SmartContract
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Mental Health, AI and Blockchain: The New Frontier of Digital Care
#BlackRock
#blockchain
#SmartContract
#BlockchainNews s #criptomoedas.
#BlackRock
#blockchain
#SmartContract
#BlockchainNews s #criptomoedas.
Friend.Tech Token Drops 25.6% in 24 Hours
FRIEND Token Sees Sharp Decline
According to BlockBeats, the FRIEND token has experienced a substantial decline over the last 24 hours, falling by 25.6%.
Key details include:
Current Price: $0.06668
Market Capitalization: $6.29 million
24-Hour Trading Volume: $221,000
Impact of Smart Contract Changes
In a related update, the developers of Friend.Tech have recently handed over control of the protocol’s smart contract. This decision may have contributed to the recent downturn in the FRIEND token’s market performance.
Market Outlook
The relinquishment of control over the smart contract has raised questions about the future direction of the project, and traders are closely watching how these changes will impact token stability and long-term value.
#FriendTech #friend.tech #CryptoDecline #smartcontract #CryptoMarketTrend
FRIEND Token Sees Sharp Decline
According to BlockBeats, the FRIEND token has experienced a substantial decline over the last 24 hours, falling by 25.6%.
Key details include:
Current Price: $0.06668
Market Capitalization: $6.29 million
24-Hour Trading Volume: $221,000
Impact of Smart Contract Changes
In a related update, the developers of Friend.Tech have recently handed over control of the protocol’s smart contract. This decision may have contributed to the recent downturn in the FRIEND token’s market performance.
Market Outlook
The relinquishment of control over the smart contract has raised questions about the future direction of the project, and traders are closely watching how these changes will impact token stability and long-term value.
#FriendTech #friend.tech #CryptoDecline #smartcontract #CryptoMarketTrend
💥💥💥 Base #DeFiProject disappears after #RugPull
BaseBros Fi Disappears After Orchestrating Rug Pull on Base Blockchain
- BaseBros Fi, a decentralized finance (DeFi) yield optimization protocol on the Base blockchain, vanished from the internet after allegedly stealing users' funds through an unaudited smart contract.
- On September 13, BaseBros deleted its official website and removed its social media presence, including its accounts on X (formerly Twitter) and Telegram. Blockchain security firm Chain Audits, which had previously reviewed some of BaseBros' contracts, revealed that the platform executed a rug pull through an "unaudited and unverified Vault contract."
- BaseBros had garnered a following of roughly 2,000 users on X and 3,300 members on Telegram before it disappeared.
Rug Pull Exploited Vulnerable #smartcontract
- Chain Audits reported that it had reviewed four of the five smart contracts used by BaseBros, but the contract responsible for the rug pull—called the Vault contract—was not included in the audit scope. This contract contained a backdoor vulnerability that allowed the project's owners to siphon funds from the 'Strategy' contract.
No Impact on Seamless Protocol
- The rug pull initially raised concerns about the Seamless protocol due to similarities in contract labeling, but blockchain investigator Cyvers clarified that only BaseBros was affected. The attacker funneled $130,000 worth of stolen funds through Tornado Cash, a crypto mixing service.
- Seamless reassured users that their funds were safe following an internal investigation into the BaseBros incident. Chain Audits confirmed that only BaseBros was affected, with funds drained from multiple pools.
Hackers Celebrate DeFi Exploits
- The hacker behind the $27 million Penpie DeFi hack received praise from the Euler Finance attacker, who called it a rare and impressive hack. The Euler hacker, who had returned 90% of the $195 million stolen for legal immunity and a 10% reward, congratulated the Penpie hacker in an on-chain message.
Source - cointelegraph.com
BaseBros Fi Disappears After Orchestrating Rug Pull on Base Blockchain
- BaseBros Fi, a decentralized finance (DeFi) yield optimization protocol on the Base blockchain, vanished from the internet after allegedly stealing users' funds through an unaudited smart contract.
