Smart contracts are perfect for blockchains?

In addition to being a pillar of cryptocurrency, blockchain technology will also enable strategic growth in almost all industries such as logistics, cybersecurity and even trade finance. Blockchain technology can not only support programmable contracts, but also has the advantages of decentralization, non-disruption, and process transparency, and is naturally suitable for smart contracts. The feature of smart contract auto-execution can save companies and individuals a lot of time and money. Therefore, the adoption of smart contracts may become one of the key factors that prompt the adoption of blockchain technology. For example universa, Universa is a new generation of blockchain protocol. Universa may become an important milestone in the development of the blockchain industry. Alexander Borodich, the creator of the Universe platform, explains why this will happen in the nearest future. "The dependence of blockchain on the mining process and its high cost is just like the dependence between gold and gold prices. Universa provides a smart and low-cost smart contract/smart banknote creation method that covers The issuer's obligation to pay.

However, as smart contracts are still only at the initial stage, various security issues are constantly being discovered. E.g:

Reentrant attacks

In Ethereum, when a contract calls another contract, the current operation will not continue until the end of the call. At this point, if the callee needs to use the current state of the caller, this creates a problem.

The well-known DAO attack happened because of this loophole.

On the morning of April 25th, a token named SMT suddenly burst into a large Token caused by hackers using proxyOverFlow vulnerabilities in smart contracts, causing the Token's price to plummet.

The blockchain security team PeckShield also found that there are still a large number of ERC-20-based tokens in the smart contract code. The exchanges, such as the coin and OKEx, suspended the Ethereum-based ERC-20 smart contract Token operation.

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