Blockchain Security Firm CertiK to Launch Beta for Smart Contracts-Focused Chain

Published at: Nov. 22, 2019

The CertiK Foundation, an organization that develops security infrastructure for blockchains, will introduce the open beta of its CertiK Chain next week.

Per a press release shared with Cointelegraph on Nov. 22, CertiK Foundation is about to launch the Testnet 3.0 open beta for CertiK Chain designed to enable smart contracts to check for evidence of security audits of other smart contracts before engaging in a transaction.

The CertiK Virtual Machine (CVM) includes full compatibility with Ethereum’s EVM, which allows existing Solidity smart contracts to run seamlessly. Since the CertiK Chain is built on the Cosmos Network, it also makes it possible for Solidity smart contracts to run on the Cosmos Network.

The release and potential applications

With the release of the public open beta, the company aims to handle scaling and block validation efficiently. The CertiK Foundation told Cointelegraph that the chain will be suitable for a wide range of potential applications, including areas such as decentralized finance and staking.

The company explained that a user can check for evidence on-chain of a security audit prior to sending cryptocurrency to get locked in a staking contract. Based on the result, a user may choose to send amounts in smaller batches. CertiK Foundation stated:

“Ultimately, if blockchain becomes as disruptive as people expect, with smart contracts (such as DAOs) interacting with other smart contracts, then the ability to verify security on-chain would help prevent malicious interactions. Other features of the CertiK Chain includes a sandboxing of smart contracts so that they can deploy in a simulated environment for dynamic testing, which would be useful for both deploying new contracts and implementing upgrades of existing contracts.”

Additional security features

In forthcoming releases, the organization is planning to include additional security features in order to prevent malicious interactions with the rest of the blockchain. The CertiK Chain will run on CertiKOS — “the world’s only fully certified, concurrent OS kernel and hypervisor” — and enable the CVM to run smart contracts developed in the programming language DeepSEA.

The CertiK Foundation launched its native CertiK Chain blockchain in late July following an investment from Binance Labs in 2018. At the time, the company said that smart contracts on CertiK Chain can be developed in the functional programming language DeepSEA, which reportedly guarantees security by means of the code.

As previously reported, the Ethereum Foundation provided the DeepSEA project with funding in March. Open source blockchain project Qtum also provided DeepSEA with $400,000 in funding back in December.

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Blockchain
Smart Contracts
Security
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