What Is Shentu Chain (CTK)?
CTK is the native token of Shentu Chain, which is a security-focused blockchain. It’s primarily concerned with the reliable execution of various DeFi applications. Check out the Shentu price chart above to see the current CTK price.
Shentu Chain is the second version of the CertiK blockchain, which rolled out the Shentu-2 upgrade in 2021. Apart from changing the name of the blockchain, the upgrade introduces such features as the Security Oracle, ShentuShield, Shentu Virtual Machine (SVM), and DeepSEA.
Though before going further to understanding these features, there’s quite an interesting story behind the new name of the blockchain. Shentu is one of the two Menshen (door guardians) in Chinese folklore. The door guardians help good spirits pass through while protecting people from negative omens and harmful spirits. Thus, since Shentu is a guardian, it’s the ideal name for a blockchain that focuses on security.
The Features of the Shentu Chain
As mentioned earlier, the upgrade from CertiK to Shentu Chain brought new features including the Security Oracle, ShentuShield, Shentu Virtual Machine (SVM), and DeepSEA.
Security Oracle provides projects with security insights. It’s a network of operators that assess the dependability of smart contracts using cutting-edge security tools. The Security Oracle can be integrated into any protocol and it essentially helps to avoid any malicious activity on the smart contracts. Operators are rewarded for their work with CTK tokens.
Talking about ShentuShield, it’s a membership system. It makes it possible to recover any asset of the protocol that has been misplaced or stolen. There are two types of members in the ShentuShield system:
- Collateral Providers. They have to stake CTK tokens in the ShentuShield pool in order to provide collateral. Collateral Providers get rewarded with CTK tokens and fees paid by Shield Purchasers.
- Shield Purchasers. They are the ones who buy protection for their assets by reserving funds in the ShentuShield pool. Shield Purchasers have to pay a fee using CTK tokens.
Moving further, the Shentu Virtual Machine (SVM) supports the smart contract sandbox and enables smart contracts to communicate with one another differently depending on their risk tolerance. SVM is built based on the x86–64 OS process model. Besides, it’s fully compatible with the Ethereum Virtual Machine (EVM).
Lastly, DeepSEA is a programming language. It works with Shentu Virtual Machine, Ethereum Virtual machine, AntChain, and Ethereum WebAssembly. Every mathematical proof on the DeepSEA code is generated automatically to demonstrate how the written code aligns with the intended specification.
The Purpose of CTK Coins
CTK is the utility token of the Shentu crypto project. If you want to see how the CTK price changes over time, don't forget to look at the Shentu price chart. The following are the main use cases of Shentu coins:
- Payment method. CTK tokens are used to pay gas fees on the Shentu Chain network. Besides that, they are used by Shield Purchasers to buy protection for their tokens on the ShentuShield.
- Governance token. CTK tokens provide users with the possibility of participating in the governance process of the Shentu crypto project.
- Reward token. CTK tokens are used to reward ShentuShield’s Collateral providers and Security Oracle’s operators.
- Staking. Collateral Providers have to stake CTK tokens to provide collateral.
Tokenomics of CTK
Shentu tokens are inflationary since there’s no max supply set. This means that if the circulating supply exceeds the demand, the value of CTK might decrease. Thus, if you’re planning to buy Shentu tokens, you must keep in mind that the CTK price is prone to change. Why it is the case though? Well, most crypto assets are known to be volatile. This is simply the case because the volatility of the crypto market as a whole tends to affect the value of digital assets, including the Shentu price.