- On September 13, BaseBros deleted its official website and removed its social media presence, including its accounts on X (formerly Twitter) and Telegram. Blockchain security firm Chain Audits, which had previously reviewed some of BaseBros' contracts, revealed that the platform executed a rug pull through an "unaudited and unverified Vault contract."
- BaseBros had garnered a following of roughly 2,000 users on X and 3,300 members on Telegram before it disappeared.
Rug Pull Exploited Vulnerable #smartcontract
- Chain Audits reported that it had reviewed four of the five smart contracts used by BaseBros, but the contract responsible for the rug pull—called the Vault contract—was not included in the audit scope. This contract contained a backdoor vulnerability that allowed the project's owners to siphon funds from the 'Strategy' contract.
No Impact on Seamless Protocol
- The rug pull initially raised concerns about the Seamless protocol due to similarities in contract labeling, but blockchain investigator Cyvers clarified that only BaseBros was affected. The attacker funneled $130,000 worth of stolen funds through Tornado Cash, a crypto mixing service.
- Seamless reassured users that their funds were safe following an internal investigation into the BaseBros incident. Chain Audits confirmed that only BaseBros was affected, with funds drained from multiple pools.
Hackers Celebrate DeFi Exploits
- The hacker behind the $27 million Penpie DeFi hack received praise from the Euler Finance attacker, who called it a rare and impressive hack. The Euler hacker, who had returned 90% of the $195 million stolen for legal immunity and a 10% reward, congratulated the Penpie hacker in an on-chain message.
Source - cointelegraph.com
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📱I LOST MORE THAN €30,000📱I bought 10 $ETH in 2019 at less than $200 each, without having much knowledge I wanted to give them a return while they did not revalue, I put it in a supposed arbitration #smartcontract and everything turned out to be a pyramid scheme (scam), Its later price reached $4000.
Far from making me sad, I remember it as a great lesson that has made me learn to use common sense and not fall into more scams.
BULLRUN = SCAMS take care of your crypto more than ever. $BNB $BTC
#Arbitrum #DeFi #Binance #Scalping
Far from making me sad, I remember it as a great lesson that has made me learn to use common sense and not fall into more scams.
BULLRUN = SCAMS take care of your crypto more than ever. $BNB $BTC
#Arbitrum #DeFi #Binance #Scalping
Over 1Billion #smartcontract s have now been deployed across various chains according to Dune Analytics
#Gnosis $BNB $ETH $MATIC #Optimisim #avalanche #arbirtum
#Gnosis $BNB $ETH $MATIC #Optimisim #avalanche #arbirtum
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Mitosis: Smart Contracts and Cross-Chain Interaction
This is the fourth article in a five-part series. In the previous article, we covered Масштабируемость: Как Mitosis меняет правила игры в блокчейне! 🚀
Introduction
In the modern world of blockchain technologies, smart contracts play a key role in ensuring the automation and reliability of transactions. They are programmable contracts that are automatically executed when predetermined conditions are met. However, as the popularity of blockchains grows, so does the need for their interaction. And this is where Mitosis comes to the rescue! 🌉
Introduction
In the modern world of blockchain technologies, smart contracts play a key role in ensuring the automation and reliability of transactions. They are programmable contracts that are automatically executed when predetermined conditions are met. However, as the popularity of blockchains grows, so does the need for their interaction. And this is where Mitosis comes to the rescue! 🌉
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Smart contracts, transactions, and fees you should know about are among the most important articles
📢 Dear followers,
In one article, we will explain to you three important things in the field of blockchain and #Web3 :
➫ 1- Smart contracts
➫ 2- Transactions
➫ 3- Gas fees
We will provide the information in a very brief way, to ensure that the information reaches you quickly and usefully.
❍ Smart contracts
➫A smart contract is a smart contract that is deployed on the network, and is controlled by the smart contract code.
In one article, we will explain to you three important things in the field of blockchain and #Web3 :
➫ 1- Smart contracts
➫ 2- Transactions
➫ 3- Gas fees
We will provide the information in a very brief way, to ensure that the information reaches you quickly and usefully.
❍ Smart contracts
➫A smart contract is a smart contract that is deployed on the network, and is controlled by the smart contract code.
