In a world where there is almost no end to new crypto projects, CertiK fills a niche that is necessary, ensuring the integrity of the crypto industry. This article covers many issues of the project, including what is CertiK and CertiK audit, what is CTK coin, reveals if CertiK audit is legit, and much more.
What is CertiK?
CertiK is a cyber security service that utilizes high-end artificial intelligence technology to ascertain the security of a blockchain protocol or crypto project.
As a firm, it typically detects vulnerabilities in a contracted blockchain protocol or smart contract. This process is called a security audit. The security service has audited several networks in the past, from major names like Binance Smart Chain, OkEx, Terra to other projects like Saitama and Safemoon.
Within its brief existence, the project has gained such a significant reputation it has cross-examined more than 1900 major crypto projects.
Other crypto outfits that the project audits include crypto exchanges, decentralized apps, and even cryptocurrency wallets, making them an indispensable tool for securing digital assets.
The Shentu Chain
The CertiK Blockchain, also called the Shentu Chain, was renamed only recently last September. Shentu, according to the company’s blog post, means “Protector”.
Also according to its whitepaper, Shentu Chain prioritizes cross-chain compatibility while deploying a delegated Proof-Of-Stake consensus. The security-oriented blockchain leverages its compatibility to offer real-time metrics on the state of several networks’ security.
Audited networks are evaluated on a real-time, weighted, security score. A quite high security score level means these particular projects may be eligible for a CertiKShield membership, which is a flexible, decentralized reimbursement system for any crypto asset that is irretrievably lost or stolen due to security issues. CertiKShield memberships are necessary to offer a kind of insurance to projects should an unforeseen attack succeed.
The CertiK Blockchain also utilizes DeepSEA technology, which allows developers to easily create programs that require complicated or elaborate code, saving them time and energy. The novel service also validates whether or not a source code will run as it is supposed to before it is launched onto the blockchain.
An Example: Saitama Audit
Asides from known crypto outfits like Binance, OkEx and PancakeSwap, Certik has evaluated community-driven projects like ApeCoin and Saitama as well.
In December 2021, CertiK conducted an audit on the Saitama-affiliated wallet, SaitaMask. With SaitaMask, users also can buy, sell or swap digital assets while “having all the control”. Authoritative services like CertiK offer newer products like Saitama a good level of public trust.
The Saitama team itself enthused about the network’s certification, once CertiK declared it safe and impervious to hackers. The certification puts SaitaMask on the map and opened up several listing opportunities for the platform.
What is a CertiK Audit?
CertiK is known for its reputable cross-examination of crypto projects. A CertiK audit is an extensive assessment of a blockchain protocol’s security. Ordinarily, the audit will consist of a thorough review of the code that a network runs on.
These audits hope to detect the presence of bugs, or vulnerabilities in the code that could potentially be exploited by hackers. After the evaluation check is completed, CertiK may offer possible solutions to these identified risks as part of its service.
How Long Does a CertiK Audit Take?
A CertiK audit is a simple 5-step process. First, a team of experts receives the source code to be reviewed. Then, the team receives quotes, which include the specification of the code and how it is expected to run. Afterward, the team conducts a security check, scrutinizing thousands of lines of code for possible vulnerabilities. When that is done, a report classifying the risks and possible solutions to those risks is compiled and delivered to the client.
Despite its seemingly tedious process, a CertiK audit can be fully conducted in as little as two days.
How Much Does a CertiK Audit Cost?
How much a CertiK audit costs depends on the project. The project’s age also does not affect this cost.
Is CertiK Legit?
Having worked with the biggest players in the industry, CertiK provides one of the most trusted and esteemed security services in the crypto space.
The firm has detected over 31,000 vulnerabilities in code, worked with over 1900 startups, and helped secure over 8 billion USD worth of digital assets, according to its current metrics at time of writing.
CertiK’s certifications are also well sought amidst the firm’s reputation for excellent work.
CertiK Insurance
As said earlier, CertiK also help secure crypto assets by providing an ingenious insurance service, known as CertiK Shield.
More recently known as Shentu Shield, it is a service that provides financial compensation in the event that a crypto asset is lost or stolen. While it is decentralized, it functions much like a regular insurance system, in that users purchase a “Shield” which represents the value of a particular asset. An amount corresponding to this value is then stored away, and will be paid to the client if the asset is misplaced. Each Shield lasts for a period of exactly 21 days, after which the user can choose to renew the service or opt-out of it entirely.
Users can also choose to contribute to the collateral pool — the pool of funds financial reimbursements are drawn from — to earn a marginal profit on their holdings.
CertiK vs Hacken
Much like CertiK, Hacken is a security consulting company with a focus on blockchain security. Hacken also uses formal verification technology to detect possible weak links in networks and systems.
The fundamental difference between CertiK and Hacken is that the former one specifically handles smart contracts, blockchain protocols, and decentralized apps, while Hacken has a more general application and can be used to detect bugs in any kind of software, app, or cryptocurrency. Hacken has worked with a variety of businesses, from Gate.io, an exchange to TicketingUA, a ticketing platform.
Both firms are well versed in securing digital assets but have slightly different applications. A choice between either service should be made depending on the network or software in question
CertiK On The Crypto Market
The CertiK security-inclined ecosystem is powered by its native cryptocurrency, the CTK Coin.
CTK Coin
The CertiK Coin is a utility token, native only to the Shentu Chain.
CertiK Coins help facilitate transactions conducted on the CertiK blockchain. Owning a CTK token holds several benefits for users. For example, users who hold CTK automatically reduce their gas consumption, which leads to lower gas fees. Gas, in this case, refers to the transaction fees required to successfully complete a cryptocurrency transaction.
Moreover, CTK token holders also get to participate in the decision-making processes of the Shentu Blockchain. Holders can vote on decisions to be made concerning the blockchain, hence, the CTK token effectively decentralizes the governing power over the blockchain.
Additionally, users who own CTK tokens may also receive several other benefits and rewards.
CertiK Exchange
CertiK (CTK) coin is listed on and can be purchased on several exchanges. You can find the fastest and easiest exchanges to buy or swap CTK on Swapzone’s aggregator. Swapzone’s aggregating feature dramatically cuts down the time it takes to find suitable exchange rates. It has been made even simpler as no registration or KYC verification is required.
Read Further: Crypto Crash: Coming in 2022?
