Commitment Towards Institutional Grade Security: Elrond Joins Runtime Verification Series A Funding Round
The shift towards a global financial system operating on blockchain technology represents a multi-trillion-dollar opportunity, as well as a significant security challenge. The software industry de-facto standard of mitigating risk through trial and error testing is subject to inherent limitations, which need to be overcome for building a truly secure decentralized infrastructure layer.
At Elrond Network we agree that a paradigm shift is required in software testing, to be able to iron out subtle bugs and logic flaws right from the design phase. We therefore have started collaborating with Runtime Verification early on, leveraging their formal verification background for building tools that are verified with mathematical precision and rigor.
Runtime Verification has pioneered a formal verification methodology for software development over the last 20 years. It was started at NASA and has gradually made its way into the blockchain space, where it is perhaps most needed, due to the mounting complexity which comes with smart contract composability and blockchain architectures.
We are excited to announce that we have made a long-term commitment toward formal methods and tools, developed by Runtime Verification. Thus, Elrond Research has made a strategic investment in RV’s $5.3 million USD Series A funding round.
“We are excited about being able to secure a voice for the Elrond Network at the heart of developing what we believe to be essential tools for the advancement of the general blockchain space. Our strategic investment in Runtime Verification aims for the sustainable growth of methodologies and devkits that already are embedded into the core practices involved in building the Elrond protocol and connected tools.” said Beniamin Mincu, Elrond Network CEO.
Read more about the $5.3 million USD Runtime Verification funding round and its importance:
About Runtime Verification Inc
Founded in 2010 by pioneers in the academic field, Runtime Verification Inc is an American startup with a global presence, applying formal methods to improve the safety, reliability, and correctness of computing systems for aerospace, automotive, and the blockchain. The company works with infrastructure builders to provide testing and verification services, and has acquired numerous clients in the embedded systems (NASA, Boeing, Toyota, Denso, NSF, DARPA) and blockchain worlds (Algorand, Cosmos, Elrond, Ethereum, Gnosis, IOHK, Maker, PlatON, Polkadot, Tezos, and Uniswap).
The company’s mission is accessible trustworthy computing. Runtime Verification specializes in generating correct-by-construction implementations and tools automatically, from their specifications. One of the startup’s unique technologies is K, a semantic framework for design, implementation and formal reasoning. K enables language designers to formally define their language using an intuitive notation, and freely generate the implementations and analysis tools for that defined language.