Binance crypto exchange has recently announced that it is looking forward to integrating Certik’s Autoscan on their platform to guard against hacking. CertiK, a blockchain and smart contract verification and checking platform, offers an essential measure to militate against blockchain hacking. There has been incessant hacking of different exchanges over the years resulting in governments taking stiff measure on crypto-related firms.
According to CertiK group, hacking has lessened reliance on cryptocurrency and like $2 billion has been lugged away due to assaults on smart contracts. Particularly, a major crowdfunding project, The DAO, lost more than $50 million USD. Because of this, the smart tightening auditing platform has been working on methods to remove dangers by researching on verification and auditing techniques that will reduce the level of attacks on platforms.
As per Bitcoin Exchange Guide, Etherscan, a foremost block explorer for Ethereum, is able to apply CertiK among the 17 recommended audit service providers.
CertiK, which is being organized by Binance crypto exchange, has mentioned that it has three major benefits over steady security audit service providers.
Among them are well researched established official verification framework, high scalability and highly automated. However, owing to security concerns, CertiK will not be classifying the token names as well as the locations of susceptibilities. In lieu of this, CertiK involves this projects and assist them to investigate these smart contracts.
Meanwhile, Daily Hunt reported that CertiK believes that the best way to stop attacks on smart contracts is by watchfully stopping commonly known attacks. They believe that this can be attained only with the help of automated scan and monitoring. Certik’s smart labeling feature and layer-based verification approach will let the verification of the system in a dispersed manner, thus enhancing competence and resistance greatly, setting it apart from others.
On the other hand safety measure on Binance crypto exchange will guard against security breaches that can result in colossal damage. When Certik tweeted about its new development, Binance CEO, stated that the idea is best and good for the business.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]