AviaChat with the Tech Lead / Software Engineer

Join us for an exciting AviaChat session with Yoongbok Lee, the Tech Lead and Software Engineer at Shentu Chain.

In this discussion, we will delve into the Shentu Chain project, its ecosystem, and explore its core focus and features.

Hello, Welcome to this new AviaChat.

  Thanks!

What is your name/username and what is your role in SHENTU? 

  My name is Yoongbok Lee and I am the Tech Lead / Software Engineer at Shentu Chain.

For a new person who never heard SHENTU before, what is SHENTU briefly? 

  Shentu Chain is a security-first, smart contract-enabled blockchain built on the Cosmos SDK. Its main aim is to provide the highest level of security for decentralized applications and smart contracts in the crypto ecosystem.

There was a rebranding story behind CERTIK and SHENTU, could you share more about that? Is CERTIK will continue to exist and continue doing audits for blockchain projects or is CERTIK becoming SHENTU? On the web we can still see some confusion about this topic, would you provide a clear understanding of the situation? 

  CertiK Chain was rebranded to Shentu Chain to further align our brand with our vision. There is no legal/business ties between the two entities. CertiK as a web3 security company will continue to exist and provide security services and audits for blockchain projects, while Shentu Chain/Shentu Foundation focuses on the development and operation of our Cosmos SDK-based blockchain.

What was the main reason for rebranding SHENTU from CERTIK, given that CERTIK already had a huge reputation in security and auditing for the blockchain ecosystem?  

  CertiK Chain didn’t have too much to do with CertiK company, so many people were getting confused what the relationships were. Also another reason was to distinguish Shentu and give it a unique position.

How many employees are currently working for SHENTU? 

  The team size of Shentu Chain is dynamic as we continue to expand and onboard new talent. I cannot provide a specific number as of now.

What is the main purpose of SHENTU as an actor in web3?

  Shentu aims to bring unprecedented security to the Web3 ecosystem by leveraging the CertiK’s Security Oracle and other unique modules such as the Shield and Bounty modules. 

At SHENTU there is a own Oracle Module. According your analys, why is it not already an main Oracle for the All Cosmos ecosystem as Chainlink for Ethereum ?  

  Shentu’s Oracle Module is not the oracle generally used in web3 context. The Oracle module in Shentu Chain serves as the consensus layer for score oracle contracts outside Shentu (ex. BNB Chain or Ethereum), and doesn’t feed in any data into Shentu like any typical oracle.

Shentu have a token : CTK. In concret, If I want to secure assets with a value of 10k, how much CTK token do I need to purchase in purcentage of the value i want to cover? Do i need to stake my token to get insurrance? Can you explain briefly the process? 

  The amount of CTK tokens needed to secure assets depends on various factors including the type of asset and the coverage amount. The insurance product (or pool in shield) will have different coverage amounts for same fees, depending on the security score / project status. 

Could you explain briefly how the bounty module in the SHENTU roadmap 2.0 can be a game-changer for the bug bounty process for new protocols?  

  Our upcoming Bounty Module is a unique approach to cybersecurity. It allows anyone to host or participate in security contests, where findings can be rewarded with Cosmos-native tokens (including IBC tokens such as Axelar USDC or ATOM). We believe this will open up a door for new security participants in Shentu and bootstrap the ecosystem to become the security hub in the blockchain ecosystem.

Is SHENTU shield protecting against impermanent loss when collateralized not secured by design ‘s assets (example LUNA)? Lot of people lost some funds in pools when luna crashed and is there a possibility for SHENTU to protect users from that happen again?

  Shentu Shield provides coverage against certain types of losses, including those from hacking incidents. However, impermanent loss due to price fluctuations is an inherent risk of liquidity provision and is not typically covered. 

How do you see the development of SHENTU wallet in the near future? Is it possible to see a SHENTU deepWallet as an extension version connectable to decentralized apps like Osmosis or Canto?

  We’re actually looking into replacing deepwallet with some kind of a webapp which deepwallet users can also connect. It’ll have other wallets support to anyone with Cosmos-friendly wallets can use Shentu Chain easily.

In the situation where a smart contract insured by a User with SHENTU got hacked, who should they contact to report the incident and make a claim? Similar to how insurance companies for home or car insurance have dedicated phone numbers and client IDs for their customers, is there a similar process in place for SHENTU’s smart contract insurance? 

  Users should report any incidents directly to Shentu Chain through a claim transaction. We have a social claims process in place to vote for validity of the claim and reimburse valid losses. 

With interoperability becoming more important in the crypto space, and probably the next narrative for next bull run can we imagine SHENTU operating on other blockchains like Polkadot, Avalanche, or Solana in the near future?

  Shentu Chain is built with Cosmos SDK which inherently supports interoperability through IBC. As for expanding to other blockchains like Polkadot, Avalanche, or Solana, we’re not actively looking into those at the moment. However, we do have Oracle module in place which can submit security scores to other chains. 

Do you have a concrete recent example of a situation where a user with insurance from SHENTU got their funds back? Could you share the details of the blockchain, smart contract, specific token, the percentage of the funds recovered, and how long it took for a refund? 

  There hasn’t been any successful claim proposals yet, since the current shield module lacks users and no claims has been made yet.

If refunds are refused by the pool, then Users can apply for council intervention which is composed by physical persons. Does this make the process longer to get their funds back? How long does it take for the council to make a decision on a specific case?

  It’s a TODO for any users that got their claims refused to file a complaint, which will then be processed in a different way. Specs will be to be determined later. 

Is there a vision for SHENTU to become a fully decentralized protocol and take away council intervention from the protocol in the future?

  It might be hard to do since insurance does need some manual review in most cases, but some parts can be automated in the future.

Lee, thank you for generously sharing your time and providing insightful answers. I look forward to reconnecting with you in a few months to stay updated on the progress and developments of Shentu throughout Q3/Q4 

  Sure, Thanks!