How safe are assets held in smart contracts on-chain, really?
Definition: In 2016, The DAO was attacked through a reentrancy vulnerability. Ethereum later addressed the incident with a hard fork, while the unforked original chain continued as Ethereum Classic (ETC).
The reasoning behind it: An audit doesn't guarantee security. Audits have limited scope and duration; they can only reduce the likelihood of common vulnerabilities, not rule out every problem.
The Ethereum network associated with $ETH was among the first public blockchains to support general-purpose smart contracts.
Make sure you understand the rules before getting started. Don't place orders based on gut feelings.
For reference only; not investment advice.
Definition: In 2016, The DAO was attacked through a reentrancy vulnerability. Ethereum later addressed the incident with a hard fork, while the unforked original chain continued as Ethereum Classic (ETC).
The reasoning behind it: An audit doesn't guarantee security. Audits have limited scope and duration; they can only reduce the likelihood of common vulnerabilities, not rule out every problem.
The Ethereum network associated with $ETH was among the first public blockchains to support general-purpose smart contracts.
Make sure you understand the rules before getting started. Don't place orders based on gut feelings.
For reference only; not investment advice.