Ontology has been entering many partnerships recently with the latest being with an American-based company that handles formal verification for blockchains and smart contracts, Certik. The company, Certik, is made up of various experts from Columbia and Yale. Some Facebook, Freewheel, Google, and other Silicon Valley-based experts also work with CertiK. The formal verification by the company typically includes machine-checkable proof objects, layer-based decomposition approach, smart labeling, pluggable proof engine, and certified decentralized application libraries.
Ontology (ONT) Price Today – ONT / USD
The co-founder of Cerkit, Gu Ronghui, said:
“The formal verification depends on logical language to vividly describe standards. It uses mathematical deductions to determine whether a system meets requirements. It converts smart contracts to mathematical models using technical standards. It subsequently uses logical deduction to validate the security of the said smart contracts.”
According to the company, smart contracts have three major security issues that can be fixed in time. The first issues is that every smart contract is released on the blockchain, they cannot be changed, and are irreversible. Secondly, it’s difficult to hide security vulnerabilities since most of the codes on the blockchain are open source. Lastly, real-time monitoring and conventional security testing may not be enough to meet up with the security requirements of the blockchain.
Ontology and Cerkit to Secure the Future of Blockchain
By partnering with Ontology, Certik intends to detect all the security vulnerabilities that are on the open-source codes using deep specification technology. The company will also ensure the reliability and security of all smart contracts before they are released. By using this automatic formal verification process, Ontology and Certik will reduce the cost of verifying smart contracts as well as the risk of human error.
Ronghui believes that both companies will thrive because they recognize that security and trust as the pillars that hold the blockchain industry. The founder of Ontology, Li Jun, also has high hopes for the future. He believes that the partnership will give birth to more ways to solve blockchain security problems, create more effective formal verification processes for smart contracts, and build a highly secure ecosystem.