With all the innovations brought by the CertiK Decentralized Security Oracle, we aim to transit industry-leading software security companies’ mature techniques into solving these security pain points so that all players in the DeFi and blockchain ecosystem benefit, and both security and financial incentives remain aligned for all parties in this oracle network.
Security Oracles, deployed on blockchains such as Ethereum, are the public-facing interfaces to the oracle network boosted by CertiK Chain. They maintain powerful vulnerability databases, with live updates, that provide security scores to smart contracts thus supporting oracle invocation parties like DeFi projects to decide on whether to make movements on potential risks. A DeFi project could simply have a condition check on the security score of a to-be-happened transaction call with its self-defined safety threshold. The security scores are considered to be realtime and trustable thanks to the consensus outcomes of the decentralized security checking mechanisms and verification techniques.
DeFi projects such as MakerDAO and Compound are considered to be the consumers or end users of the proposed Security Oracle, given their strong requirements for security and assets protection. As of Q3 2020, $6.2B total value of digital assets are locked in Ethereum for the purpose of trading, payments, and financial derivatives. The inherent risks may raise people’s concern to doubt the success of DeFi: malicious activity and attacks are all-too-common. By integrating with one unified Security Oracle interface connected via CertiK Chain, DeFi transactions will undergo a variety of security checks, thus substantially decreasing the DeFi’s chance of being hacked or exploited. Our software security experiences make us understand the security pain points, and motivate us to design the Security Oracle as a powerful shield that is very simple in functional invocations yet very powerful in scanning through numerous security properties with sound proofs.
Innovative technologies on security software are emerging and supposed to be accessible in a simple way, and this sets the mission for us to build an oracle network where those industry-leading security service providers can showcase how their proprietary technologies could benefit the blockchain ecosystem. With CertiK Chain funneling huge volumes of on-chain transactions to their security solution endpoints, we believe those high-tech companies would become more incentivized to put resources into blockchain and smart contract security offerings.
Oracle operators are conceptually the building blocks to the oracle network with the duty on the decentralization of security. By connecting to CertiK Chain with their own choices of Security Providers’ endpoints, they can start to fulfill oracle tasks and earn rewards accordingly. There is no barrier to operating an Oracle Operator, and different levels of participation are supported for diversity purposes.