$ETH
ETH, short for Ethereum, is a blockchain-based platform enabling smart contracts and decentralized application.
"Power to create! #Ethereum , #blockchain , #CryptoPatience , #DeFi, #web3 , #smartcontract , #innovation thrive!"
ETH, short for Ethereum, is a blockchain-based platform enabling smart contracts and decentralized application.
"Power to create! #Ethereum , #blockchain , #CryptoPatience , #DeFi, #web3 , #smartcontract , #innovation thrive!"
hoy voy a empezar a compartir mis posiciones con esta comunidad, voy a practicar day trading. No vendo siñales y no pido dinero ,lo único que necesito es el apoyo de la comunidad apreciando mis publicaciones.
Today I am going to start sharing my positions with this community, I am going to practice day trading. I do not sell signs and I do not ask for money, the only thing I need is the support of the community appreciating my publications.
Aujourd'hui je vais commencer à partager mes positions avec cette communauté, je vais pratiquer le day trading. Je ne vends pas de signal et je ne demande pas d'argent, la seule chose dont j'ai besoin est le soutien de la communauté qui apprécie mes publications.
#BinanceAventura
#BinanceTips
#traders
#TradingConCuidado
#smartcontract
Today I am going to start sharing my positions with this community, I am going to practice day trading. I do not sell signs and I do not ask for money, the only thing I need is the support of the community appreciating my publications.
Aujourd'hui je vais commencer à partager mes positions avec cette communauté, je vais pratiquer le day trading. Je ne vends pas de signal et je ne demande pas d'argent, la seule chose dont j'ai besoin est le soutien de la communauté qui apprécie mes publications.
#BinanceAventura
#BinanceTips
#traders
#TradingConCuidado
#smartcontract
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⚡Reflections from the Ark: If you talk about Blockchain, don't think about Blockchain ⚡
Speaking in technical terminology can be very "cool" among references or experienced voices in the#blockchainsector and ecosystem.
But we are forgetting that huge sector of the population that, in the same way that happened with the#internetera, did not understand the conceptualization and only wanted to know how it worked to understand.
So for that essential reason for authentic adoption:
⛓️It talks about #Blockchain as a digital book that is auditable and reliable between two parties, and cannot be confiscated by a third party.
📜Talk about #smartcontract as a registered agreement that not even the two agents involved can alter.
🪙Talk about a#tokenas a digital unit of the graphic representation that you intend to offer.
💱Talk about #DeFi as the new sovereign and disruptive economy.
🌐Talk about#Web3as the definitive and democratized communication tool by and for the user.
If at any time you doubt, go back to the basics and remember why #Bitcoin appeared on October 31, 2008, but first ask yourself the "why" and the journey that still remains to be done😉.
#havealovelyweekend💎
Speaking in technical terminology can be very "cool" among references or experienced voices in the#blockchainsector and ecosystem.
But we are forgetting that huge sector of the population that, in the same way that happened with the#internetera, did not understand the conceptualization and only wanted to know how it worked to understand.
So for that essential reason for authentic adoption:
⛓️It talks about #Blockchain as a digital book that is auditable and reliable between two parties, and cannot be confiscated by a third party.
📜Talk about #smartcontract as a registered agreement that not even the two agents involved can alter.
🪙Talk about a#tokenas a digital unit of the graphic representation that you intend to offer.
💱Talk about #DeFi as the new sovereign and disruptive economy.
🌐Talk about#Web3as the definitive and democratized communication tool by and for the user.
If at any time you doubt, go back to the basics and remember why #Bitcoin appeared on October 31, 2008, but first ask yourself the "why" and the journey that still remains to be done😉.
#havealovelyweekend💎
Why Does DeFi Still Feel Like a Hack Waiting to Happen? 🧑💻💣
Billions in DeFi, yet protocols keep getting hacked—same bugs, same exploits, same excuses. Audits don’t stop the next backdoor, and insurance protocols rarely cover actual losses. Maybe DeFi isn’t “revolutionary finance” yet… it’s just unregulated beta testing. 😬
Until DeFi matures, every yield farm is a risk farm.
