HashKey DX Co., Ltd. (Headquartered in Chiyoda, Tokyo, CEO: Andy Dan) has signed an exclusive domestic distribution agreement with CertiK (Headquartered in New York, USA,Co-Founder: Prof. Ronghui Gu and Prof. Zhong Shao) in order “to bring blockchain-specific security solutions to the Japanese market.”
Blockchain technology has “expanded hugely in scope in recent years, with decentralized finance (DeFi), non-fungible tokens (NFTs), and Metaverse projects gaining widespread adoption.”
The commercial potential of this technology “is undeniable, and the Japanese market stands to profit from the application of blockchain to a wide range of new and existing business models.”
However, the prevalence of security incidents and “the billions of dollars lost annually from blockchain platforms threaten to slow this growth.” New mechanisms “such as private keys and smart contracts mean that security in blockchain must not be limited to basic cybersecurity or information security techniques.”
CertiK claims it is “a pioneer in blockchain security, with more than five years of experience in the industry.”
CertiK has “audited nearly 4,000 blockchain projects, with more than 70,000 unique security findings.”
CertiK-audited projects have reportedly “gone on to command hundreds of billions of dollars in market capitalization, proving the importance of security to the long-term success of a project.”
This partnership between HashKey DX and CertiK will “bring CertiK’s comprehensive Security Suite to Japan, helping secure the future of blockchain technology in a country that has been on the cutting-edge for decades.”
In another recent update, CertiK notes that tokenomics is “a crypto-native term that refers to the creation, management, and interaction of tokens with holders and their respective ecosystems.”
As explained in a blog post, it “is complex and interdisciplinary, combining elements of economics, finance, and many other fields, with significant variations among different token mechanisms based on the unique characteristics of each ecosystem.”
In 2022, CertiK conducted investigations “into several prominent tokenomics-related incidents, including Terra, Celsius Network, Beanstalk, Fortress, Axie Infinity, Solend, and Babylon Finance.”
These widely reported incidents “have caused over $790 million in direct asset losses and have affected billions of dollars worth of other assets.” There are numerous less-known projects that have “suffered losses or gone bankrupt as a result.”