Months after revealing the project as one of its premiere investments, Binance Labs has dispensed “millions” to investment group’s mathematical approach to proving blockchain ecosystems are “hacker-resistant and bug-free,” the release stated. While the exact amount of the investment was not disclosed, a Binance Labs source revealed that its stake accounted for “multiple millions” of dollars, CoinDesk reported.
CertiK CEO Ella Zhang said:
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 firm aims to help secure smart contract and blockchain platforms using a formal verification process. The team has reportedly started working on making sure existing blockchain platforms do not have bugs that could lead to loss of funds or other weak points.
The CertiK founding members consists of scholars from Ivy League schools including Yale and Columbia University. The firm boasts of its scholars who, according to Yale, have spent the recent decades tackling mathematical software proofs.
CertiK has made its mark by creating the “world’s first hacker-resistant, concurrent operating system” to claim the only solution that mathematically certifies the lack of bugs in all components of a blockchain ecosystem. In addition, the technology includes CertiKOS, a tool that has already been used in both enterprise and military programs and was used by the U.S. Defense Advanced Research Projects Agency (DARPA).
These gives CertiK a “unique advantage” in the field given its history and proven technology. The release also noted that the investment “signals the recognition of the importance of formal verification in the blockchain industry.
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