Securing Decentralized Systems: The Importance of Cybersecurity in Smart Contracts - Part 2

09 May 2019 . category: tech . Comments
#security #privacy #blocktopus

Last time, we discussed the critical role of trust in a decentralized environment, particularly in Token Offerings. However, one issue that has significantly damaged trust in decentralized ecosystems is cybersecurity. Decentralized systems consist of many building blocks, each of which can negatively impact the entire system if compromised. Smart Contracts are a specific category of building blocks. They are executable code that runs on a decentralized network, much like a vending machine that, once programmed and filled with items, serves them to users who deposit coins. Smart Contracts are the beating heart of a decentralized system, and any bug can be catastrophic to the entire system, as it will likely affect the Contract’s funds and stakeholders.

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