6 Common Vulnerabilities In Smart Contracts

At the end of 2023, the global smart contract market is expected to reach approximately 300 million USD. Smart contracts are useful for peer to peer transactions in blockchains. They are also helpful for trade finance, insurance to improve claim processing, stock taking, and record keeping.  Much as these blockchain applications are useful in various industries, they may not always be safe and are prone to attacks. The effects of smart contract attacks are very devastating and can cause significant…

Understanding Overflow and Underflow Attacks on Smart Contracts

One of the best outcomes of blockchain is smart contracts, a computer protocol that facilitates, verifies, and sometimes implements a contract or negotiation. Smart contracts' exciting uses are record keeping in healthcare, real estate, property ownership, insurance, and voting systems.  Despite the preference for smart contracts, one cannot claim that it is a fully secure system. Any unexpected and unwanted elements in a smart contract can have enormous consequences. For example, a bug in a smart contract may trigger it…

What are Oracles and Why Do Smart Contracts Need Them?

What is an Oracle? “An oracle is a person or agency considered to provide wise and insightful counsel or prophetic predictions or precognition of the future, inspired by the gods” - this is the literal definition of an oracle. When moving to the world of Software, the word keeps much of what they used to mean, with a few tweaks here and there. Leaving aside predictions and Godly figures, Oracles are, in a strict software sense, external data feeds used by…

Apollo Currency Review: The All-in-One Cryptocurrency

Ever since the invention of Bitcoin and blockchain technology, several altcoins have emerged every so often. With several blockchain projects always developing, projects must present a unique property or trait to get ahead of the competition. Privacy issues on blockchain technology have been an issue among many crypto enthusiasts. Although one of the things that the blockchain technology promised during its onset years was anonymity, there have been several privacy breaches. Therefore, it is no surprise that more crypto projects promising…

A Guide on the History of Smart Contracts

A traditional contract, which is still universally used to date, is a written document that frameworks cooperation. It includes the terms and conditions of a partnership or service agreement. Contracts are traditionally written in a language that is perceivable and understandable to the humans who make it. The contracts include all the clauses, by-laws, and other important elements that eventually make it unfalsifiable. But with the advent of the internet and other connective technologies, the paradigm of human readability and…

A Post Pandemic Growth Expected For Ethereum’s DeFi

The Covid 19 pandemic has exposed the world's financial system to tremendous challenges. The United States government proposed a jaw-dropping $2.2 trillion bailout for the stock market. All this was to act as a relief measure to the current crisis within the traditional markets. Such interventions point to centralization being a powerful and indispensable feature in the traditional financial system. Equitable and Faster Wealth Distribution But reports point to the existence of a huge challenge regarding wealth distribution of this…

Beginner’s Guide to MakerDAO – Resolving the Fight Against Volatility

The DeFi Ecosystem Decentralized Finance, or more commonly known as DeFi, is the newest trend in the cryptocurrency sector. After "Colored Coins," Smart Contracts, and ICOs, DeFi has taken the limelight. It has opened the door to a whole new branch of decentralized technologies. Among the several hundreds of projects that focus on bringing Decentralize Finance to the masses, none has been as successful as the MakerDAO Network. The Need for MakerDAO The MakerDAO is a decentralized smart contract platform…

Blockchain Technology: The New Counterfeit Police with Enhanced Traceability

One of the biggest problems facing the manufacturing and supply industry is counterfeiting. Counterfeit goods are a global problem with an estimated worth of half a trillion dollars a year, representing 2.5% of global imports. Years back, counterfeits were a small-time illegal business but have since grown immensely to impact companies behind original brands profoundly.  The counterfeiting industry has, in fact, risen to be a complex business having devastating effects not only on numerous businesses across the globe but also…

The Importance of Smart Contracts: An In-depth Analysis

Turing completeness is the ability of any system to stimulate other Turing complete machines. Simply put, a stimulation, when configured with specific instructions, could function on its own without outside/external interference. Qixcoin was the first cryptocurrency to feature in its source code a Turing complete mechanism. The mechanism allowed for the continuous embedding of verification that could function without third-party arbitration. It didn't take long for this innovation to pick up. Vitalik Buterin described a derivative of this mechanism that…

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