Blockchain security expert CertiK becomes a tutor for the Cointelegraph Accelerator program’s actors.
Despite the crypto bear request, the Web3 ecosystem continues to grow. True to the notion that “ bear requests are good for builders, ” inventors continue to flock into the Web3 space — the blockchain- grounded macrocosm governed by smart contracts. Reports from early 2023 show that the number of yearly active Web3 inventors grew to over 23,300 in 2022.
As the Web3 inventor community evolves into an established assiduity, the security of technologies that hold the ecosystem together are adding in significance. The backbone of the blockchain- grounded assiduity is smart contracts — software that automatically executes an on- chain action when conditions are met.
Before planting a decentralized operation( DApp), smart contract checkups play a pivotal part in precluding security issues and fiscal pitfalls. Since Web3 and decentralized finance( DeFi) systems run on blockchain technology, vulnerabilities in smart contracts can lead to hacks and exploits of protocols. With further than$ 3 billion lost to hacks and swindles in 2022, Web3 is in need of better security results.
To give assiduity- leading security for over- and- coming Web3 startups, blockchain and smart contract security expert CertiK has joined the Cointelegraph Accelerator program as a security provider.
As the Accelerator program’s favored security results provider, CertiK will offer an assessment of systems to insure that Accelerator actors admit the loftiest position of security in a timely manner. A comprehensive smart contract inspection is pivotal for Web3 startups, as it ensures the foundation of their design meets the loftiest norms of security and translucency.
As experts in blockchain security, CertiK will also act as a tutor to sharing Web3 startups through a series of educational shops about Web3 security, smart contract checkups, and Know Your client( KYC) processes.
In addition to its checkups, CertiK is also known for watching the crypto ecosystem for attacks, rugpulls and swindles. CertiK’s security experts publish periodic and daily reports on assiduity trends. In a recent report, CertiK took a deep dive into the $103.7 million that lost due to crypto exploits, swindles and hacks in April 2023. According to the exploration, an exploit of MEV trading bots took the biggest share of stolen crypto in April.
Top- five biggest exploits in volume across the crypto assiduity in April. Source CertiK
“ As we continue to drive toward a decentralized future, we understand that security and translucency are consummate, ” Ronghui Gu,co-founder of CertiK said. “ It’s our charge to raise the standard of security and translucency across the Web3 world, and this cooperation with CoinTelegraph’s Accelerator Program is a great occasion to work with those at the cutting edge of the space. ”
“ By teaming up with CertiK, Cointelegraph Accelerator isn’t only enhancing the security of systems but is also breeding confidence among investors and the broader crypto community. ”
Launched in 2023, the Cointelegraph Accelerator program aims to boost the growth of innovative Web3 products. The program helps promising Web3 startups reach their full eventuality by adding their exposure through Cointelegraph, a pioneering crypto and blockchain media association since 2013. Bringing its knowledge and experience in blockchain and smart contract security, CertiK will work with Cointelegraph Accelerator to raise the norms of security and translucency in the fleetly evolving Web3 space.