#defi #HackAlert #DeFiLiquidity #SmartContract
Billions in DeFi, yet protocols keep getting hacked—same bugs, same exploits, same excuses. Audits don’t stop the next backdoor, and insurance protocols rarely cover actual losses. Maybe DeFi isn’t “revolutionary finance” yet… it’s just unregulated beta testing. 😬
Until DeFi matures, every yield farm is a risk farm.
#defi #HackAlert #DeFiLiquidity #SmartContract
Five Reasons Why Smart contracts Are Also Dangerous Contracts
Hi Binancians, have you ever trades on decentralized exchangers where you need to copy paste a certain smart contract code to identify a token. I saw sometimes people doing trades on DEX and the token cannot be sold, the token became frozen, the token are hidden and so on. Although the narrative of smart contract is really well. After doing research on smart contract from 2022 I concluded several arguments outlining the potential dangers of smart contracts:
Immutable Exploits: Once a smart contract is deployed on the blockchain, it's typically immutable, meaning it cannot be altered or updated. This can be particularly problematic if a vulnerability or exploit is discovered after deployment. Malicious actors can exploit these vulnerabilities to steal funds or manipulate contract outcomes, with no way for users to intervene or rectify the situation.Centralization Risks: While smart contracts aim to eliminate intermediaries and promote decentralization, in practice, they can sometimes lead to centralization risks. For instance, the concentration of wealth or decision-making power among a small number of contract developers or stakeholders can undermine the principles of decentralization and create opportunities for manipulation or collusion.Economic Incentives: Smart contracts often involve financial transactions or incentives, which can incentivize malicious actors to exploit vulnerabilities for personal gain. The potential for financial rewards can drive individuals or groups to engage in activities such as front-running, insider trading, or exploiting price oracles to manipulate contract outcomes.Social Engineering Attacks: Smart contracts are not immune to social engineering attacks, where malicious actors manipulate users into performing actions that benefit the attacker. For example, phishing attacks targeting users of decentralized finance (DeFi) platforms can trick individuals into approving transactions that transfer funds to the attacker's address or interact with malicious contracts unknowingly.Regulatory Compliance: As smart contracts become more widely used, regulatory scrutiny and compliance requirements are likely to increase. However, the decentralized and pseudonymous nature of blockchain can make it challenging to enforce regulations or hold bad actors accountable. This regulatory uncertainty can deter legitimate users from adopting smart contracts and contribute to a perception of the technology as a breeding ground for illicit activities.
in conclussion, always do your own research about smart contracts. Some smart contracts have dangers and they can be re-stated as 'Dangerous Contract'. Thank you for reading my article.
#smartcontract #SC #ETH $ETH $BNB
Immutable Exploits: Once a smart contract is deployed on the blockchain, it's typically immutable, meaning it cannot be altered or updated. This can be particularly problematic if a vulnerability or exploit is discovered after deployment. Malicious actors can exploit these vulnerabilities to steal funds or manipulate contract outcomes, with no way for users to intervene or rectify the situation.Centralization Risks: While smart contracts aim to eliminate intermediaries and promote decentralization, in practice, they can sometimes lead to centralization risks. For instance, the concentration of wealth or decision-making power among a small number of contract developers or stakeholders can undermine the principles of decentralization and create opportunities for manipulation or collusion.Economic Incentives: Smart contracts often involve financial transactions or incentives, which can incentivize malicious actors to exploit vulnerabilities for personal gain. The potential for financial rewards can drive individuals or groups to engage in activities such as front-running, insider trading, or exploiting price oracles to manipulate contract outcomes.Social Engineering Attacks: Smart contracts are not immune to social engineering attacks, where malicious actors manipulate users into performing actions that benefit the attacker. For example, phishing attacks targeting users of decentralized finance (DeFi) platforms can trick individuals into approving transactions that transfer funds to the attacker's address or interact with malicious contracts unknowingly.Regulatory Compliance: As smart contracts become more widely used, regulatory scrutiny and compliance requirements are likely to increase. However, the decentralized and pseudonymous nature of blockchain can make it challenging to enforce regulations or hold bad actors accountable. This regulatory uncertainty can deter legitimate users from adopting smart contracts and contribute to a perception of the technology as a breeding ground for illicit activities.
in conclussion, always do your own research about smart contracts. Some smart contracts have dangers and they can be re-stated as 'Dangerous Contract'. Thank you for reading my article.
