This blog is contributed by CertiK
NEW YORK – Sep 29, 2020, CertiK, in an effort to accelerate security implementations in the rapidly expanding Decentralized Finance (DeFi) sector, introduces an interoperability protocol between Binance Smart Chain (BSC) and the security-oriented CertiK Chain, growing the ecosystem of DeFi tools and protecting users against bad actors.
According to DeFi Pulse, the total value locked (TVL) in Decentralized Finance products is hovering just below $10 billion worth of cryptocurrency as of September 20, with Ether (ETH) and Ethereum by-products contributing to over 80% of the value. While the skyrocketing growth in DeFi could be seen as a positive sign for blockchain as a whole, the recent surge in demand for digital financial products has caused unexpected traffic congestion, questioning the scalability of the Ethereum network once again. The Binance Chain team launched the PoSA (Proof of Staked Authority) consensus-powered BSC that offers a high speed network with faster block time and lower transaction fee, providing an alternative solution for the growing DeFi audience by enabling smart contract functionalities, DApp facilitation, sophisticated DeFi tools, and access to the broader Binance ecosystem.
CertiK, the leading blockchain auditing firm trusted by industry leaders including Aave, Kava, and Ampleforth, will provide BSC with best-in-class cybersecurity services such as customized security audits and penetration testing, as well as decentralized security products such as CertiK Security Oracle scores and CertiKShield reimbursement pools.
As a benefit of the partnership, until October 15, 2020, all Binance Smart Chain projects can receive 50% off the price of a CertiK QuickScan, which is a fast and lightweight scan to conduct a series of basic security checks. Following a QuickScan, each project will obtain an initial score that will change dynamically as more security tests are conducted–the lower the score, the riskier the contract. While QuickScan provides basic analysis on the go, all BSC projects are recommended to engage in full, customized audits with CertiK to ensure that the code is in accordance with the industry’s highest standards.
BSC projects can follow the full Integration Guide here.
The CertiKShield system, an insurance-like protocol that enables users to purchase protection against the loss or theft of any digital assets, will relate directly to the scores of the Security Oracles: a higher score means the project is more secure, leading to cheaper rates. Reimbursement pools will be created by staking, giving stakers normal staking rewards on top of a portion of the fees paid by smart contract users looking to protect their funds. Shortly following the initial launch, Binance Smart Chain and CertiK will work together to create a CertiKShield pool to protect holders of BNB.
Due to the high demand for CertiKShield Pool creation, interested blockchain projects should submit a request here to obtain pre-approval.
“The security audit is not the end, but actually just the beginning,” noted Daryl Hok, COO of CertiK. “As experts in security, CertiK is well-positioned to use its analyses and technologies to provide risk management solutions to blockchain projects and users.”
The rise of DeFi has reaffirmed the disruptive potential of blockchain, but obstacles in scalability and security have impeded its growth. Binance Smart Chain and CertiK aim to approach these problems together, utilizing scalable and compatible infrastructure with top-notch security to boost the continuous growth of DeFi.
If you’re interested in receiving a QuickScan or CertiKShield Pool for your BSC smart contract, submit a request here. You can reach the Binance Smart Chain team on the Binance Chain Developer Telegram Group and the CertiK team on www.certik.io or via firstname.lastname@example.org for your free 30-minute consultation.