ChainSecurity partners with Nexus Mutual
Chainsecurity provides preferential access to security services to any Nexus Mutual member.
Smart contract security is an issue the Ethereum community is dealing with on a daily basis. Many different tools and solutions are being developed in an effort to reduce the risk of what Coindesk have described as the “most negative aspect of ethereum today” in their Q2 2018 research.
ChainSecurity and Nexus Mutual have a shared vision of building solutions to reduce this risk and today are extremely pleased to announce a collaboration that will help further that goal.
As background, ChainSecurity uses advanced automated verification tools directly out of the research labs at Switzerland’s ETH Zurich, one of the world’s foremost technical universities, to certify the correctness and uncover vulnerabilities in smart contracts. Complimenting these tools, Nexus Mutual provides Smart Contract Cover, allowing projects and users of smart contracts to protect themselves against the remaining risk of smart contract failure. The collaboration arises from the fact that ChainSecurity’s automated security products can be used to assess the likelihood of smart contract failure — a key input which Nexus Mutual uses to determine the price of cover.
Getting into the specifics, Nexus Mutual has developed a unique pricing approach by providing a market-based mechanism to determine the risk of smart contract failure. This works by having Nexus Mutual members stake value against specific smart contracts they think are secure, which reduces the price of cover for others. In return, stakers earn rewards when cover is purchased on their staked contracts with their stake being exposed to loss if an early claim was to occur.
A key aspect to this collaboration will be making ChainSecurity’s confidential expert security rating, using their automated and semi-automated tools, available to any Nexus Mutual member at preferential rates. This allows any Nexus Mutual member easy access to a security report on any deployed smart contract and enables a much wider group of security professionals to readily assess the risk of smart contract failure and participate in the Nexus Mutual platform. The end result will be improved trust in blockchain platforms by ensuring higher security standards and enforcing best practices by ChainSecurity, greater use of the Nexus Mutual platform, as well as cheaper cover and greater peace of mind for everyone in the Ethereum ecosystem.
ChainSecurity: Twitter
Nexus Mutual: Twitter, Nexus Mutual Chat