#smartcontract #SC #ETH $ETH $BNB
🚀🚀🚀 #Ethereum #smartcontract Framework Updated to Combat Security Concerns
The Ethereum community, ever vigilant in securing the blockchain, has recently upgraded its smart contract framework to address pressing security concerns. This is a crucial step forward in ensuring the safety and reliability of decentralized applications (#dApps ) built on the Ethereum network.
Why the update?
Smart contracts, self-executing agreements stored on the blockchain, are the backbone of dApps. However, they can be vulnerable to various exploits if not coded securely. In the past, several high-profile hacks have targeted vulnerabilities in smart contracts, resulting in significant losses for users.
What's new?
The updated framework, dubbed "EthTrust Security Levels Specification v1", provides developers with a standardized set of best practices and security guidelines for writing smart contracts. This includes:
- Access control mechanisms: Clearly defining who can perform specific actions within a smart contract.
- Error handling: Robustly handling errors and unexpected situations to prevent unintended consequences.
- Formal verification tools: Utilizing tools that mathematically prove the correctness of smart contract code.
Benefits of the update:
- Reduced security risks: By following the recommended practices, developers can significantly reduce the chances of their smart contracts being exploited.
- Increased trust and adoption: Improved security can boost user confidence in dApps, leading to wider adoption and growth of the Ethereum ecosystem.
- Standardized approach: The framework provides a common language for developers and security experts, facilitating collaboration and knowledge sharing.
The road ahead:
While the updated framework is a significant step forward, securing the Ethereum ecosystem is an ongoing process. Developers must remain vigilant in following best practices, and the community needs to continuously refine and strengthen its security tools and procedures.
#CryptoUpdate #BinanceSquareTrends $ETH
The Ethereum community, ever vigilant in securing the blockchain, has recently upgraded its smart contract framework to address pressing security concerns. This is a crucial step forward in ensuring the safety and reliability of decentralized applications (#dApps ) built on the Ethereum network.
Why the update?
Smart contracts, self-executing agreements stored on the blockchain, are the backbone of dApps. However, they can be vulnerable to various exploits if not coded securely. In the past, several high-profile hacks have targeted vulnerabilities in smart contracts, resulting in significant losses for users.
What's new?
The updated framework, dubbed "EthTrust Security Levels Specification v1", provides developers with a standardized set of best practices and security guidelines for writing smart contracts. This includes:
- Access control mechanisms: Clearly defining who can perform specific actions within a smart contract.
- Error handling: Robustly handling errors and unexpected situations to prevent unintended consequences.
- Formal verification tools: Utilizing tools that mathematically prove the correctness of smart contract code.
Benefits of the update:
- Reduced security risks: By following the recommended practices, developers can significantly reduce the chances of their smart contracts being exploited.
- Increased trust and adoption: Improved security can boost user confidence in dApps, leading to wider adoption and growth of the Ethereum ecosystem.
- Standardized approach: The framework provides a common language for developers and security experts, facilitating collaboration and knowledge sharing.
The road ahead:
While the updated framework is a significant step forward, securing the Ethereum ecosystem is an ongoing process. Developers must remain vigilant in following best practices, and the community needs to continuously refine and strengthen its security tools and procedures.
#CryptoUpdate #BinanceSquareTrends $ETH
✨ #Top 10 coins #smartcontract #Money Flow 💰💼 - analysis of the capital flow of large investors who form trends in the market. 📈💼 Track their movements to make informed investment decisions. 🚀💡 more strategies on @INVESTIDEAUA ⚠️ #WBTC #TOMI $OCEAN $MKR $UNI
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What is a smart contract?
