Ontology [ONT] ties up with CertiK to develop blockchain security
Ontology [ONT] on Tuesday said it was partnering with CertiK, a formal verification platform, to enhance the security of smart contracts and blockchain systems. This partnership will work towards strengthening security and reliability within the Ontology network.
Formal verification is the use of logical language to describe standards and use strict mathematical deduction to examine whether the given system meets requirements – Ronghui Gu, co-founder of CertiK, explained to Medium.
— Ontology (@OntologyNetwork) July 17, 2018
The partnership aims to identify security vulnerabilities of open-source code through deep specification technology and ensure the security of smart contracts before their release. This is an important step because once the smart contract is released onto the blockchain network, its source code cannot be changed.
In addition, the code of most blockchain projects is open-source, making it impossible to hide any security vulnerabilities. All this essentially means that traditional software security technology cannot be relied upon to ensure security in blockchain networks.
Through automatic formal verification, the limitations of human detection can be avoided. Also, the cost of verifying smart contracts before their release will be much lower.
“We look forward to work with CertiK and bring more real cases of smart contract formal verification, solve blockchain security pain points, and create an ecosystem with high security,” Li Jun, founder of Ontology, told Medium.
At a time when many hacks have been reported in various blockchain networks, CertiK has developed a decentralized proof engine, ensuring that the blockchain ecosystem is bug free and hacker-resistant.
CertiK was founded in Silicon Valley and New York City and the team behind it consists of formal verification experts who are professors from Yale University and Columbia University.
Step in the right direction for Ontology
Since Ontology is a network of blockchains rather than just a single blockchain, and is focused on catering to businesses rather than being a consumer-facing virtual currency. The partnership will boost its credibility of possessing a secure and reliable network.
Notably, the digital asset did not have an initial coin offering (ICO). Instead, the team behind the coin airdropped tokens for free to a large number of people including Ontology newsletter subscribers, NEO users and others. The team also received funds in exchange for ONT from private investors.
Both ONT and NEO are run by the same parent company, Onchain. ONT currently has a market capitalization of $547.7 million while NEO has a total value of $2.38 billion.
Image via Shutterstock
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