Binance Labs, the subsidiary handles incubation of innovative startups, for the largest cryptocurrency exchange in the world by trading volume, Binance. The wing has invested heavily in a relatively new formal smart contracts verification and blockchain auditing platform, CertiK. Furthermore, the announcement came on Monday, October 8.
The announcement came from their official Twitter handle. They tweeted: “Today, we are officially welcoming @certikorg into the #Binance Labs family! CertiK mathematically validates the security of smart contracts – a critical pain point we are facing in the #blockchain ecosystem today.”
About CertiK and the Investment
CertiK was founded by a Yale University Professor, Zhong Shao, who also developed a “certified operating system” called CertiKOS. Also, the startup also has Ronghui Gu, a Columbia University Assistant Professor as its co-founder. Furthermore, it also employs former engineers from Google and Facebook. It launched just last year in 2017.
They aim to secure blockchain ecosystems and the smart contracts in them through the process of formal verification. They achieve this by using mathematical proofs to ensure that no hackers have breached the system.
According to their official release, the team uses “a layer-based decomposition approach, pluggable proof engines, machine-checkable proof objects, certified [decentralized application] libraries and smart labeling“. With this, they confirm the security of the blockchain platform, in a purely objective manner. Furthermore, speculations are that Binance has invested a hefty amount of funding, possibly in “multiple million” dollars.
Also, Ella Zhang, CEO of Binance Labs, stated this about CertiK. “CertiK mathematically validates the security of smart contracts, which is a critical pain point we are facing in the blockchain ecosystem, bypassing the limitations of manual detection. The funding signals the recognition of the importance of formal verification in the blockchain industry.”
Most noteworthy, The military and enterprises already uses CertiKOS, the operating system developed by Zhong Shao. It is already an inventory in the United States Defense Advanced Research Projects Agency.
TRON is now available on SWFT a one-stop, cross-chain wallet app
LINE Acquires GrayHash to Enhance Fintech Security
Brave Browser is the default Web Browser for HTC Exodus Blockchain Smartphone
Here’s why Singapore Blockchain Week kick-started with a first-time conference UCIM
TRON is now on Blockfolio Signal Beta, a Crypto Portfolio Management App
Ripple supporters raged over Craig Wright’s remarks on Ripple [XRP]
TRON [TRX] is shattering all records, growing in Gaming dApps transaction volume
TRON among the first 100 crypto projects under Binance Info Gold Label Project
Swiss Exchange to list world’s first crypto exchange traded product (ETP)
BCHABC will officially hold Bitcoin Cash [BCH] ticker symbol, BCHSV to remain split
Altcoins News6 months ago
Privacy vs. Transparency: US Secret Service go after Monero and Zcash
Altcoins News5 months ago
Now it’s Official BitTorrent is Now a Part of TRON [TRX]
Cryptocurrency News1 month ago
Crypto Scammers pretends to be Elon Musk, gets away with $175K today
Cryptocurrency News1 month ago
Canadian VersaBank to launch blockchain-based digital safety deposit box