Precog Finance Finalizes Auditing Process With Certik
Have you ever wondered what the driving force behind blockchain is? What generated the momentum to take it off the ground and turn it into a $2,000,000,000,000 market? It is a story of trust and openness, one that inspired and gave birth to hundreds of blockchain-based projects developing and building the tools and protocols for the digital economy.
When Satoshi Nakamoto developed Bitcoin, there were no prior examples of successful blockchain projects to draw from — at least, not any that were similar enough. Following the 2008 financial crisis, the lack of transparency and the overbearing centralization in the monetary system drove Satoshi to create an open, trustless, and permissionless protocol that functioned in a truly decentralized fashion.
The following explosion of the blockchain space can only be explained by a shared vision of a future where individuals have greater control and influence over their assets than the status quo. The solution that was implemented to make Bitcoin work, in addition to the fundamental ideas themselves, has served as a solid foundation upon which we’ve built what we recognize today as the upcoming decentralized web.
What Makes These Ideas Work?
By leveraging blockchain technology, we can distribute certain responsibilities to machines that are void of human flaws and emotion. While software, too, can be corrupted, it is much more difficult to achieve such a feat here due to the secure consensus mechanisms that power today’s blockchain networks. A combination of a delicate balance of incentives and punishments, a community with common interests and vested stakes, and smart contracts that carry out users’ commands, create a trustless environment that feels accommodating to even the most paranoid of users.
What does it mean when a protocol is trustless? Essentially, it means that a user doesn’t need to trust a particular group or individual in order to utilize an application safely. But without any trust involved, how could they be certain that they’re not using a malicious software?
The phrase “don’t trust, verify” perfectly encapsulates the process that fuels user interaction in a free and decentralized space. Protocols that present themselves as trustless tend to disclose their code — in part or in full — to the public for analysis, scrutiny, and criticism. It is a simple yet effective way to build confidence in a project while remaining true to the principles that govern the ecosystem.
Some Projects Go The Extra Mile
In accordance with the ideas and principles above, at Precog Finance we adhere to the highest standards of transparency and security. It is in that vein that we would like to announce our successful audit with Certik — one of the leading blockchain security firms in Web3.0.
We believe in going beyond the bare minimum to establish and strengthen the confidence in our protocols, and in doing so, we prefer heading for the highest quality of service available. Hence our decision to work with Certik, who can not only verify the integrity of our software, but can also be instrumental in detecting and eliminating any vulnerabilities.
The security of investors’ funds is of the utmost importance, which is why we take all the steps we can to ensure we deliver a product that is void of any bugs, glitches, or exploits. “Measure twice, cut once” is a saying that applies to a lot of such situations; while software is malleable — allowing you to “cut” as often as you’d like — if we can measure twice, we’d rather measure a thousand times.
To read more about the report, click here: https://www.certik.com/projects/precog-finance
In essence, all but two of Certik’s findings have already been resolved! As for the remaining two, we’re happy to announce that we have already begun implementing Certik’s suggestions, and are in the process of finalizing these new measures. We’re also detailing this process for our community in our upcoming article, as well as our stance on transparency, trust, and decentralization.
Founded in 2018 by professors of Columbia and Yale, CertiK is a pioneer in blockchain security, utilizing best-in-class Formal Verification and AI technology to secure and monitor blockchains, smart contracts, and Web3 apps.
Find more about Precog Finance, Sentient, and Cerebral with the links and resources below!