Published
5 years ago on
August 30, 2018
“The firm stressed that over 59% of the projects were affected in one way or the other and that despite the huge amount of money that is involved in these projects, it’s still not safe. Though effort have been made by experts on how to fight the threat, as it is feared that, if not managed properly, it may destroy projects that are worth billions of dollars and raise another question on the security level of the industry and give crypto haters the bragging right to cast more aspersions on the growing industry.”The risk though, does not have to be thereOf course, cryptocurrency projects are working to ensure that they can address these bugs in a timely manner. Many even pay ‘hackers’ to locate these bugs for them in programmes known as ‘bug bounties’. Within this, hackers can be paid in cryptocurrency to locate and report bugs, it’s a nice way of keeping those risky people on the right side of the law I suppose.The real solution though, can only be found when more people are ‘qualified’ to build and maintain smart contracts. It seems that education is the key to ironing out these bugs and that one day, developers will be able to spot them and combat them more easily, first though, these developers need to start working along a framework of industry standards. According to ZyCrypto, the CMO of Amazix, a management and consultancy firm, Keneth Berthelsen has said:
“In the absence of industry standards, we see smart contracts auditing and penetration testing to be essential components of good security in blockchain systems.”Get these standards outlined, get developers working on the same page and soon enough, bugs should become a thing of the past.Is this really the way forward?We are in favour of cryptocurrency education and believe that this is a part of that. By having better informed developers working alongside a set of standards, bugs will be easier to locate and importantly, they will be easier to avoid. Once we know what causes the bugs to exist, we can alter our approach to ensure bugs aren’t left to flourish within smart contracts and other blockchain projects.It’s a long drawn out approach, but eventually it will pay dividends. ReferencesZyCrypto Investment Disclaimer
