NEW YORK, NY — To kickoff the 2019 year, CertiK, the world’s most advanced blockchain security company, and Binance, the world’s largest digital asset exchange, announced a partnership to enhance the security of tokens listed on the Binance platform. Following Binance Lab’s investment in CertiK in 2018, this additional collaboration will help foster a more secure blockchain ecosystem by leveraging CertiK’s patented Formal Verification technology and team of security experts to audit smart contracts deployed on public blockchains.
Founded by active professors at Yale and Columbia, CertiK has rapidly become the leading blockchain security service provider, delivering state-of-the-art cybersecurity solutions to some of the largest blockchain projects across all major protocols. CertiK expands upon traditional testing methods by applying Formal Verification to its static analysis module, which mathematically proves the absence of some of the most frequent and critical vulnerabilities that have plagued the blockchain space. The partnership between CertiK and Binance will help ensure that projects on the platform have demonstrated that their smart contracts are free of known critical bugs and vulnerabilities, providing users with greater peace of mind.
“When users use Binance, they trust that their funds are secure,” commented Ella Zhang, CEO of Binance Labs. “We chose to partner with CertiK because we believe that security is paramount to give the ecosystem the confidence needed for greater adoption of blockchain technology. When token projects present us with an audit report verified by CertiK, we know that they take security as seriously as we do at Binance.”
The open-source, transparent standard of blockchain has inadvertently created an environment that is susceptible to malicious exploitations of coding errors. Experts estimate that, in 2018 alone, nearly $1 billion worth of cryptocurrency assets were stolen from exchanges worldwide. With respect to source code vulnerabilities, CertiK’s Formal Verification allows for the mathematical computation of all possible state scenarios, aiming to identify risky counterexamples before they are exploited. The rigor of Formal Verification has been more commonly applied in hardware, from NASA’s Mars Rover to medical devices, but the self-executing nature of smart contracts have highlighted the importance of its applications in the blockchain industry.
In the past year, CertiK has established several partnerships with industry leaders, from top exchanges to major protocols, auditing over 150 projects and securing over $1.5 billion in cryptocurrency assets. By becoming the official security partner of Binance, CertiK continues to advance its vision of securing blockchain ecosystems worldwide. Together, both organizations look to prioritize security in efforts to create a safer environment for all.
CertiK is a blockchain and smart contract verification platform founded by top formal verification professors from Yale and Columbia University and former senior software engineers from Google and Facebook. Expanding upon traditional testing approaches, CertiK utilizes mathematical theorems to objectively prove that source code is hacker-resistant to some of the most critical vulnerabilities. With the mission of raising the standards of cybersecurity, CertiK is backed by prominent investors, including Binance Labs, Lightspeed, Matrix Partners, and DHVC.
To request the audit/verification of your smart contracts, please send email to email@example.com or visit certik.io to submit the request.
Binance is a blockchain ecosystem comprised of Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet and Charity.
Binance Exchange is the leading global cryptocurrency exchange, with users from over 190 countries and regions. Capable of processing more than 1.4 million orders per second, Binance Exchange is the largest crypto exchange by trade volume and one of the fastest in the world. The platform focuses on security, robustness, and execution speed — attracting enthusiasts and professional traders alike.
For more information, visit: https://www.binance.com