Security firm Hosho revealed recently that most smart contracts are vulnerable, and that a good percentage of them have bugs that can cripple the entire ecosystem if not handled.
A Billion Dollar Bug
Security outfit Hosho, who is arguably the biggest tech auditor, said that most of the projects it handled could have been destroyed if it did not scrutinize the code thoroughly, as the projects have one security issue or another, especially, as it relates to bugs.
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.
One of the well known and documented projects with such vulnerabilities would be the Ethereum project. Rumour has it that Ethereum lost hundreds of millions, which are either stolen or locked away, due to the exploitable nature of its code.
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.
To combat the menace posed by the bug, major players are putting all the cards on the table to rid smart contracts of the dreaded security issue and make it safe again. It is in this vein that community management and consultancy firm Amazix decided to partner with security expert Hosho to offer its numerous client smart contract auditing, which will be thorough and effective.
The CMO of Amazix, Keneth Berthelsen said that “In the absence of industry standards, we see smart contracts auditing and penetration testing to be essential components of good security in blockchain systems.” The consultancy firm, CMO continued by saying “in our view, there are no better-qualified people to do this than Hosho engineers.”
The crusaders of cryptocurrencies are of the opinion that smart contracts are the future, and can be used to automate virtually every sector of the economy, governance and day to day activities of man.
Before it can be fully trusted, there need to be more qualified smart contract programmers, and also, these projects should not be done in a rush as events such as these leads to a crumbling of platforms and investors money.