer Project

CertiK | Mar 19, 2019

CertiK has Completed a Security Audit of Celer Project

CertiK has recently completed a security audit for Celer, a leading platform for building and scaling decentralized applications that enables fast, easy and secure off-chain transactions for both payment transactions and generalized off-chain smart contracts.

The CertiK team indicated that the Celer’s smart contract turned out to be of high quality. There are no critical vulnerabilities detected and the code style is, overall, in good standing and well-written. The CertiK team is delighted to congratulate the Celer team for passing its rigorous verification process with flying colors.

The Audit Process

The Celer system is built on top of a ERC20 standard token. It includes additional features that extend the traditional balance/transfer functionality typically found in ERC20 tokens. Specifically, the Celer team added a “button” that simplify token transfers. This adds a bit of fine-grained control to their token.

In addition, Celer only allows whitelisted addresses to interact with the token. This more constrained access model allows for greater control and safety, which is in line with Celer’s goal to make safety and security their first priority.

CertiK analyzed Celer’s system/smart contracts using its proprietary Formal Verification engine. All in all, three senior security engineers have Formally Verified and manual audited Celer’s smart contracts to make sure that it would always work as intended, under all possible scenarios.

Here some of the Highlights:

  1. CertiK’s verification engine concluded that there were no vulnerabilities found in the system. This means their system has been mathematically proved to be secured.
  2. The manual review by our security experts also indicated that their code is well maintained, fully documented, and thoughtfully designed.

CertiK leverages the latest and most advanced Formal Verification technology to deliver the most comprehensive and rigorous security audits in the blockchain space. Rather than merely checking for bugs and vulnerabilities, Formal Verification leverages rigorous mathematical theorems to check whether the source code of a program meets its specification, computing all possible scenarios and providing proofs that it is impossible for certain checked vulnerabilities to exist.

Celer immediately leveraged CertiK’s audit reports and technical insights to enhance the overall security of their systems. The full audit report provided by CertiK can be accessed here.

About the Project

Founded in 2018, Celer Network allows users to experience normally slow decentralized apps (dApps) more than 10,000 times faster due to its advanced off-chain operating network. This efficiency facilitates instant payments, decentralized trading, and even video game playing with no delay or millisecond latency.

Celer’s latency reduction relies on use of blockchain in fields such as interactive gaming, decentralized derivative exchange, micro-insurance, decentralized electricity power exchange, decentralized Internet services, general pay-per-use services, and non-custodial financial assets exchange. Celer also provides smart contract execution services which requires a higher standard of security. To ensure their smart contracts are bug-free and hacker-resistant, Celer requested an audit service from CertiK.

Malicious hackers have plagued the blockchain space and stifled the growth of many promising projects. By conducting Formal Verification audits for top projects across major protocols, CertiK aims to guard against some of the most frequent and critical vulnerabilities that have been the source of these attacks. Together, both organizations envision higher security standards to create a safer blockchain ecosystem.

About CertiK

CertiK is a blockchain and smart contract verification platform founded by top Formal Verification experts from Yale and Columbia University. Incubated by Binance Labs, Certik has strategic partnerships with the world’s leading crypto exchanges such as Binance, OKEx, and Huobi, as well as protocols such as NEO, ICON, and QuarkChain.

CertiK’s formal verification method works differently than traditional testing approaches: rather than working manually, CertiK mathematically proves blockchain ecosystem and smart contracts are hacker-resistant and bug-free at scale. CertiK has secured over $4B in asset value, auditing several projects across all major protocols, including BNB, Terra, Crypto.com, and TUSD.

To request the audit/verification of your smart contracts, please email audit@certik.io or visit certik.io to submit the request.

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