The crypto ecosystem, and especially Web3’s steady growth despite the bear market brings to mind the words of Bennett Goodspeed, who said: “Chinese do not have a word for crisis. What they do have, however, is a two-word idiom: crisis equals danger and opportunity”. In such circumstances, those who sense the change in the early stages amid the chaos will tend to have the most bountiful harvest. This aptly explains the buzz of active Web3 developers growing to over 23,300 amid major growing pains like hacks and scams amid the bear market in 2022.
Perhaps in believing the common market cliché that the seeds of outperformance are planted during bear markets, smart contract security expert CertiK now becomes a security provider and mentor at the Cointelegraph Accelerator Program. Besides providing top-flight security for up-and-coming Web3 startups, blockchain security expert CertiK will assess upcoming projects and mentor and educate participants on smart contract audits, Web3 security, and Know Your Customer (KYC) processes.
About CertiK
CertiK (CTK) is a pioneer cybersecurity company leveraging state-of-the-art AI and formal verification technologies to monitor and protect smart contracts and blockchain protocols. Founded in 2018 by Columbia University and Yale University professors, CertiK’s mission is to apply trailblazing innovations from academia to secure the Web3 space and enable critical applications to scale safely and correctly.
Trust considered the weakest link in the security chain, runs deep in CertiK’s DNA. The firm specializes in startup security and leverages on-chain and off-chain blockchain data security comprising social sentiment, market volatility, privileged governance controls, and flagging suspicious transactions. CertiK’s audit processes that provide real-time security in decentralized finance (DeFi) and related mission-critical applications start with acquiring a security code to establish a customized environment. The firm uncovers design defects and security vulnerabilities by manually examining and utilizing in-house tools before offering detailed reports of its findings.
Read also: Unity Adds New Functionality to Verified Web3 Toolbox
The Cointelegraph Accelerator
The Cointelegraph Accelerator Program aims to become a one-size-fits-all center in the crypto space helping Web3 technology startups boost their brand awareness, community growth, and media presence. The crypto innovation startup booster leverages Cointelegraph’s established media and strategic presence through media products on the platform’s ecosystem. Among the diverse offerings are standard advertorial products, tailor-made educational materials, and content integrations leveraging the expertise of CoinTelegraph’s global team of over 150 experts working across 11 different languages.
The program targets startups specializing in non-fungible tokens (NFTs), decentralized finance (DeFi), Web3 startups, GameFi, and various cross-chain and layer two solution providers. Numerous significant players in the blockchain space have already partnered with CoinTelegraph to give it a much-needed shot in the arm. These include GAMI, a Web3-focused Venture Builder, and BitsCrunch, a firm that helps NFT developers and startups in their crypto innovation journey.
The Impact on Web3 Startups
Like all other emerging technologies, Web3 can become a minefield with risks. The emergence and subsequent adoption of Web3 and the various related innovations like DeFi and crypto have brought potential risks for those adopting the technologies. Startups and novice users get especially caught up in the growing wave of threats such as cybersecurity, financial, and privacy breaches.
With over 3,700 clients relying on CertiK’s full suite of security solutions consisting of Web3 security auditing, penetration testing, advisory services, and network monitoring, the firm will mitigate and moderate attendant risks in the highly decentralized space.
CertiK is trusted by firms like Binance, the Sandbox, TON, Sequoia, Goldman Sachs, InsightsPartners, and Polygon: Founder and CEO Ronghui Gu says:
“Given increasing trends in rug-pulls, we now see KYC playing an important role in Web3 security […] KYC, together with Smart contract auditing and 24/7 monitoring of threats, will further strengthen our offer around end-to-end Web3 security services.”
Future Implications
As the recent price rises in the crypto market caught the attention of investors and gave ghostly hallmarks of a possible beginning of a bull market, the corresponding increased interest in Web3 technologies could have a ripple effect in the entire crypto market. The boost brought about by CertiK’s collaboration with the Cointelegraph accelerator program and continued recognition and adoption of Web3 technologies is already attracting more Web3 startups into the space, and the influx of new participants has the potential to generate substantial returns and attract even more investors.
Starting a Web3 venture may be exciting, but it’s riddled with numerous challenges that founders must overcome to become successful. Apart from dealing with speed, access, smart contract, and wallet safety to ensure a seamless Web3 experience, Web3 startups must deal with thefts and other exploits that could undermine user experience by thoroughly auditing their smart contracts.
Conclusion
While it’s true that the best bargains are available when knives fall, and people are most terrified, individual investors and Web3 startups waiting until the dust settles will find the bargains already gone. Security remains an essential factor in the success of any crypto innovation, and with over $360 billion of market capitalization locked across several blockchains, CertiK’s ability to audit projects will continue shaping the future of Web3. CertiK’s security-focused long-term approach around newly built protocols and startups is here to stay.
