Report reveals that the Ethereum ecosystem (ETH) could be influenced by the lack of diversity in Smart Contracts – ETH / USD price today


The entire ecosystem of Ethereum is threatened by the lack of diversity in the smart contracts of the ETH. This report comes from the research of analysts from the University of Maryland and Northeastern University. It was also released on October 31st.

Ethereum Price (ETH) today – ETH / USD

Analyzing Contractual topology of Ethereum

The document was titled "Analysis of the Ethereum Contract Topology" and claims that many of the ETH smart contracts or direct or closed copies of other contracts. This represents a potential risk in which a smart copy contains a buggy or vulnerable code.

The US National Science Foundation supported this research. He analyzed the bytecodes of intelligent ETH contracts during the first 5 million blocks. This part covers a period of three years from the start of the cryptocurrency in 2015. The data was collected by the researchers and modified using the Ethereum virtual machine and was called Geth. This was done to record all interactions between users and contracts.

The results of the study

Currently, Ethereum's smart contracts are three times more likely to be created by other contracts than by users. Furthermore, more than 60% of contracts have never been interacted with. Less than ten percent of the contracts supported by the user were unique. The research also revealed that there is significant reuse of codes on Ethereum. This could presumably negatively influence the Ethereum user. Still, it is a likely driving force behind the success of the digital currency.

Considering the lack of diversity in smart contracts on Ethereum as a potential risk to the entire Blockchain ecosystem, the researchers revealed that ETH is now subject to high-profile bugs. This caused the freezing of over $ 170 million in digital currency. The research concluded by stating that multiple implementations of the main functionality of the ETH blockchain contract would provide greater defense for the system.

Ethereum is an open source public platform based on Blockchain. It was developed by Vitalik Buterin and features intelligent contracts and its native cryptocurrency called Ether.

The digital currency was launched only three years ago and became the second largest cryptocurrency by market capitalization. Its market capitalization is $ 20.6 billion; the price is currently at $ 200 at the time of writing this article.

Last month, smart cryptocurrency contracts suffered a security breach. This caused nearly $ 38,000 in losses on SpankChain, an adult entertainment platform. Even its users have suffered losses.

In April of this year, the second largest exchange of cryptocurrencies in the world by trade volume, OKEX stopped all ERC20 token deposits when they detected a new intelligent contract bug. This bug allowed hackers to generate a very large number of tokens. It could also deposit tokens in a regular address.

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