Have you ever wondered what this term refers to or pertains to in the crypto-ecosystem world? Well, that won't be the case anymore! But hold on—you'll need some basic understanding of topics like Blockchain, though.
Without further ado, let's break it though,
A DefinitionIts useHow it works
Definition
A smart contract, similar to any contract (an agreement between two or more parties, to perform a specific job or work order, often temporary or of fixed duration and usually governed by a written agreement), defines the conditions of an agreement. However, unlike traditional contracts, the terms of a smart contract are executed through code on a blockchain such as Ethereum. These contracts enable developers to create applications that benefit from blockchain's security, reliability, and accessibility, while providing advanced peer-to-peer capabilities—ranging from loans and insurance to logistics and gaming.
Like any conventional contract, smart contracts outline the terms of a deal. What makes them "smart" is that these terms are encoded and executed on a blockchain, rather than being written on paper and handled by legal professionals. Smart contracts build upon the core concept behind Bitcoin—allowing transactions without the need for a "trusted intermediary" like a bank—making it feasible to securely automate and decentralize virtually any type of transaction, no matter how complex. Since they operate on blockchains like Ethereum, they ensure security, reliability, and unrestricted global accessibility.
Why are smart contracts important?
Smart contracts enable developers to create a broad range of decentralized applications (dapps) and tokens. These contracts are utilized in various fields, from innovative financial tools to logistics and gaming, and are stored on a blockchain just like other cryptocurrency transactions. Once a smart-contract-based application is added to the blockchain, it is generally immutable, although there are exceptions in some cases.
Applications powered by smart contracts are commonly referred to as decentralized applications (dapps). This includes decentralized finance (DeFi) technologies, which are designed to revolutionize the banking sector. DeFi apps allow cryptocurrency holders to participate in complex financial activities—such as saving, lending, and insurance—without the need for traditional financial intermediaries like banks, and from any location in the world. Some of the popular smart-contract-driven applications include:
- Uniswap: A decentralized exchange that allows users to trade certain cryptocurrencies via smart contracts, without any central authority determining the exchange rates.
- Compound: A platform where smart contracts enable investors to earn interest and borrowers to obtain loans instantly, all without a bank as an intermediary.
- USDC: A cryptocurrency tied to the U.S. dollar through a smart contract, ensuring that one USDC is always equivalent to one U.S. dollar. USDC falls into a newer category of digital currencies known as stablecoins.
To understand how these smart contract tools might work in practice, imagine you own some Ethereum and want to trade it for USDC. You could use Uniswap, where a smart contract automatically finds the best exchange rate, completes the trade, and sends you the equivalent USDC. You might then deposit some USDC into Compound, lending it to others and earning an algorithmically determined interest rate—without needing to involve a bank or financial institution.
In traditional finance, currency exchanges are often costly and time-consuming, and lending assets to strangers across the globe is neither easy nor secure. However, smart contracts make both of these scenarios, along with countless others, possible.
How do smart contracts work?
Smart contracts were first introduced in the 1990s by computer scientist and lawyer Nick Szabo, who famously likened them to a vending machine. Imagine a machine that sells sodas for a quarter: when you insert a dollar and select a soda, the machine is programmed to either dispense the drink along with 75 cents in change, or, if sold out, prompt you to make another selection or return your dollar. This represents a basic smart contract. Just as a vending machine can facilitate a transaction without human involvement, smart contracts can automate a wide range of exchanges.
Today, Ethereum is the most widely used platform for smart contracts, though many other blockchain networks (such as EOS, Neo, Tezos, Tron, Polkadot, and Algorand) also support them. Anyone can create and deploy a smart contract on a blockchain. Their code is transparent and publicly accessible, allowing anyone to verify the contract's logic when it handles digital assets.
Smart contracts are programmed using various languages, including Solidity, Web Assembly, and Michelson. On the Ethereum blockchain, the code of each smart contract is stored on-chain, making it possible for anyone to inspect the contract’s code and its current state to ensure it functions as expected.
Every node on the network maintains a copy of all existing smart contracts and their current states, along with the blockchain and transaction data. When a smart contract receives funds from a user, its code is executed by all nodes on the network to reach consensus on the outcome and the flow of value. This process allows smart contracts to operate securely without a central authority, even for complex financial interactions between unknown parties.
