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Bytom Team Up with VaaS Platform to Ensure Blockchain Security

Bytom Blockchain Foundation and Chengdu Blockchain Security Technology have recently signed the agreement of a strategic partnership in a bid to build a new ecosystem for blockchain security. As a VaaS (Verification as a service) platform, Chengdu Blockchain Security would provide formal verification services including security verification of the underlying layer, as well as development, audit and security verification of smart contract for Bytom, to further ensure its secure and correct functioning.

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Chengdu Blockchain Security Technology Co., Ltd. is the first domestic enterprise specialized in formal verification related to blockchain, dedicated to using strict formal methods to effectively secure the blockchain ecosystem. The company, supported by rich R&D strength of University of Electronic Science and Technology of China, with dozens of core developers being postdocs and doctors of Yale, UCLA and other world-class universities, has provided professional formal verification services for key software in aerospace, defense and many other significant fields for years.

Bytom founder Duan Xinxing said,

Bytom team attaches great importance to the security protection of blockchain project. While strengthening the security of the project itself, Bytom also brings in a third-party security verification platform – Chengdu Blockchain Security, in an effort to ensure the smooth operation of the blockchain project. The underlying mechanism and algorithm as the core of blockchain are essential to ensure its stable operation. Still in an early stage, blockchain technology is confronted with a plurality of challenges in cryptographic algorithm security, protocol security, use security and system security from attacks inside and outside the network. In this context, it is significant and imperative to build a blockchain security system taking physics, data, application system, encryption and risk control into account. And this is the area Bytom will focus on with the partnership of Chengdu Blockchain Security.

Yang Xia, founder of Chengdu Blockchain Security, said,

security incidents occur more frequently with the rapid development of blockchain technology. When it comes to huge asset transactions, risks that “a string of code might crush an asset” or “a security flaw might destroy a smart contract” are threatening the entire industry. It is appalling that the first four months of 2018 has seen billions of losses in crypto asset. Our team takes the lead in working out the world’s first highly-automated blockchain formal verification platform – VaaS (Verification as a Service), which could automatically and accurately locate the security loophole in a smart contract, freeing it from the plague of security loopholes like overflow and providing formal verification service of “military level” for smart contracts and blockchain applications.

The two parties will further give full play to their advantages, deepen their technological innovation and actively expand applications in blockchain-related areas. Focusing on aspects in stabling the underlying algorithm, safeguarding the fundamental infrastructure and securing the application environment, Bytom is committed to building a secured blockchain ecosystem with partners’ joint effort.

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