Smart Contract

As companies move toward implementing smart contracts, the need for technical audits becomes increasingly essential. Having a third-party auditor check your contracts for vulnerabilities can prevent your company from suffering from a hacking attack.  What are Smart Contracts? A smart contract is a script that automatically carries out a contract's provisions. In addition, smart contracts are self-executing, meaning the contract will automatically execute once the system verifies pre-determined conditions. This eliminates the need for intermediaries such as lawyers and escrow…

State-owned institution Bank of China has just rolled out an educational program that incorporates the nation’s digital Yuan and smart contracts. The Bank of China hopes the new feature could help mirror the possibility of using smart contracts in payments. The central bank's announcement emerged on Tuesday, August 16 via local news outlet Sohu.com. The Longquan Education and Training Program According to the report, the country's decision to leverage smart contract technology in the education sector is the latest in…

Smart contracts are the innovation that propelled blockchain technology to where it is today. This invention fulfills the agreement between all the parties in a deal without the need for intermediaries. As a result, it boosts the security and immutability of a blockchain network, allowing numerous and diverse applications to develop. Unfortunately, smart contracts are not flawless and could lead to million-dollar losses if hackers can exploit their tinniest loopholes. For example, some famous attacks on smart contract code glitches…

Solidproof, one of the crypto industry’s top auditors, has recently verified its social channels, including Twitter, YouTube, and Telegram. It is an important step in the German company’s development and mission to provide complete transparency. Meanwhile, Solidproof continues to audit the smart contracts of new projects and perform KYC verifications on their development teams. The company provides constant updates on all its audits on the official website. This way, it ensures crypto users have an accurate image of the projects…

The much-anticipated Akutars collection became a nightmare for its developers, losing $34 million after its launch this weekend.  The incident occurred due to flaws in the Ethereum-based NFT project's smart contract, which resulted in freezing of assets.  An Expensive Irreversible Mistake? The development team behind the anticipated Akutars collection might have just experienced the biggest nightmare launch. While there are cases of devs rugpulling coins and absconding, this might just be the opposite. Barely a day after the Akutar launch,…

When industry players use the term "smart contracts," they may mean different things. Words matter, as any contract lawyer will be able to explain. So is the word “contract” a technical overstatement, or does it trigger actual legal bindings? The industry needs to agree on the consistency of its terminology. For example, what exactly is a smart contract? Does it have any legal implications? When attorneys and technologists use this terminology, do they understand each other? Our article will provide…

One of the critical difficulties confronting the blockchain community is the matter of scalability. While the technology has proven its high potential over the years, several aspects limit its applicability to a large scale. Since humankind developed the first technological inventions, the scalability problem has been on our minds. We'll expand on that in this post, looking at the case of Layer 2 blockchains. Layer 2 (L2) blockchain definition The "Layer 2 blockchain technology" concept is gaining traction on the…

The growth in popularity of cryptocurrencies is now evident to everyone, enthusiasts, and skeptics. However, among the many consequences of this phenomenon are aspects related to criminal activity. Several reports demonstrate the increase in crypto-related criminal activity in 2022. Among the many operations criminals use, the so-called "honey pot" is one of the most widespread. After a necessary premise on smart contracts, this article will explain how a honeypot works. But, more importantly, we will see how the world is…

It may be too early to call the Ethereum (ETH) project dead. However, an analysis recently shared by Coinbase experts brings exciting information on the subject. Although the new solutions appear valid, it is not confident that they can become “Ethereum Killers”. This article analyzes the main aspects of the analysis by evaluating the consequences for the market. The Coinbase analysis The primary reason the alternatives to Ethereum succeeded is straightforward: ETH suffers from high network congestion. To reduce the…