Binance Labs Helps Blockchain Audit Startup Keep The “Bugs” Away

Pouring “millions” on a startup that is known as the “world’s first hacker-resistant, concurrent operating system” seems like a smart move for Binance’s incubation wing.

Binance-Labs-Helps-Blockchain-Audit-Startup-Keep-The-“Bugs”-Away

Binance Labs, the incubation and investment arm of crypto exchange giant Binance, has invested in blockchain audit startup CertiK, according to a press release by CertiK October 8.

binance-certik-logoMonths 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.

Hooked on the latest blockchain news? Itching to get the newest deets on your favorite crypto? No problem! Here, check out our most current crypto news, fresh from the oven.

Summary
Binance Labs Helps Blockchain Audit Startup Keep The “Bugs” Away
Article Name
Binance Labs Helps Blockchain Audit Startup Keep The “Bugs” Away
Description
Pouring “millions” on a startup that is known as the “world’s first hacker-resistant, concurrent operating system” seems like a smart move for Binance’s incubation wing.
Author
Publisher Name
Ibinex News
Publisher Logo

Related Cryptocurrency News