Binance Labs are on the news again. This time the social impact fund and an initiative to digital currency exchanging stage Binance is on the news for making three noteworthy moves this month which will see to the advancement of blockchain innovation. Three blockchain startups have received financial backing from the social impact fund, a move that will hugely boost the startups and lead to swift growth. The three fortunate startups are CertiK, Oasis labs, and Contentos. These firms will aid Binance Labs to achieve their main goal which is the creation of an enabling environment where best blockchain practices sort out the issues that are important in a blockchain ecosystem such as content creation, security, dissemination, and protection, etc. each of this projects serve a purpose, lets take a look at each.
On Oct 8, Binance Labs announced that they had invested a large sum of money in blockchain startup Certik. CertiK is a blockchain cybersecurity startup which will be involved in the securing of smart contracts and blockchain auditing and Binane expects the firm to help in the improvement of security in the blockchain ecosystem. Certik uses formal verification technology to scientifically provide the most advanced level of security in blockchain ecosystems and smart contracts. In technical terms, the formal verification innovation revamps into blockchain applications and changes the software code into numerical proofs, and undisputable computations.
Certik’s job only shows the importance of formal verification in the blockchain industry, and Binance Labs CEO Ella Zhang concurs that: “CertiK scientifically approves the security of smart contracts which is a significant pain factor we are dealing with in the blockchain environment, avoiding the manual detection limitations.” Binance Labs is always looking for new and innovative startups that can work to make the blockchain ecosystem less risky and more protected
Binance also invested in decentralized content ecosystem maker and distributor, Contentos. Contentos work to incorporate content distribution underneath open-source-code blockchains. Contentos will give a decentralized environment to content makers to have the inventive opportunity and to leave their advanced impression without the risk of the 3rd party interference. Binance believes that Contentos will be great partners since they have basic assets that can be used to unravel the pain points in the content creation industry.
Blockchain startup Oasis Labs recently revealed that it had joined hands with some big firms and hedge funds to release a new startup program, Binance Labs is one of the firms that linked with Oasis in the creation of the Oasis Startup Hub. This will help greatly in the support of security arrangements on the Blockchain platform. Binance put in 45 million dollars to help make the project a success.