Share this article
Binance Smart Chain, a sovereign smart contract blockchain delivering Ethereum Virtual Machine compatible programmability developed by Binance and its global developers, joins forces with CertiK to accelerate security implementations in the rapidly expanding Decentralized Finance sector. An interoperability protocol will be created between BSC and the security-oriented CertiK Chain to grow the DeFi tools and services ecosystem and protect users against bad actors.
According to DeFi Pulse, the total value locked in decentralized finance products is hovering just below $10 billion worth of cryptocurrency as of Sept. 20, with Ether and Ethereum based-products contributing to over 80% of the value. While the skyrocketing growth in DeFi could be seen as a positive sign for blockchain as a whole, the recent surge in demand for digital financial products has caused unexpected congestion, raising questions about the scalability of the Ethereum network once again.
The Binance Chain team launched the Proof of Staked Authority consensus-powered BSC that offers a high-speed network with faster block time and lower transaction fee, providing an alternative solution for the growing DeFi audience by enabling smart contract functionalities, dApp facilitation, sophisticated DeFi tools, and access to the broader Binance ecosystem.
CertiK, the leading blockchain auditing firm trusted by industry leaders including Aave, Kava, and Ampleforth, will provide BSC with best-in-class cybersecurity services such as customized security audits and penetration testing, as well as decentralized security products such as CertiK Security Oracle scores and CertiKShield reimbursement pools.
CertiK will help ensure that transactions and smart-contract interactions on BSC follow the industry’s highest standards. Potential fraud, leaked sensitive data, and malicious code hidden in unverified contracts can be detected and flagged programmatically with CertiK’s…