While trying to keep pace with the rapidly developing DeFi, within the cryptocurrency ecosystem, leading cryptocurrency exchange Binance has called on blockchain auditing company CertiK to strengthen its platform’s security.
“The rapid innovation & experimentation of DeFi is what makes it so great, but speed shouldn’t compromise security,” CertiK’s chief operating officer, Daryl Hok, added.
“We’re offering a way how early adopters can still reap the advantages without having to be the guinea pigs bearing the brunt of the risks. As security experts within the field, we’re in a unique position to increase the safety promise to incorporate an insurance-like reimbursement program to guard users of smart contracts.”
While using its own blockchain, referred to as Binance Smart Chain, or BSC, Binance plans to create a new interoperability protocol in tandem with CertiK’s blockchain, as per a recent 22nd Sept statement. The move aims to feature safeguards in associations to DeFi – a burgeoning niche of the cryptocurrency ecosystem that resembles the Wild West in opportunity, sentiment, & regulatory vacuum.
DeFi has also suffered scaling difficulties, that Binance addressed with the revealing of Binance Smart Chain. CertiK “will offer BSC with best-in-class cybersecurity measures like customized security audits and penetration testing, as well as decentralized security products like CertiK Security Oracle scores & CertiKShield reimbursement pools,” the official statement added.
DeFi has grown at a breakneck pace, drawing a mass amount of speculatory money within the process. This has resulted in flying prices and subsequent crashes for varied projects. The world has also hosted its justifiable share of suspicious and nefarious activity, proving the necessity for security as well as safeguards.