Smart Contract Security- Safety Against Cyber Attacks

Introduction to Smart Contract

Types of Smart Contract

ImpactQA — Types of Smart Contracts

What is a Smart Contract Audit?

What is the Need for a Smart Contract Audit?

  • As per a report in 2017, due to a serious weakness in their Ethereum smart contract, $150 million in ETH was stolen from a business called Parity Technologies.
  • Similarly, a year ago in 2016, a DAO a.k.a Genesis DAO was breached by a hacker(s) who took advantage of a security flaw in the system. In this case, hackers stole $50 million worth of ETH from Genesis DAO’s crowdfunding investors.
  • Last year in the month of August one of the biggest robberies in the crypto world occurred, where a group of hackers seized a whopping $613 million in digital currency from the Poly Network corporation. Hackers took advantage of a flaw in the digital contracts used by Poly Network.

How to Protect the Smart Contract?

  • Make sure to pay attention to a blockchain security checklist.
  • For design, development, security, auditing, and exploitation, use trusted blockchain tools.
  • Do automated security scans
  • Create a more secure smart contract code by following best practices used by prominent enterprises.

Final Say

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ImpactQA

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