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Binance Labs Invests Heavily in CertiK and Formal Verification Technology

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KYRENIA, CYPRUS - SEPTEMBER 21, 2018 Binance mobile app on running on smartphone. Binance is a leading cryptocurrency exchange founded by Changpeng Zhao in august 2017. Source: shutterstock.com

CertiK, a leading blockchain cybersecurity company, has announced in a press release that Binance Labs, the investing arm of the Binance crypto exchange, has allocated several millions of dollars to ensure the highest level of security in smart contracts and blockchain ecosystems.

CertiK Validates Smart Contracts With Mathematical Proofs

CertiK was founded in 2017 by Yale and Columbia University professors and consists of a team that includes former Google employees and Facebook engineers. In short, the formal verification technology adapts into blockchain applications and transforms the software code into mathematical proofs, providing objective and undisputable calculations.

This partnership highlights the importance of formal verification in the blockchain industry, and Binance Labs CEO Ella Zhang agrees that:

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.”

Binance Ecosystem Fund Aimed at Optimizing Blockchain Technology

Cryptocurrencies’ and blockchain projects’ wide adoption requires a secure ecosystem, and Binance Labs is committed to addressing the most important issues of the industry. The company has dedicated a $1-billion strategic fund, dubbed Binance Ecosystem Fund, to fuel all those projects that will help to unfold the full potential of blockchain technology.

According to Binance Labs, CertiK demonstrates the necessary background and expertise, and CertiK COO Daryl Hok was particularly excited to be supported by one of the world’s top exchanges. He added:

“With published research that begun in academia, we believe that Binance Labs is the perfect partner to accelerate the impact of our unique technology into the broader blockchain space.”

CertiK’s Established Presence in the Cryptosphere

CertiK has previously introduced the DeepSpec technology in collaboration with MIT, Yale, Princeton, and University of Pennsylvania and has several partnerships with notable blockchain companies to demonstrate. Additionally, CertiK created the world’s first hacker-resistant operating system, CertiKOS, which is patented in the US and widely used in various fields, from academia to enterprise programs.

CertiK’s smart contract verification platform was developed to ensure that blockchain ecosystems are bug-free and immutable to malicious attacks. Its features include a layer-based decomposition approach, pluggable proof engine, machine-checkable proof objects, certified decentralized application libraries, and smart labeling.

Binance Labs Invests Heavily in CertiK and Formal Verification Technology was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.