The CertiK Chain is an upcoming public blockchain based on the CertiK Foundation’s unique Formal Verification security system. On August 20th Jay Jie, Jialiang Chang, Steve Chang, Yoonbok Lee, and Ken Trueba joined us in Staking Hub to answer all of our CertiK Chain questions.
- CertiK Chain plans to decentralize formal verification technology
- Gas prices and commission rates similar to other Cosmos-SDK based chains
- Off-chain marketplace will showcase all service providers
- Reward rate between 4%-14% based on staking participation
- On-chain governance will control all module parameters
CertiK Chain Primer
The CertiK Chain is an upcoming public blockchain that plans to be secure, decentralized, and interoperable with other blockchain ecosystems. The CertiK Chain implements a formally verified, EVM-compatible virtual machine, named CVM, that will allow for robust and provable smart contract execution. The CertiK Chain also plans to be a service-oriented, application-specific blockchain that brings off-chain security offerings to smart contracts being run on other blockchains, like Ethereum.
“Formal verification is the mathematically assisted technology to check security of smart contracts as well as other programs against every possible concrete input.”Steve Chang, CertiK Foundation
Although most smart contracts are thoroughly tested, there is no way developers can fully guarantee all hidden bugs are exposed through manual testing. Formal verification can build a model, fully test, and guarantee the safety of a smart contract.
Smart contracts running on CertiK Chain’s CVM will be formally verified on-chain, a process that is usually done off-chain.
CertiK Chain Marketplace
As mentioned before, CertiK Chain will bring off-chain formal verification to smart contracts being run on other blockchains. Providers of these services are able to set their rates, and smart contract developers and users can choose providers in an off-chain marketplace.
Service providers and end users must pay gas prices in CTK, the native coin on CertiK Chain, anytime they interact with the blockchain. Gas prices will be similar to other Cosmos-SDK based chains.
At launch, node operators and their respective delegators can expect to earn ~7% in yearly rewards plus any transaction fees that occur on the CertiK Chain. However, that rate can change based on staking participation with 4% being the minimum and 14% being the maximum.
There is currently no slashing, but validators will be jailed for going offline or double signing blocks.
There is a two week unbonding period.
Governance will exist on-chain. All parameters of CertiK Chain modules like its reputation module that generates credibility scores based on service volume and response time, or its aggregate module that defines algorithms built into the chain will be controlled by governance.
Anyone currently staking CTK can participate in on-chain governance.
Special thanks to Jay, Jialiang, Ken, Yoonbok, and Steve for spending an hour with Staking Hub to answer all of our questions!