This CertiK review will explore the renowned blockchain security company providing reliable and scalable solutions for smart contracts and blockchain protocols.
Their formal verification and AI technology offer smart contract audits trusted by top exchanges and blockchain protocols. While the cost may be prohibitive for smaller Web3 projects, CertiK’s reputation and innovation make them a significant player in the industry.
Finally, CertiK’s audits and reviews don’t guarantee complete site security, and project owners are responsible for implementing solutions.
What is CertiK?
CertiK is a private firm with an inclusive company culture, per employee reviews. Founded in 2018 by professors and employees from Columbia and Yale, the company is a blockchain security company. Prof. Zhong Shao, a Yale University computer science professor and a Formal Verification specialist, is a crucial team member.
With financial support from investors and companies like Binance Labs, Lightspeed Venture Partners, and Arrington Capital, CertiK has earned recognition through awards such as the Global Awards Silver Winner and the Top Blockchain Companies Global Innovator.
The mission of CertiK is to enhance security in the Web3 world by offering dependable and scalable security solutions for blockchain projects. CertiK supports various ecosystems, including Ethereum, Binance Smart Chain, Solana, Polygon, Terra, Avalanche, Cardano, and more.
Moreover, CertiK has introduced its native token (CTK). The token serves governance, staking, auditing, and security services on the CertiK Chain.
How does CertiK work?
The CertiK platform aims to provide a formal verification framework for creating trustworthy smart contracts and blockchain ecosystems. Unlike traditional testing methods that look for bugs, CertiK uses mathematical proofs to demonstrate that blockchain ecosystems are free from bugs.
The platform employs modular verification techniques to break down complex proof tasks into smaller ones that can be automatically solved and decentralized. These proof objects are incorporated into CertiK’s transactions and verified by other participants.
In essence, the CertiK platform’s blockchain acts as certificates, showcasing the correctness and security of millions of verified smart contracts, decentralized application (DApp) libraries, and the blockchain itself.
Who should use Certik?
The diverse range of potential users who can benefit from CertiK’s services include:
- Developers: CertiK is perfect for blockchain development companies or developers seeking to ensure the quality and correctness of their smart contracts and blockchain applications like a crypto wallet. CertiK assists developers in verifying their code, identifying bugs, optimizing performance, and adhering to best practices.
- Investors: If you are an investor or startup owner and aim to have the ability to access the risk and trustworthiness of projects you are interested in, CertiK is a solid pick. CertiK enables investors to evaluate security scores, audit reports, and real-time alerts associated with projects. Additionally, CertiK facilitates comparisons with similar projects in the market.
Why choose CertiK for audits?
Here are some key benefits of choosing CertiK.
Reliability of audit and security services
With a proven track record of conducting high-quality audits for over 220 projects, securing over $8 billion in value. It has earned the trust of industry-leading crypto exchanges like Binance, OKX, and Huobi. CertiK’s audits and reviews are regarded as a symbol of security and credibility in the crypto space. It provides assurance and peace of mind for stakeholders.
Faster and quick reports
Using its formal verification technology and experienced team, CertiK can deliver audits within a brief timeframe, often as little as 48 hours.
Additionally, its Skynet platform offers real-time security alerts, monitoring the Web3 ecosystem 24/7. CertiK’s swift and responsive approach enables projects to launch faster and more confidently without security vulnerabilities.
Comprehensive approach
CertiK offers a comprehensive suite of tools to secure and monitor the entire Web3 world. From code auditing, chain auditing, and bug bounty programs to advanced features like security oracles, shield mining, governance voting, and staking rewards, CertiK covers all security aspects under one roof. This comprehensive approach ensures that projects can access all the necessary security services they require.
Continuous innovation in blockchain security
As a pioneer in blockchain security, CertiK uses cutting-edge formal verification and AI to safeguard and monitor blockchain-based projects.
The development of innovative products exemplifies its commitment to innovation. One of them is Skyharbor, a decentralized cloud computing platform that harnesses the power of blockchain technology to make money and create more. CertiK’s company culture and continuous search for future innovation keep it at the forefront of the industry, surpassing the competition.
Services offered by CertiK
CertiK offers several prominent features that contribute to its comprehensive security solutions:
Formal verification services
CertiK employs a mathematical approach to validate smart contracts and blockchain protocols’ correctness and security, unlike other platforms.
Using techniques like layer-based decomposition, pluggable proof engine, machine-checkable proof objects, certified DApp libraries, and smart labeling, CertiK can verify complex properties such as functional correctness, safety, liveness, and fairness.
Skynet for real-time security
CertiK’s Skynet is a real-time security intelligence platform that monitors traffic across the Web3 ecosystem. It actively detects and promptly alerts users about malicious internet activities such as hacks, scams, exploits, flash loan attacks, and honeypots.
Skynet also provides a comprehensive security score for each project, considering code quality data, audit history details, social sentiment, and on-chain behavior.
Smart Contract Audits
Web3 platforms and DeFi projects secure billions of dollars of value. This makes blockchain security critical to the survival and success of all projects.
It uses industry-leading audit methodology, experience, and tooling to combine a review of your code’s logic with a mathematical approach to ensure your program works as intended.
CertiK conducts comprehensive smart contracts and blockchain protocol audits. It combines manual and automated techniques to identify and eliminate vulnerabilities like reentrancy, overflow, underflow, and logic errors. CertiK also provides code optimization recommendations, best practices, and compliance guidance.
L1 Chain Audit and Skyharbor
CertiK is a trailblazer utilizing cutting-edge Formal Verification techniques for conducting L1 chain audits. This approach surpasses traditional manual reviews by offering mathematical assurances regarding the performance of smart contract platforms and L1 blockchains.
