More than 34 000 smart contracts Ethereum, containing 4 million dollars in ETH, may be vulnerable to exploitation. This is the conclusion made by the quintet of researchers from Singapore and the UK. Their technical report, which is currently being evaluated by experts, suggests that millions of dollars in the equivalent of Ethereum can be exposed to risks due to poorly coded smart contracts that contain many errors.
"The search for greedy, excessive and murderous contracts" is a provocative title for the research paper presented by British and Singaporean students last week. Its authors have figured out the smart contracts Ethereum, "By finding contracts that either lock funds for an indefinite period, or carelessly distribute them to arbitrary users, or may be lost by anyone."
The risk of trust in smart contracts that have not been independently verified is well explained. Last year 500 million dollars were lost due to incorrect code, and about half of this figure concerned Ethereum. The most notorious case was the mistake of Parity, which led to the fact that the amount of 168 million dollars was lost.
The authors of the report argue that they analyzed almost one million smart contracts, of which 34 200 proved to be vulnerable, of which 2365 were associated with individual projects. This means that about 3,4% of all contracts are potentially vulnerable to hacking.
More recently, scientists from Cornell University compared Decentralization of the Crypto-currency and found that the degree of decentralization of Ethereum is higher than that of Bitcoin.
Author: Olga Novikova, Analyst Freedman Club Crypto News
Image from Fotolia
Source: Read Full Article