Akutars NFT Project Loses $34M to Smart Contract Blunder

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,…

Do Smart Contracts Represent Legal Contracts?

When industry players use the term "smart contracts," they may mean different things. Words matter, as any contract lawyer will be able to explain. 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. 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 a short analysis,…

Layer 2 Blockchain Projects – A Guide for Beginners

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. The scalability problem has been on our minds since humankind came up with the first technological inventions. We'll expand on that in this post, looking at the particular case of Layer 2 blockchains. Layer 2 (L2) blockchain definition The "Layer 2 blockchain technology" concept is gaining…

Honeypot Crypto Scams – What are They and How do They Work?

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 2021. Among the many operations used by criminals, the practice of 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…

Coinbase – Ethereum May Confirm Its Primacy in the Smart Contracts World

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…

Top 5 Smart Contract Auditing Companies

Deploying a smart contract on the blockchain without auditing can quickly spell "suicide" for most projects. Nowadays, hackers are constantly looking for potential code errors and vulnerabilities. Furthermore, most users have the necessary experience to know they cannot trust unaudited DeFi and crypto protocols. Fortunately, no project has to launch unaudited, especially with the abundance of professional auditors in the industry. These experts can check smart contracts in-depth, detect errors or vulnerabilities, and suggest fixes. Simply put, they increase a…

What is a Smart Contract Audit?

Blockchain technology is one of the groundbreaking inventions of our time. Its open-source and highly secure features have allowed an explosion of DeFi applications and crypto projects. However, while blockchain is almost impenetrable, its applications are not. Most blockchain-based protocols function on intelligent contracts, prone to vulnerabilities and code errors. It only takes one hacker attack to destroy several months' worth of development and the project's reputation forever. Fortunately, any project can prevent this catastrophe with an external smart contract…

What it Means to Be a Blockchain Lawyer

A growing interest in cryptocurrencies and blockchains is steadily rising as individuals shift from the traditional financial system to the digital currency world. Blockchains, in particular, present impressive solutions focused on recording, maintaining, and securing data on a public ledger.  Despite introducing a practical data management feature, blockchain technology is still under heavy examination across the financial industry and beyond. Thus, it makes various regulators hesitant with the blockchain's applications and capabilities as they are delegated to assure the banking…

CoinGecko: ETH Outperformed BTC in Market Dominance in 2020

According to the 2020 CoinGecko yearly report, bitcoin's smaller brother ETH has been the standout performing crypto of the past year. The report delved deep into what has been an exciting journey for the crypto space over the past 12 months; the period was marked by major events such as a resurgent decentralized finance space and massive adoption of BTC by institutions part of their hedging strategies. BTC may have grabbed the headlines in 2020 with its explosive run and…

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