CertiK performs meticulous audits for layer-one blockchain platforms. It verifies these platforms’ core consensus algorithms, network protocols, cryptography implementations, and governance mechanisms.
In addition, CertiK’s Skyharbor is a decentralized cloud computing platform that uses blockchain technology. You can rent out and manage their idle computing resources to others securely and fairly. It is useful to ensure transaction security, privacy, and fairness through encryption, verification, and smart contracts.
KYC implementation for compliance
CertiK KYC provides private identity verification for project teams through a rigorous vetting process while maintaining the highest data protection standards.
It ensures secure and compliant Know Your Customer (KYC) services for crypto projects and platforms. It verifies the identity and background of users, investors, and partners involved in these projects.
CertiK also ensures compliance with relevant regulations and standards such as Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and General Data Protection Regulation (GDPR).
Pentesting and bug bounty
Bug bounties offer an affordable solution to identify vulnerabilities in smart contracts and prevent potential exploits. Interestingly, CertiK’s well-designed Web3 bug bounty program incentivizes responsible disclosure of vulnerabilities, thereby mitigating security risks associated with blockchain technology.
CertiK offers proactive and offensive security testing for crypto projects and platforms. It simulates real-world attacks and exploits to assess project resilience and robustness. CertiK provides detailed reports on findings, risks, and mitigation strategies after analyzing multiple data sources.
Additionally, CertiK operates a crowdsourced security testing service for crypto projects and platforms. It invites a community of security researchers and hackers to identify and report vulnerabilities, rewarding them with bounties based on severity and impact.
CTK-token
CertiK’s native utility token, CTK, is vital in powering the CertiK Platform. It facilitates seamless communication and exchange between participants on the platform, including developers, auditors, validators, and users. Besides, you are entitled to multiple pricing discounts if you pay in CTK for their services.
Additionally, CTK grants access to various services and features, such as communication with the security oracle server, shield mining, governance voting, and staking rewards.
How to request a CertiK audit
Requesting an audit with CertiK is a hassle-free process and does not take too much time. You need to provide some basic information, and the team will reply.
More details
CertiK is a leading blockchain security firm offering comprehensive services. While their audits and reviews are trusted, the cost may hinder smaller projects. CertiK's audits don't guarantee complete security, but their reputation and innovation make them significant in the industry.
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Trusted audits for 220+ projects, securing $8B value.
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Fast delivery, sometimes within 48 hours.
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A comprehensive suite of security tools.
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Reputation as a pioneer in blockchain security.
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High costs and unaffordable for small projects.
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Incidents involving previous audited projects.
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Limited coverage may miss certain edge cases.
Step 1: Visit the website
Start by visiting CertiK’s website and click the [Request CertiK Audit] button.
Step 2: Enter details of your project
Next, you will be asked to fill in the pop-up with your and your company or project’s information. Ensure everything is accurate, and click [Submit] when done.
Now, wait for the team to contact you.
Drawbacks of Certik
It is essential to note that there may be some disadvantages or drawbacks associated with their services. Here are a few to consider:
High costs for audits and other services
CertiK’s audits are priced at a premium and may be beyond the budget of small or new crypto projects. Their website states that the minimum audit fee is $15,000, with an average fee of $25,000. Still, the actual cost may vary depending on project complexity, size, and urgency. This might be a deal breaker for some users.
Limitations in fixing vulnerabilities
CertiK’s audits do not guarantee complete security or fix any identified issues. Their primary role is to identify and report vulnerabilities while offering recommendations for improvement.
Ultimately, project owners are responsible for implementing the report and suggested solutions and ensuring the quality of their code. Additionally, it is essential to note that CertiK’s audits and reviews may not cover every possible scenario, potentially missing some edge cases or unknown attacks.
Reputational concerns due to BSC hacking
CertiK’s reputation may be affected by specific incidents or controversies involving audited projects. For instance, there have been instances where projects, such as Spartan Protocol on Binance Smart Chain, were hacked for significant amounts of funds shortly after being audited by CertiK.
Such incidents have raised questions about the quality and credibility of CertiK’s audits, with some users holding employees of the firm accountable for the exploits.
Another example is SafeMoon, a popular yet controversial token that engaged CertiK to review an audit report. Certain users have criticized CertiK, accusing them of endorsing scams or promoting a potentially fraudulent money back or pyramid scheme due to their association with SafeMoon.
CertiK Review: Our verdict
CertiK is a leading blockchain security company that offers comprehensive services to enhance the security and monitoring of smart contracts and blockchain protocols in the Web3 world. With proven expertise in formal verification and AI technology, CertiK provides reliable and scalable smart contract security solutions.
While their audits have earned trust and secured substantial value, the cost of their services may be a barrier for smaller projects. It’s important to note that CertiK’s audits do not guarantee complete security, and project owners are responsible for implementing solutions.
Despite potential drawbacks, CertiK’s reputation as a pioneer in blockchain security and commitment to innovation solidify its position in the crypto industry.
Yes, CertiK audits are regarded as legitimate and trustworthy in the industry community. They have a proven track record of conducting high-quality audits for numerous projects, securing significant value, and earning the trust of industry-leading companies and exchanges.
CertiK's audit and review services come at a cost. The minimum audit fee is $15,000, with an average audit fee of $25,000. However, the actual cost may vary depending on project complexity, size, location, and urgency.
CertiK aims to provide security solutions for smart contracts and blockchain protocols. They use formal verification and AI technology to identify vulnerabilities, offer comprehensive audits, and develop innovative tools and platforms.
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