CertiK there are so many mistakes in smart contracts
To create smart contracts, once they are deployed, they cannot be modified. With this nature, when there is a bug or error of the smart contract, a hacker may sneak into and cause a huge amount of damages; in the case of DAO in 2016, it was as high as 50 million dollars. This incident finally led to the fork of Ethereum into Ethereum (ETH) and Ethereum Classic (ETC). CertiK is coming to prevent this kind of problem.
What is CertiK trying to do?
CertiK will serve as a platform to check and search for bugs of smart contracts by alerting and notifying developers of the bug details.
To use the CertiK system, the developers must submit the set of codes and add “Label” language (as pictured below). The result will be generated in accordance with the function inserted. In the future, AI system will be integrated into CertiK platform and generates results based on codes in which developers put.
Token Metric
To be announced
Token Usage
CertiK system mainly involves 5 parties with each individual being assigned different tasks and roles to complete the system.
- Customers — will be code developers or automatic programs that send codes to the system. The sent codes are called “Proof objects” and must be sent along with CertiK tokens (CTK) as a reward.
- Bounty hunters — their tasks are to allocate computing resources to the system as well as to receive proof objects and to broadcast the works within the system. They are entitled to be rewarded with CTK tokens sent by the customers. To be qualified in this role, a certain party must possess a high number of CTK tokens as required by the system.
- Checkers — their responsibilities are to record transactions or verify proof objects submitted by bounty hunters. Bounty hunters will receive the tokens when the checkers confirm the proof objects. Upon confirmation,
the checkers will be rewarded with some CTKs.
- Sages — will be connectors of proof engine to CertiK system. The proof engine is an algorithm deployed to find bugs in smart contracts. Sages will be rewarded based on performance of their engines. The bounty hunters will be users of proof engines
- Users — this is suitable for developers who can link library of CertiK to IDE in order to create DApp. Users must pay expenses in CTKs.
Team
Prof. Ronghui Gu — Co-founder of CertiK and an assistant professor at Columbia university. He is an expert in formal verification of programs. He used to be an assistant researcher at Yale and core developer of CertiKOS.
Prof. Zhong Shao — Co-founder of CertiK and head of computer science department at Yale. He is the founder of FLINT, a group of developers who created CertiKOS opertaing system.
Dr. Vihelm Sjoberg — An assistant researcher at YALE and FLINT
Market Potential
The current competitor of CertiK is QuantStamp. Unlike CertiK, QuantStamp system is based on manual checking. Although QuantStamp has also planned to have automatic checking, according to the road map, CertiK will launch its full system before QuantStamp does.
Red Flag
- No advisor
- No token metric
- CertiK decided to do an open-source only a part of their work.
Conclusion
CertiK is a very interesting project because executing a good code writing is still and growing a major problem of smart contract creation. Plus, players in this field are very limited. If CertiK is able to deliver according to their road map, the project will certainly be a success.
This is not your financial advice. Please, do your own research before invest in anything.
