The entire Ethereum ecosystem under threat. What's wrong with smart contracts?
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According to analysts from northeastern University and the University of Maryland from October 31, the lack of variety of smart contracts Ethereum (ETH) poses a threat to the entire ecosystem of blockchain. According to the results of the "Analysis of the topology of Ethereum contracts", most of the smart contracts are "direct or approximate copy of the other contracts." Because of this, all copies can contain errors in the form of sensitive or wrong code.
In the study, experts analyzed bitcode smart contracts of the first 5 million units. By the time it's almost three years since the establishment in 2015. The researchers collected and modified data using the virtual machine Ethereum called geth. It was necessary to register all of the interactions between contracts and users.
theSo what's wrong with smart contracts?
Analysts have found that to date most smart contracts created on the pattern of other contracts, not by hand. Moreover, 60 percent of the contracts had never been interaction and only 10 per cent of the contracts can be called unique.
As the low variety of contracts in the Ethereum carries a potential risk to the entire ecosystem of blockchain, the researchers recalled several high-profile «bugs», which was frozen cryptocurrency at $ 170 million. In mid-October, Cointelegraph reported on the hole in the security of smart contracts Ethereum. Then the users lost 38 thousand dollars.
In April 2018, the second largest crypto currency exchange OKEX has suspended all deposits in the tokens. At the time, was discovered "another mistake in a smart contract," in which hackers "has generated a huge amount of tokens and deposited them at the usual address."
To explore the theme of smart contracts, their purpose, and their strengths and weaknesses read .
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