To run a smart contract on the Ethereum network, users typically have to pay a transaction fee called "gas." This fee ensures that the blockchain continues functioning.
Once a smart contract is deployed on a blockchain, it is generally immutable—even the original creator cannot modify it (though there are some exceptions). This immutability protects the contract from being censored or shut down.
Okay folk, that's all, hope you enjoyed it and that the "Smart contract" thing was demystified!
@Binance News @Binance Academy #etherreum #smartcontracts #bitcoin☀️ #DeFiEducation #Blochain
Without further ado, let's break it though,
A DefinitionIts useHow it works
Definition
A smart contract, similar to any contract (an agreement between two or more parties, to perform a specific job or work order, often temporary or of fixed duration and usually governed by a written agreement), defines the conditions of an agreement. However, unlike traditional contracts, the terms of a smart contract are executed through code on a blockchain such as Ethereum. These contracts enable developers to create applications that benefit from blockchain's security, reliability, and accessibility, while providing advanced peer-to-peer capabilities—ranging from loans and insurance to logistics and gaming.
Like any conventional contract, smart contracts outline the terms of a deal. What makes them "smart" is that these terms are encoded and executed on a blockchain, rather than being written on paper and handled by legal professionals. Smart contracts build upon the core concept behind Bitcoin—allowing transactions without the need for a "trusted intermediary" like a bank—making it feasible to securely automate and decentralize virtually any type of transaction, no matter how complex. Since they operate on blockchains like Ethereum, they ensure security, reliability, and unrestricted global accessibility.
Why are smart contracts important?
Smart contracts enable developers to create a broad range of decentralized applications (dapps) and tokens. These contracts are utilized in various fields, from innovative financial tools to logistics and gaming, and are stored on a blockchain just like other cryptocurrency transactions. Once a smart-contract-based application is added to the blockchain, it is generally immutable, although there are exceptions in some cases.
Applications powered by smart contracts are commonly referred to as decentralized applications (dapps). This includes decentralized finance (DeFi) technologies, which are designed to revolutionize the banking sector. DeFi apps allow cryptocurrency holders to participate in complex financial activities—such as saving, lending, and insurance—without the need for traditional financial intermediaries like banks, and from any location in the world. Some of the popular smart-contract-driven applications include:
- Uniswap: A decentralized exchange that allows users to trade certain cryptocurrencies via smart contracts, without any central authority determining the exchange rates.
- Compound: A platform where smart contracts enable investors to earn interest and borrowers to obtain loans instantly, all without a bank as an intermediary.
- USDC: A cryptocurrency tied to the U.S. dollar through a smart contract, ensuring that one USDC is always equivalent to one U.S. dollar. USDC falls into a newer category of digital currencies known as stablecoins.
To understand how these smart contract tools might work in practice, imagine you own some Ethereum and want to trade it for USDC. You could use Uniswap, where a smart contract automatically finds the best exchange rate, completes the trade, and sends you the equivalent USDC. You might then deposit some USDC into Compound, lending it to others and earning an algorithmically determined interest rate—without needing to involve a bank or financial institution.
In traditional finance, currency exchanges are often costly and time-consuming, and lending assets to strangers across the globe is neither easy nor secure. However, smart contracts make both of these scenarios, along with countless others, possible.
How do smart contracts work?
Smart contracts were first introduced in the 1990s by computer scientist and lawyer Nick Szabo, who famously likened them to a vending machine. Imagine a machine that sells sodas for a quarter: when you insert a dollar and select a soda, the machine is programmed to either dispense the drink along with 75 cents in change, or, if sold out, prompt you to make another selection or return your dollar. This represents a basic smart contract. Just as a vending machine can facilitate a transaction without human involvement, smart contracts can automate a wide range of exchanges.
Today, Ethereum is the most widely used platform for smart contracts, though many other blockchain networks (such as EOS, Neo, Tezos, Tron, Polkadot, and Algorand) also support them. Anyone can create and deploy a smart contract on a blockchain. Their code is transparent and publicly accessible, allowing anyone to verify the contract's logic when it handles digital assets.
