SolidProof to Open Smart Contract Auto-Audit Tool for Large Scale Access

SolidProof – a German-based security company – will soon make its automatic smart contract auditing tool available for development teams everywhere. The product is meant to support the growing decentralized finance (Defi) space by addressing its all too common security threats. The Need for Security Defi is a popular application for blockchain technology that builds on the original monetary function that Bitcoin was designed for. Whereas Bitcoin was created as a form of trustless money, defi enables trustless financial services…

Understanding Advanced Smart Contracts

The clever use of smart contracts has contributed significantly to the exploding popularity of blockchain technology. Initially proposed by computer scientist Nick Szabo, a smart contract is a collection of instructions executing automatically. This technology aims to make the contract execution as automated as possible. Many know how basic smart contracts work, but it is rare to find a guide on their advanced versions. After a basic overview, we will analyze two typical cases of advanced smart contracts. The article…

How to Use Ethereum Smart Contracts

Smart contracts might seem like complex cryptocurrency jargon to contemplate, but in reality, it's not. An Ethereum smart contract is an automated agreement between two parties written in code. Smart contracts have continued to bloom in the crypto space, and more is yet to come. One analysis shows that the wise contract market size might reach USD 345.4 million by 2021 at a CAGR of 18.1%. Ethereum smart contracts have had a notable impact in revolutionizing the crypto space and…

How Elrond Makes Smart Contracts Function Seamlessly

The Internet and blockchain technology are the precursors for an age that supports virtual digital currencies. As the world becomes more digital, the need for technological advancement is eminent. Above all, centralization is an ownership problem that decentralized finance fixes. Elrond network is a highly secure, fast, efficient, and scalable blockchain platform for distributed apps. Its primary objective is to construct a transparent architecture for different economies. Additionally, it aims to have low latency and high bandwidth transactions. Most importantly,…

How Smart Contracts Influence the Crypto Market Balance

A smart contract is a self-executing contract between two traders written directly into lines of code. It contains the terms of the agreement between the buyer and the seller. This code exists on a decentralized, immutable public ledger, enabling the secure exchange of value. Furthermore, that code controls the execution, and the transactions are irreversible, transparent, and trackable. Smart contracts permit the transaction of valuable digital or physical assets between anonymous parties without the need of a mediator, legal system, or central…

Are Smart Contracts the Only DeFi Sector’s Guarantee on User Safety?

The security situation within the DeFi sector has been one of the top issues for users. Many new projects and inventions make attempts to address it a priority. These projects make several attempts to provide some slight assurance of user safety to users as a result. Among the key lines of thought is improving project anonymity. Using items like crypto tumblers may enhance the ability of masking. Another angle of improving user safety is targeting malware that carries out phishing…

Hoskinson Says Cardano’s Alonzo HardFork Can Enable Users to Run Smart Contracts

Cardano (ADA) users will run smart contracts on the network once the Blockchain completes its Alonzo Hardfork. That is according to Charles Hoskinson ADA's founder. Mr. Hoskinson revealed the news through a YouTube live stream.  The announcement paves the way for Cardano to enter the Smart Contract sector, challenging Ethereum's supremacy in the space. It will come as welcome news for ADA holders and neutrals who've been looking for alternatives besides the Ethereum Network(ETH). A significant gripe against ETH has…

A Look into Hybrid Smart Contracts; What are Their Uses?

Smart contracts were introduced in 2015 with the introduction of the Ethereum network. Their role was to digitize and tokenize financial and non-financial services like payments, trading, etc. Through the use of smart contracts, the process of signing contracts is highly simplified, only following the blockchain.  Primarily, smart contracts are not bound by a particular jurisdiction; therefore, they can operate on a global level.    However, one problem associated with making smart contracts is that they cannot access off-chain data. Instead,…

Smart Contracts Now Accumulate Nearly 25% of Ethereum’s Total Supply

According to insights by the ETHhub founder Anthony Sassano, smart contracts account for Ethereum worth $63 billion. The value follows up on the Decentralized Autonomous Organization (DAO) event, which took place in 2016 and had Ethereum worth $230 million. Ideally, smart contracts are a pioneering technology residing on a blockchain that enables parties to make agreements through a code. Unfortunately, data also shows that huge chunks of ETH withdrawals make their way into DeFi applications and smart contracts, leaving exchanges…

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