What is Certik
CertiK is a formal verification network designed to build fully trustworthy smart contracts and blockchain ecosystems, which are mathematically proven to be error-free and hacker-resistant.
TOKEN SALE / ICO
Symbol: CTK (ERC-20)
Token Sale: TBA
Available Tokens for Sale: TBA
Token Supply: 1,000,000,000
Why is Certik needed?
The problem that CertiK aims to solve relates to the vulnerabilities of blockchains and distributed ledgers – these are prone to their own sets of bugs and security issues, which are further compounded by their immutable and decentralized natures.
For instance, in January this year, there were 703 open issues (in addition to 2,186 closed issues) for the Ethereum Virtual Machine Implementation – any one of those open issues may expose the blockchain to attackers. Similarly, the implementation of cryptographic software libraries in blockchain systems may, due to errors, allow them to be compromised. Finally, since public blockchains, DApps and smart contracts are open-source, attackers are able to continuously study their protocols, with the intent to compromise them; e.g. the DAO hack in 2016, resulting in the loss of nearly $50 million in ETH, which had to be recovered via a hard fork.
Even when such bugs are identified and rectified, pushing out updates does not solve them instantly, since each new piece of code takes time to propagate throughout the network, due to the fact that it is distributed and decentralized.
All this points towards the need for error-free and hacker-resistant blockchain protocols for smart contracts and DApps – an issue which CertiK aims to solve via their formal verification platform.
What Does Certik Do?
CertiK employs a mix of automation and human review in its revolutionary modular/layer-based approach – Layered Deep Specifications – which uses a decomposition technology to scale the verification process by breaking the proof task into smaller proof obligations.
This is achieved by utilizing different components to perform the proofing tasks:
- Smart labeling is used to identify the structure of any system after which layer-based decomposition kicks in.
- Code which can be verified automatically, via algorithms, goes through proof engines and mechanized proof objects, yielding verification certificates which can be broadcasted on the decentralized network as transactions.
- The Certified DApp libraries facilitate the development of secure DApps by providing verified libraries and plugins which cost CTK tokens (the CertiK Network’s native token).
- Finally, for systems which require high levels of verification, the human element is introduced via the customized certification services component, where experts review the code and deliver comprehensive reports.
The CTK ecosystem, as a whole, utilizes what the team calls the Proof-of-Proof (PoP) mining scheme to incentivize the community, by rewarding them on the basis of five roles within the network:
- Customers: Submit proof requests, associated with any program, system, or code, which require verification along with the offer of CTK incentives.
- Bounty hunters: Provide the computational power for the decomposition process, after which they construct and broadcast proof objects.
- Checkers: Verify submitted proof objects and record transactions for CTK incentives, which they split with the bounty hunters who constructed the proof objects.
- Sages: Create proof engines (algorithms), which can be used by bounty hunters.
- Users: Can benefit from certified libraries and plug-ins (which cost CTK), to create their own secure DApps and systems
A unit of exchange on the CertiK platform, CTK is a utility token which incentivizes participants to contribute to the ecosystem and earn rewards.
CertiK boasts a team of formal verification experts – founder Prof. Ronghui Gu (Assistant Professor, Columbia University) and co-founder Prof. Zhong Shao (Chair of CS Department, Yale University) – along with Research Specialist Dr. Vilhelm Sjöberg (Ph.D., University of Pennsylvania).