On 1st September, CertiK a smart contract auditing platform, on their official Twitter Handle published a link to their Medium blog which elaborates how blockchain is prone to hacking. Further, the team discussed how with the help of Certik AutoScan Engine, enterprises will be able to identify vulnerable areas and eliminate risks.
One of the most questionable topics in the blockchain industry is security. Hacking assaults have become a common episode over the months.
The CertiK group believes that the increase in hacking episodes recently has resulted in reduced confidence within the blockchain world. According to the team, about $2 billion has been stolen as a result of attacks on Smart Contracts. However, the team also mentions that the blockchain community has been working towards mitigating risks and have given a large focus on security audits and verification which has resulted in lesser number of hacks and has helped regain the users’ confidence.
As mentioned in the blog, the leading block explorer for Ethereum, Etherscan recommends 17 audit service providers among which CertiK is one.
CertiK claims that it offers three major advantages over other audit companies. As a first, the company mentioned that it incorporates a formal verification framework that has undergone an intensive research. The framework, with the help of mathematical formulae, will be able to prove whether a smart contract is risk-free or not.
Furthermore, the blog explains how Certik’s smart labeling feature and layer-based verification approach allows the verification of the system in a distributed manner, thus increasing efficiency and elasticity greatly, setting it apart from others.
As a third advantage, the company provides patented auto verification methods as opposed to traditional manual verification methods.
Discussing the recent launch of its CertiK AutoScan Engine [CASE], a high-performance smart contract auto-detection engine the company stated that in a three-hour long inspection on Etherscan the company was able to study top 500 tokens in the market. The analysis revealed that 53 of the tokens were impacted with severe security loopholes, comprising a total market cap of 40 million. Moreover, the results revealed that 70% of the smart contract faced an “integer overflow issue” and the remaining 30% faced “functional correctness issues”.
It further explained that the investigation revealed many bugs out of which 3 were critical bugs.
CertiK believes that the best way to prevent attacks on smart contracts is by vigilantly preventing commonly known attacks. They believe that this can be achieved with AutoScan. They stated:
“CertiK’s latest product, ‘AutoScan,’ equips cryptocurrency exchanges with the ability to continuously monitor the tokens listed on their platforms. Issues are prevented before smart contracts are deployed into the main networks.”
In the future, the company plans to reach out to cryptocurrency exchanges to integrate with its ‘AutoScan’ service for routine scanning and monitoring.
Interestingly, Binance’s CEO, CZ tweeted about the project on 31st August stating that it was “cool.” Almost immediately CertiK responded to his tweet saying:
“Thanks Mr. Changpeng, we look forward to integrate AutoScan with Binance’s exchange platform! @binance @BinanceLabs #CertiK.”