18 July 2018

The Ontology Trust Network Partners With CertiK and Strives To Enhance Smart Contract Security!

On July 17th, Ontology announced that it has partnered with CertiK to improve security and reliability of Smart Contracts and the network. The agreement is a testament to how serious Ontology is when it comes to tackling the issue of ‘Smart Contract and Blockchain infrastructure security’. Over the last couple of months, Ontology has disclosed a number of partnerships with different security teams across the globe to address the extreme security requirements for public Blockchain infrastructure and ‘Smart Contracts’.

Ontology enters into a partnership with CertiK

Just a few days ago we wrote an artilce about the Ontology announcement that Chinese based security company LianAn would join its ‘Co-Builder program’ at the side of security specialists Slowmist and Baimaohui which have already been providing invaluable security services for the ontology network.

Now we can add the CertiK to that list of parties that will help improve security. CertiK operates a ‘Formal Verification Platform for Smart Contracts and Blockchain Ecosystems’. Based on their patented technology, they will slice the ‘Smart Contract’ code into different pieces and mathematically verify the logic of the code. They describe the CertiK service as a decentralized proof engine that acts as a shield to mathematically ensure that the blockchain ecosystems are bugfree and hacker-resistant.

The Smart Contract ‘Wild Wild West’

As mentioned in the previous artilce about Ontology’s latest security partner LianAn, NEO’s Da Hongfei has also been addressing the issue that there is a lack of formal code authentication of smart contracts. Considering the close ties between Ontology and NEO it is no wonder that we see Da Hongfei’s concerns resonate into a set of concrete plans which are intended to address this problem.

The main issue with ‘bugs’ in the smart contract realm, is that they can be very costly if they result in multi-million dollar hacks. Not to mention that they can scare the living daylights out of corporations who are considering using blockchain technology to store ‘digital wealth’.

To make matters worse, unlike with closed systems, most of the contract code is open-source ‘in the name of transparency’, so any bug is also easily detectable by hackers. Add to this the ‘immutable nature’ of the smart contracts and you have the need for much higher security standards and practices which need to be developed.

SmartX and the NEO Ontology MOU & Security

While the Ontology SmartX developer platform is not often discussed, it might be interesting to remind everyone that SmartX is being developed with the idea of making it easier for developers to start creating their own DAPPS, with the help of pre-created code templates to help the process. The CertiK tech seems to be a perfect fit for such a developer environment. Now, this is just speculation on my part but I would not be surprised to see system integration here.

We can also remember that NEO and Ontology have announced in their MOU that they would work together to create a shared smart contract ecosystem and also share some SDK parts and development tools to make it more user-friendly for app developers, so this integration might be true for both developer platforms.

All-in-all it seems that all these security smart contract coding authentication tools will find their way into the development tools provided by both NEO and Ontology at some point, as both projects will benefit if they can keep the smart contract code as safe as possible.

In closing – ‘Ending with the official quotes about the partnership’

CertiK’s Principal GU Ronghui had the following to say:

“Trust and security are the most important consensus of the blockchain industry and the common cause for Ontology and CertiK. It is our honor to work with a forward-looking project like Ontology to build a secure and reliable blockchain ecosystem and ensure the security of the blockchain world”.

Ontology’s founder Li Jun described it this way:

“CertiK’s vision is to realize a transparent, fair, and secure blockchain ecosystem around the world, the same vision as Ontology’s. 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”.

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