Minimize Your Risk: The Security Oracle & CertiKShield

Originally published
October 20, 2020

Below, we cast back the curtains and shine a light on two applications in our arsenal that enhance the security of blockchain and move us one step closer toward enabling provable trust for all.

CertiKShield and the CertiK Security Oracle assess the security of a smart contract and for projects and users alike, defending against technical flaws and their disruptions.

The CertiK Security Oracle: Minimizing Your Risk

With the CertiK Security Oracle, you can assess the risk of a DeFi protocol/smart contract in real-time before interacting with it.

The CertiK Security Oracle retrieves a set of security scores from a decentralized network of security operators who assess the reliability of source code. The Security Oracle relays these assessments and combines them to create a real-time, on-chain aggregate score that can be used by anybody seeking to validate the security of the contract.

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Security scores are displayed on a scale from 1 to 100 enabling users to assess their risk at a glance. Do you see a score that’s too low for your appetite? Minimize the security risks of DeFi by only interacting with protocols that fit your personal risk standards.

Merging traditional audits with on-chain security analysis is a recipe for increased security in a blockchain-based ecosystem. Furthermore, we can increase our peace of mind by defending our assets with CertiKShield.

CertiKShield: Mitigating the Impact of Security Flaws

Blockchain is rapidly changing, and with each new innovation comes a host of uncharted risks.

With a CertiKShield membership, you’re covered if you lose your crypto from a security flaw or hack.

CertiKShield is a highly flexible system, so with that in mind, let’s highlight some of the benefits.

A CertiKShield Pool is a decentralized pool of CTK that is used to reimburse lost, stolen, or inaccessible assets from any blockchain. As a member, if your funds have been stolen, you can submit a detailed request for reimbursement. The rest of the members vote on your request, and if it is deemed to be legitimate and appropriate for reimbursement, you’ll get paid back!

Individual pools exist for individual assets. For example, should you hold BNB, then it may be wise to become a member of the CertiKShield-BNB Pool, where you can reserve a part of the funds as your reimbursement limit if your BNB gets lost or stolen.

With over $1.4B of crypto stolen in the first 5 months of 2020 alone, a CertiKShield membership is a wise step in the right direction for individuals and projects involved in the DeFi space.

Find a Pool and Dive In!

Our Security Oracle is already working hard to assess the security risk of some of the most popular smart contracts. Check out the updating list of secured projects here.

If you’re interested in protecting your own crypto, then look no further. CertiKShield membership applications are open on a rolling basis, so sign up here. CertiKShield memberships are open to both community members and blockchain companies themselves. Protection is available for anyone who owns crypto!