Smart Contracts: Russian Roulette with Four Bullet Rounds
TechnologyBit News Today2 min read
Many smart contracts are open source. This means that everyone can look at the code, which most programmers would say makes code better: more eyes to find bugs. But in practice, it may not lead to many people checking the code. If only a few people look at a contract, there are more chances for major flaws to go undiscovered. ## Bugs Can Cost Millions
When a contract has a flaw, the cost can be high. It may lead to the contract being exploited, with people able to withdraw far more money than they're supposed to withdraw. One major exploit released millions. Another is blamed for sending millions of dollars in cryptocurrency to a single address, making the original holders unable to access their cryptocurrency. Since smart contracts are used in many parts of the crypto world, this bug can lead to a domino effect , with services that rely on a contract unable to work properly. ## Fixes Often Cost More Than the Flaws
If a team finds a flaw in a contract, they start by trying to write a fix. But if the contract is important, the fix may be stopped, with some thinking it would make things worse. This can lead to long delays. The complicated math can also make it hard for the team to ensure the contract works after the fix.
The consequences of bad contracts can be even worse when a contract holds money. This is because a bad contract may leave a site without any way to get back the money. It may be stuck, either forever or until a courts makes a decision. ## What's a user to do?
With so many smart contracts in regular use, this is something to keep in mind. No contract is perfect, and the consequences of taking part in a contract that has a flaw can be high. The main things you can do are: avoid keeping a lot of money in contracts, and be careful with smart contracts that don't have any reputation. If you see a contract that is less than clear, it's best to avoid it. You might also want to avoid a contract that has had an audit, because the people writing the audit may have a conflict of interest.
While the industry is still young, it's already clear that a standard way to verify contracts will have to be developed. For now, be careful.
