CertiK Chain (Rebrands as Shentu Chain) leads blockchain security by pioneering the use of cutting-edge Formal Verification technology on smart contracts and blockchains. Unlike traditional security audits, Formal Verification mathematically proves program correctness and hacker-resistance.It aims to act as the basis where blockchain infrastructure and decentralized applications can be built securely.
What is Certik(Shentu) Chain?
CertiK Chain Rebrands as Shentu Chain.
CertiK leads blockchain security by pioneering the use of cutting-edge Formal Verification technology on smart contracts and blockchains. Unlike traditional security audits, Formal Verification mathematically proves program correctness and hacker-resistance.
CertiK Chainis a Delegated Proof-of-Stake (DPoS) blockchain built with the Cosmos SDK. It aims to act as the basis where blockchain infrastructure and decentralized applications can be built securely.
With native in-chain features including Security Oracle, ShentuShield Reimbursement Pool, and a secure programming language (DeepSEA), Shentu is built to ensure the security of different types of blockchain products from development to post-deployment.
More information: https://www.shentu.technology/whitepaper
What is CTK token?
The CTK token is the native utility token of the platform and is used in the following use cases:
- Gas consumption for smart contract operations;
- Staking for network consensus;
- Rewards for participating in the Security Oracle network;
- Collateral and reimbursements for CertiKShield;
- Community voting for decentralized network governance.
How to get CTK tokens?
What is staking on CertiK Chain？
Staking means participating in the CertiK's consensus either by setting up a validator node, which is in active set of validators or by delegating your CertiK (CTK) tokens to a validator node. With active delegation your tokens are bonded (staked) and in doing so participating in the Certik's consensus protocol.
What services do validators provide？
The Certik Chain is based on Tendermint, which relies on a set of validators to secure the network. The role of validators is to run a full node and participate in consensus by broadcasting votes which contain cryptographic signatures signed by their private key. Validators commit new blocks in the blockchain and receive newly minted CTK tokens in exchange for their work. They must also participate in governance by voting on proposals. Only the top 125 validators(Governable parameters) with the highest stake are part of the Active validator set.
What is delegation? Why delegate CTK?
If someone does not does not want to set up server infrastructure or does not own enough coins to be in the active validator set, they may delegate their coins to a validator (aka "delegate"). Delegating lets token owners (i.e. "delegators") "lend" their tokens voting rights to a validator (i.e. a "delegate"), giving the validator a higher probability of being selected to produce blocks. Anyone owning CTK tokens can participate in the network with delegating.
If you delegate CTK tokens, you are contributing to the network's security. In return, you will be able to claim rewards - freshly minted CTK tokens. If your CTK tokens do not participate in staking, your assets will get diluted over time.
Min. Stake Required: 1 CTK
What is lock-up period?
CertiK Chain has an un-bonding period of 21-days. This does not apply to someone who already has their CTK bonded to a validator and thus can change validator whenever desired. You will instantly receive rewards with new validator you switch to.
What are the risks of staking on Certik(Shentu) ?
Staking CTK is not free of risk. First, staked CTK are locked up, and retrieving them requires a 21days waiting period called unbonding period. Additionally, if a validator misbehaves, a portion of their total stake can be slashed (i.e. destroyed). This also includes the stake of their delegators.
There is one main slashing condition:
Double signing: If someone reports on that a validator signed two different blocks with the same chain ID at the same height, this validator will get slashed. This is why CTK holders should perform careful due diligence on validators before delegating. It is also important that delegators actively monitor the activity of their validators. If a validator behaves suspiciously or is too often offline, delegators can choose to unbond from them or switch to another validator. Delegators can also mitigate risk by distributing their stake across multiple validators.
How staking rewards are distributed?
Rewards are liquid and can be claimed at any time. Distribution mechanism is a functional way to passively distribute rewards between validators and delegators. The amount of CTK distributed is proportionate to each user's balance in accordance to validators voting power. Token-holders must withdraw their rewards and then delegate them if they wish to compound rewards.
Terminet is never in control of the rewards.
How to re-delegate？
In your favorite wallet go to "Delegate" dashboard and choose "Redelegate" where you will be able to choose a different validator. You are now ready to generate and sign a re-delegation transaction. Check transaction metadata and confirm correctness of entered data. If you hold Ledger Nano, simply confirm the transaction on your device and wait for TxID in order to check the status of transaction. Once you have changed validator, you must wait for the next 21 days before you can again change a validator.
Where can I explore the network?
If you want to track your transactions on the Certik(Shentu) network, you can do it here.
If you have any questions about our services, please do not hesitate to contact us. We are happy to talk to anyone.