Security is a big issue for blockchain networks and these platforms seek to guarantee the security of smart contracts deployed on them.
Neo blockchain network on Wednesday, August 1 announced it entered a partnership with blockchain security audit firm, CertiK to enhance the security of its system. The partnership, according to NEO will prepare for the smart economy revolution.
According to the announcement, CertiK, which specializes in formal verification of smart contracts and blockchain ecosystems, will assist NEO in two areas; smart contract verification and digital identity solution. NEO’s blog post read:
“Apart from smart contract verification, security auditor CertiK will also provide a tailored solution to verify NEO’s digital assets and digital identity.”
Zhao Chen, the Manager of Neo Global Development (NGD) commented:
“NEO is a high-speed autonomous public chain. With more developers building layers on top of it, this added security layer will expedite the prosperity of the ecosystem. I believe NEO and CertiK’s partnership is on track to changing the course of history.”
NEO expects that through its collaboration with CertiK, smart contracts and decentralized apps (DApps) developed by individuals on its platform will be vetted to be bug-free and hacker-resistant.
NEO notes that CertiKOS is the world’s first operating system that has theoretically proven to be resistant to hacker attacks. It is now widely used in various fields including, government and military.
Recently, NEO blockchain was plagued with a spam attack which caused a network blockage. Lin Peter, the Director of R&D at NEO, explained the attack as using of tremendous meaningless transactions and advised users to add a transaction fee for their priority transactions. Though it wasn’t a scare of a malicious security breach, it only makes sense that NEO is acting to beef up security.
CertiK entered a similar partnership with Ontology [ONT] platform where it would improve the security of smart contracts and provide automated verification to eliminate errors from the manual process by humans.