Decentralized finance (DeFi), non-fungible tokens (NFTs), and Metaverse ventures are garnering broad acceptance as a result of blockchain technology’s vast expansion in coverage in recent times.
The enormous advantages of this tech cannot be denied, and the Japanese market will reap the rewards from the implementation of blockchain to a broad range of emerging and extant business practices.
Nonetheless, the occurrence of security issues and “the billions of dollars squandered yearly from blockchain platforms” try to intimidate to impede this expansion. New measures, including secret keys and smart contracts, imply that blockchain protection cannot be limited to standard cybersecurity or data security practices.
CertiK asserts that it is “a forerunner in blockchain security with over five years of expertise.” CertiK “has audited roughly 4,000 blockchain ventures, identifying over 70,000 distinct security issues.” According to reports, CertiK-audited initiatives have “gone on to garner hundreds of billions of dollars in market cap, demonstrating the significance of safety to a project’s long-term growth.”
This collaboration between HashKey DX and CertiK will “deliver CertiK’s elaborate Security Suite to Japan, securing the prospect of blockchain technology in a nation that’s been at the forefront of innovation for years.” CertiK observes in a news release that tokenomics is “a crypto-native phrase that pertains to the development, administration, and engagement of tokens with their owners and corresponding environments.”
According to a blog article, it is “complicated and interdisciplinary, incorporating aspects of economics, funding, as well as numerous other disciplines, with considerable variation among various token systems based on the distinct features of each environment.”
In 2022, CertiK investigated “a number of notable tokenomics-linked events, such as Terra, Celsius Network, Beanstalk, Fortress, Axie Infinity, Solend, and Babylon Finance.” These extensively reported cases “have resulted in direct asset damages of more than $790 million and have impacted assets worth billions of dollars.” Multiple lesser-known ventures “lost money or declared bankruptcy as a consequence.”