What Is CertiK?
This blog post will cover:
- About CertiK (CTK)
- Where did CertiK (CTK) come from?
- What are the advantages of CertiK (CTK)?
- What are the disadvantages of CertiK (CTK)?
- How to buy CertiK (CTK)?
About CertiK (CTK)
CTK is a native utility coin of Shentu Chain, a blockchain with delegated proof-of-stake consensus. Shentu Chain is dedicated to providing security services for blockchain projects. The CTK coin is used for secure and convenient payments between participants of the network and between participants and the system (for example, to pay gas fees and stake tokens to fund the liquidity pools and take part in the chain’s government). Another function of CTK is as an incentive, a reward for supporting and developing the network as well as for participating in security analysis.
Where did CertiK (CTK) come from?
You might have noticed the CertiK name being mentioned as crypto projects’ security assessment provider. In the Crypto World, many treat it as a sign of quality and trust. The company was founded in 2018 by a Columbia University graduate Ronghui Gu and his Ph.D. advisor, a Yale University graduate Zhong Shao, both professors of Computer Science with a keen interest in programming languages.
CertiK’s goal is to help blockchain projects become more secure, monitor them, as well as ensure security of their smart contracts. To provide users with security on multiple stages, CertiK launched a mainnet, which was initially named CertiK Chain, but was later rebranded as Shentu Chain. Shentu Chain offers protection during pre-development, development, and post-development stages. The project offers several security services: Shentu Chain, Shentu Security Oracle, the DeepSea programming language, and ShentuShield.
What are the advantages of CertiK (CTK)?
- Asset protection. One of the major concerns that repels potential new users from investing in cryptocurrencies is fear for their assets. CertiK responded to the demand and introduced ShentuShield, a decentralized system that allows users to claim reimbursements for the funds lost due to various causes: design errors in the network, exceeded limits on gas usage and bytecode limits, smart contracts getting frozen. Once the protection is applied, it will ensure the security of the funds for 21 days, after which users can choose to renew it.
- Assisting the giants.In an environment striving for decentralization, it might be quite difficult to provide security services. CertiK’s Shentu Chain managed to succeed at this task: various companies already trust CertiK with their security: you might recognise such big names as Binance Coin, yEarn Finance, Hyundai, Matic, Crypto.com, AAVE, and many others.
What are the disadvantages of CertiK (CTK)?
- He who does not work, neither shall he eat.Crypto enthusiasts who are used to holding crypto and seeing their portfolio expand might find CTK disappointing. Shentu Chain’s whitepaper sends a clear message: those who hold the token and/or use the platform but fail to actively participate in Shentu Chain’s support and development, do not receive CTK rewards. According to the creators, CTK was made to be utilized for the benefit of the project, and letting it simply sit in wallets will not just waste its potential, but will also stagger the chain’s development.
- Security is a sensitive matter.Providing security services, especially for financial projects, is a complicated task. A lot of risks are involved, and there is little room for mistakes. CertiK’s audits helped expose and fix vulnerabilities in multiple projects, but there is also a history of projects hacked after a successful audit, which might scare off especially cautious investors. On the one hand, there is no such thing as perfect code, and there is always a chance for mistakes, but on the other hand, isn’t security what CertiK specializes in and should be great at?There are always two sides to a story, and the aftermath of one of the most recent audits is a good example: following the audit of the SAFUU Protocol, CertiK deemed it to be a high risk project, delisted it, terminated their engagement, and refunded the fees. The SAFUU Protocol’s representatives have their own version of events, but only time will tell where the truth lies.
How to buy CertiK (CTK)?
Have you seen a lot of your favourite crypto projects being audited and protected by CertiK and decided to support the Shentu Chain’s development? Then you are welcome to go to the SimpleSwap homepage and follow the instructions to get your very own CTK:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select CTK in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Click the Exchange button.
- Enter the Recipient's Address. CTK will be sent to this address. Be careful and make sure you use the correct address.
- Create the exchange.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
Thank you for your time! Please, feel free to take a look at our other articles about crypto.