Mathematical Verification Platform Certik Gets NEO Global Capital to Go All In
Jul 22, 2018, 6:59AM
by Mike Dalton
CertiK is working to mathematically verify smart contracts. In the wake of costly and critical bugs, investors are taking a heavy interest in it.
The smart contract and blockchain verification platform CertiK has gotten a big boost from NEO Global Capital (NGC), which made a multi-million dollar investment in the platform. NGC announced the new investment decision in a recent tweet,
NEO itself is well known as a leading altcoin and a blockchain competing with Ethereum on scalability and digital identity features. As a subsidiary of NEO, NGC frequently invests in other blockchain startups, such as the job platform Moonlight and the smart contract platform Zilliqa. Other than NGC, CertiK has been successful in gaining many other partnerships and investments, "targeting 30 commercial partners by the end of June 2018," according to Torque Ventures, one of Certik's investors.
The Certik platform is
a formal verification framework to mathematically prove that smart contracts and blockchain ecosystems art bug-free and hacker-resistant.
CertiK's use of mathematical procedures to seek out bugs that human testers might miss sets it apart from other smart contract platforms,
These types of bugs are usually straightforward in hindsight, but not quite so when you try to locate it from a pile of codes. Subtle bugs are always buried in deep and hard to detect. / CertiK on Medium
It is easy for human programmers to overlook these problems, but an engine like CertiK can run tests on smart contracts and find problems.
Bugs in smart contracts can rapidly lead to hacks and exploits. Most infamously, a bug in the DAO led to the theft of $50 million worth of Ether. More recently, a bug was found in smart contracts that spanned across ERC-20 tokens, causing exchanges to temporarily shut down ERC-20 trading in April. CertiK isn't alone in facing this problem, Quantstamp and Zeppelin are close competitors. Although some bugs can be weeded out manually before money is stolen, clearly platforms in this vein will be beneficial.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
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