Regardless of 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 area — the blockchain-based universe ruled by smart contracts. Experiences from early 2023 present that the variety of month-to-month lively Web3 builders grew to over 23,300 in 2022.
Because 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 mechanically executes an on-chain motion when situations are met.
Earlier than deploying a decentralized application (DApp), sensible contract audits play a vital function in stopping security points and monetary dangers. Since Web3 and decentralized finance (DeFi) tasks run on blockchain know-how, vulnerabilities in sensible contracts can result in hacks and exploits of protocols. With greater than $3 billion lost to hacks and scams in 2022, Web3 is in want of higher security options.
To supply 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.
Because the Accelerator program’s most popular security options supplier, CertiK will supply an evaluation of tasks to make sure that Accelerator members obtain the very best degree of security in a well timed method. A complete sensible contract audit is essential for Web3 startups, as it ensures the inspiration of their mission meets the very best requirements of security and transparency.
As consultants in blockchain security, CertiK may also act as a mentor to collaborating Web3 startups by way of a collection of instructional workshops about Web3 security, sensible contract audits, and Know Your Buyer (KYC) processes.
Along with 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 reviews on {industry} developments. In a recent report, CertiK took a deep dive into the $103.7 million that was misplaced resulting from crypto exploits, scams and hacks in April 2023. In accordance with the analysis, an exploit of MEV buying and selling bots took the largest share of stolen crypto in April.
Prime-five largest exploits in quantity throughout the crypto {industry} in April. Supply: CertiK
“As we proceed to drive towards a decentralized future, we perceive that security and transparency are paramount,” Ronghui Gu, co-founder of CertiK stated. “It’s our mission to boost the usual of security and transparency throughout the Web3 world, and this partnership with CoinTelegraph’s Accelerator Program is a good alternative to work with these on the slicing fringe of the area.”
“By teaming up with CertiK, Cointelegraph Accelerator is just not solely enhancing the security of tasks however can also be instilling confidence amongst traders and the broader crypto group.”
Launched in 2023, the Cointelegraph Accelerator program goals to boost the expansion of modern Web3 merchandise. This system helps promising Web3 startups attain their full potential by growing their publicity by way 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 boost the requirements of security and transparency within the quickly evolving Web3 area.
