Ethereum advances with standards for smart contract security audits
The Enterprise Ethereum Alliance has published a smart contract security audit specification to ensure consistency when it comes to smart contract security. The Ethereum ecosystem continues to witness a flurry of activity that has individuals and organizations deploying token contracts, adding liquidity to pools and deploying smart contracts to support a wide range of business models. While notable, this growth has also been riddled with security exploits, leaving decentralized finance (DeFi) protocols vulnerable to hacks and scams. For instance, recent findings from crypto intelligence....
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What are smart contract audits, how do they work, and how do they benefit the crypto projects who get their code scrutinized? Let's find out. Do smart contract audits improve crypto's image?Blockchain technology is becoming a bigger part of all our lives — and auditors like Hacken are ensuring that crypto projects put their best foot forward.Improving the quality of smart contracts helps reduce those unpleasant headlines about major hacks in the press, and boosts the reputation of crypto projects in the public's eyes.Once an investigation has taken place, Hacken offers labels to ensure....
The Ethereum-centric and decentralized protocols software firm Consensys has announced the launch of TURN token, or “Time-Unit Representative NFTs.” Consensys details that TURN tokens will create a new market for tokenized security auditing via Consensys Diligence, the firm’s smart contract audit service. Consensys Diligence to Launch TURN Tokens in Mid-August From August 15th to the 19th, Consensys disclosed a token sale will take place that will feature the company’s TURN token, which stands for “Time-Unit Representative NFTs.” The....
A new working group aims to create standards that will ensure secure Ethereum smart contracts are used by businesses and DeFi projects. Decentralized finance continues to make its impact on the crypto market, and with over $13 billion of total value of assets locked, DeFi projects are clearly resonating with eager crypto investors. Yet while the DeFi space has been progressing over the last year, a number of illegitimate projects have come to fruition, reminding some of the 2017 ICO boom and its subsequent bust.For example, Harvest Finance, a major decentralized protocol, was recently....
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....
Amid new concerns about the viability of blockchain smart contracts, one company is releasing a proposal that seeks to make it easier to ensure their security. Developed by Smart Contract Solutions, the open-source Zeppelin project aims to offer a community-driven framework for secure, audited code. The goal is to prevent the unintentional loss of funds, a danger perhaps best illustrated by the collapse of ethereum's biggest smart contract, The DAO. Since ethereum is the best-known smart contract platform, the first set of tools are written in its programming language Solidity. But,....