Qtum’s Patrick Dai Talks Smart Contracts and Bitcoin Security
Bitcoin.com recently covered the blockchain project Qtum that mixes the Bitcoin protocol with the Ethereum Virtual Machine in order to enhance smart contracts. We chatted with Patrick Dai, co-founder of Qtum, for more technical information. Dai gives our readers the inside scoop on what this project entails and its goal to create a new blockchain....
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Patrick Murck joined Quest Means Business to discuss the security concerns over bitcoin from Bitcoinist.net on Vimeo. Patrick Murck discusses on CNN the Bitstamp hot wallet hack and how exchanges are doing better despite the hack in protecting customer funds. He also illustrates that this is not a MtGox type situation as well as how far we have come in digital security.
"The two things to know about smart contracts is that they’re dumb, and they’re not contracts." This statement from Harvard Berkman Center's Patrick Murck seems increasingly relevant in the wake of the collapse of The DAO. The ethereum-based fund was the largest smart contract issued to date, and its failure has led many to reconsider how ready the technology is for primetime. At their core, smart contracts facilitate decentralized applications by eliminating trust points. Because they automate existing processes, many believe smart contracts could someday lower costs across....
With contributions from Zerado, FinTech Network have produced a whitepaper that looks at smart contracts and how they could improve efficiencies within the banking sector. The whitepaper highlights: How smart contracts aim to provide security that is superior to traditional contract law and ways they can reduce other transactional and administrative costs. The workings of Ethereum as one of the best examples of smart contracts in practice. Ways that smart contracts could benefit areas such as mortgages, clearing and settlement, KYC & bonds. How challenges with conceptual misalignment,....
Smart contracts were a popular trend throughout 2016, as investors, banks and major financial institutions explored the potential of smart contract-based protocols such as Ethereum to build innovative and decentralized applications. Yet, even Ethereum, a network valued at nearly US$930 million, struggled to demonstrate practical usage and efficient commercialization of smart contracts due to several internal bugs, delays in transactions and other security issues emerged from its prioritization of security over flexibility. Severe security compromisations and technical issues arise when a....
Researchers from National University of Singapore will soon release a tool that will help ethereum users determine whether the smart contracts they've coded are valid or not. Developed in the wake of the massive hack of the first large-scale smart contract – The DAO – in June, the researchers described the tool as an attempt to curb future problems that could lead consumer funds to be lost. Called Oyente, the program has been reportedly used to successfully pinpoint bugs in thousands of smart contracts, including the one that led to the failure of The DAO. National University of Singapore....