Smart contracts are programmed using various languages, including Solidity, Web Assembly, and Michelson. On the Ethereum blockchain, the code of each smart contract is stored on-chain, making it possible for anyone to inspect the contract’s code and its current state to ensure it functions as expected.
Every node on the network maintains a copy of all existing smart contracts and their current states, along with the blockchain and transaction data. When a smart contract receives funds from a user, its code is executed by all nodes on the network to reach consensus on the outcome and the flow of value. This process allows smart contracts to operate securely without a central authority, even for complex financial interactions between unknown parties.
To run a smart contract on the Ethereum network, users typically have to pay a transaction fee called "gas." This fee ensures that the blockchain continues functioning.
Once a smart contract is deployed on a blockchain, it is generally immutable—even the original creator cannot modify it (though there are some exceptions). This immutability protects the contract from being censored or shut down.
Okay folk, that's all, hope you enjoyed it and that the "Smart contract" thing was demystified!
@Binance News @Binance Academy #etherreum #smartcontracts #bitcoin☀️ #DeFiEducation #Blochain
👉👉👉 Total Value of Crypto Stolen From #DEFI Platforms in 2023 Plummets by 63.7% Year-on-Year: #Chainalysis
#blockchain analysis firm Chainalysis has reported a significant decline in the value of crypto assets stolen by cybercriminals in 2023, attributing the decrease to a substantial drop in hacking incidents targeting decentralized finance (DeFi) platforms.
In a recent report, Chainalysis highlights that hackers pilfered just $1.1 billion from DeFi protocols in 2023, compared to $3.1 billion in 2022 and $2.5 billion in 2021.
The report indicates a 17.2% year-over-year decrease in the number of DeFi hacks, accompanied by a 7.4% drop in the median loss per DeFi hack.
The reduction in the value stolen from DeFi platforms is seen as a positive sign, suggesting that operators are enhancing #smartcontract security. Additionally, the decline in DeFi activities throughout the year contributed to fewer protocols for hackers to target.
Chainalysis emphasizes that the reasons behind the drop in DeFi hacking could be a combination of improved security practices and the overall decrease in DeFi activity. The report cautions that if the decline is primarily due to reduced DeFi activities, it will be crucial to monitor whether DeFi hacking rises again during another DeFi bull market, potentially leading to higher total value locked (TVL) and a larger pool of DeFi funds for hackers to exploit
Source - dailyhodl.com
#CryptoNews
#blockchain analysis firm Chainalysis has reported a significant decline in the value of crypto assets stolen by cybercriminals in 2023, attributing the decrease to a substantial drop in hacking incidents targeting decentralized finance (DeFi) platforms.
In a recent report, Chainalysis highlights that hackers pilfered just $1.1 billion from DeFi protocols in 2023, compared to $3.1 billion in 2022 and $2.5 billion in 2021.
The report indicates a 17.2% year-over-year decrease in the number of DeFi hacks, accompanied by a 7.4% drop in the median loss per DeFi hack.
The reduction in the value stolen from DeFi platforms is seen as a positive sign, suggesting that operators are enhancing #smartcontract security. Additionally, the decline in DeFi activities throughout the year contributed to fewer protocols for hackers to target.
Chainalysis emphasizes that the reasons behind the drop in DeFi hacking could be a combination of improved security practices and the overall decrease in DeFi activity. The report cautions that if the decline is primarily due to reduced DeFi activities, it will be crucial to monitor whether DeFi hacking rises again during another DeFi bull market, potentially leading to higher total value locked (TVL) and a larger pool of DeFi funds for hackers to exploit
Source - dailyhodl.com
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BSCT (Blockchain Smart Contract Token) is a token used for smart contract transactions. #BSCT #Blockchain #Crypto #SmartContract #Token #DeFi
BSCT (Blockchain Smart Contract Token) is a token used for smart contract transactions. #BSCT #Blockchain #Crypto #SmartContract #Token #DeFi
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