Despite the crypto bear market, the Web3 ecosystem continues to develop. True to the notion that “bear markets are good for builders,” builders proceed to flock into the Web3 house — the blockchain-based universe ruled by sensible contracts. Reports from early 2023 present that the variety of month-to-month lively Web3 builders grew to over 23,300 in 2022.
As the Web3 developer group evolves into a longtime {industry}, the security of applied sciences that maintain the ecosystem collectively are growing in significance. The spine of the blockchain-based {industry} is sensible contracts — software program that routinely executes an on-chain motion when circumstances are met.
Before deploying a decentralized utility (DApp), sensible contract audits play an important position in stopping security points and monetary dangers. Since Web3 and decentralized finance (DeFi) tasks run on blockchain expertise, vulnerabilities in sensible contracts can result in hacks and exploits of protocols. With greater than $3 billion misplaced to hacks and scams in 2022, Web3 is in want of higher security options.
To present industry-leading security for up-and-coming Web3 startups, blockchain and sensible contract security skilled CertiK has joined the Cointelegraph Accelerator program as a security supplier and mentor.
As the Accelerator program’s most well-liked security options supplier, CertiK will supply an evaluation of tasks to make sure that Accelerator contributors obtain the best stage of security in a well timed method. A complete sensible contract audit is essential for Web3 startups, as it ensures the inspiration of their challenge meets the best requirements of security and transparency.
As consultants in blockchain security, CertiK can even act as a mentor to taking part Web3 startups by means of a sequence of instructional workshops about Web3 security, sensible contract audits, and Know Your Customer (KYC) processes.
In addition to its audits, CertiK can also be identified for watching the crypto ecosystem for assaults, rugpulls and scams. CertiK’s security consultants publish annual and quarterly experiences on {industry} developments. In a current report, CertiK took a deep dive into the $103.7 million that was misplaced on account of crypto exploits, scams and hacks in April 2023. According to the analysis, an exploit of MEV buying and selling bots took the largest share of stolen crypto in April.
Top-five greatest exploits in quantity throughout the crypto {industry} in April. Source: CertiK
“As we continue to drive toward a decentralized future, we understand that security and transparency are paramount,” Ronghui Gu, co-founder of CertiK mentioned. “It’s our mission to raise the standard of security and transparency across the Web3 world, and this partnership with CoinTelegraph’s Accelerator Program is a great opportunity to work with those at the cutting edge of the space.”
“By teaming up with CertiK, Cointelegraph Accelerator is not only enhancing the security of projects but is also instilling confidence among investors and the broader crypto community.”
Launched in 2023, the Cointelegraph Accelerator program goals to boost the expansion of revolutionary Web3 merchandise. The program helps promising Web3 startups attain their full potential by growing their publicity by means of Cointelegraph, a pioneering crypto and blockchain media group since 2013. Bringing its information and expertise in blockchain and sensible contract security, CertiK will work with Cointelegraph Accelerator to lift the requirements of security and transparency within the quickly evolving Web3 house.