Crypto 150m ethereum smart

If I missed my payment, I will be locked out.

However smart contracts also have their downsides. Going back to my previous example, instead of having to kick out a renter that isn’t paying, a “smart” contract would lock the non-paying renter out of their apartment.

A truly intelligent contract on the other hand, would take into account other factors as well, such as extenuating circumstances, the spirit with which the contract was written and it would also be able to make exceptions if warranted. In other words, it would act like a really good judge. Instead, a “smart contract” in the context of Ethereum is not intelligent at all.

It’s actually uncompromisingly letter strict. It follows the rules down to a T and can’t take any secondary considerations or the “spirit” of the law into account like what commonly happens with real world contracts.


Yuga Lab’s much-anticipated “Otherside” metaverse land, called Otherdeed non-fungible tokens (NFTs).

In total, over USD 150m was spent in gas fees during the mint as users tried to secure space in the upcoming block by taking part in a priority gas auction, a process also referred to as “gas war.”

While it’s next to impossible to completely avoid gas wars during highly-anticipated NFT mints, Yuga Labs could have taken certain measures to dramatically reduce the potential for a massive gas war, crypto research firm CoinMetricssaid in a recent report.

The report noted that Yuga Labs should have designed a mechanism to let the market decide the fair price of the mint instead of setting a flat price.

Peckshield alleged that a hacker pumped crypto-currency worth $96m out of the Binance smart chain and kenneled $100m worth of crypto-currencies from the Ethereum blockchain. It reported that a mix of more than 20 tokens, including Binance, Safemoon, and Shiba Inu, was stolen in the incident.

To cover their digital tracks, the hacker reportedly used DEX aggregator 1inch to switch the stolen assets with Ethereum before sending the loot through non-custodial privacy solution Tornado Cash.

BitMart founder and CEO Sheldon Xia said on Sunday that the company had suffered a security breach that was “mainly caused by a stolen private key that had two of our hot wallets compromised.”

According to BitMart, the cyber-criminal(s) behind the theft withdrew about $150m in assets.

Crypto 150m ethereum smart-

If they act maliciously they gain nothing and the loss comes from the wasted energy used in submitting the fraudulent or inaccurate transaction.

In proof-of-stake (PoS) users stake tokens and receive additional tokens for submitting authentic transactions, while losing a portion for submitting wrong transactions.

In proof-of-time (PoT) protocols the principle is the same, with validators receiving additional tokens for submitting authentic transactions but lose tokens for submitting inaccurate or malicious transactions.

While PoS and PoT share some similarities, they are two very different protocols.

What is proof-of-stake?

PoS is a consensus algorithm that works by users staking their tokens as collateral by locking them into a smart contract. The system works by selecting a validator, also known as miners or nodes, to process a block of transactions.

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Staking a larger amount of tokens also makes it more likely that a validator will be selected.

Recent: FTX CEO and Solana co-founder offer advice for building Web3 ecosystems

PoT is similar to dPoS since users on the network vote to decide which delegates can validate the next block. However, there are some differences in the voting process, with PoT having multiple voting stages.

During the first voting stage, validators, known as time electors, submit a block that contains data including transactions to be added to the Timechain. If the block is accepted, the block is validated, with all transactions within the block being processed.

Time electors are chosen through a selection process that looks at the electors ranking score and number of tokens staked.

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Daily trading volume is higher than Kraken’s today, and half of Coinbase’s pic.twitter.com/HXbNi4j4Pc— Curve (@CurveFinance) July 19, 2020

At the time, well over $100 million of liquidity was held in the Balancer and Curve smart contracts that underpinned YFI.

Now, for those that haven’t followed Andre, he is known for his gung ho approach to DeFi development. The code that Andre writes is never audited (something he is transparent about) and he is famous for his Twitter bio, “I test in prod” (prod meaning production).

Despite this knowledge and with a textbook bystander effect, no one thought to do even the most basic of due diligence.

“Surely given Andre’s history of not testing or auditing his code, someone else has checked something… right?”

Well they hadn’t. At least not publicly.

This Saturday, popular cryptocurrency exchange BitMart announced that it had faced a large-scale security breach, where hackers made their way with approximately $150 million in digital tokens.

BitMart said that the hackers targeted two of their hot wallets, i.e., wallets connected to the internet, which contained “a small percentage” of its assets.

While the exchange said that the hackers withdrew approximately $150 million worth of crypto assets, security firm PeckShield Inc. believes it to be closer to $200 million. The firm said that the hackers stole a mix of over 20 cryptocurrencies.

In return for this, users typically pay a “pool fee,” which is a percentage of the tokens they earn from staking.

What is proof-of-time?

Proof-of-time (PoT) is a consensus algorithm that uses a voting system to choose network validators and focuses on how long a network validator has been active within the network as well as their reputation. The protocol was developed by Analog and is based on delegated proof-of-stake (dPoS) which is a modified version of PoS.

Proof-of-time refers to its ledger as a Timechain and works by using a ranking score, verifiable delay function (VDF), and staked tokens to determine who gets to add a new transaction to the ledger.
The ranking system works by giving a score to network validators based on their age and past performance. Validators receive higher scores for being trustworthy and being active within the network for a longer time.

The validator has to validate the transactions inside the block to ensure that there is no inaccurate information contained within.

Next, the validator submits the block to the blockchain and if the block has been validated correctly, they receive additional tokens as a reward. If a validator behaves in a malicious or lazy manner, usually by submitting incorrect or fraudulent transactions, they lose a portion of the tokens they have staked.

Validators who staked a higher amount of tokens are more likely to be selected to verify transactions.
Staking a higher amount of tokens also earns the validator additional rewards since they typically earn a fixed percentage based on the blockchain network. For example on Ethereum 2.0, validators currently earn 4.2% on their tokens.

Let me explain…

In real life, all a contract is, is a sets of “Ifs” and “Thens”. Meaning a set of conditions and actions. For example, if I pay my landlord $1500 on the 1st of the month then he lets me use my apartment.

That’s exactly how smart contracts work on Ethereum.

Ethereum developers write the conditions for their program or Dapp and then the ethereum network executes it.

They are called smart contracts because they deal with all of the aspects of the contract – enforcement, management, performance, and payment. For example, if I have a smart contract that is used for paying rent, the landlord doesn’t need to actively collect the money.

The contract itself “knows” if the money has been sent. If I indeed sent the money, then I will be able to open my apartment door.

Validators are also more likely to be selected if they have staked their tokens for a longer period of time.

Becoming a validator in the PoS system is open to everyone but the barrier to entry is high due to the popularity of the protocol, with a large number of nodes on PoS blockchains. The more nodes a network has, the larger amount of tokens a user will need to stake to become a validator.

Due to this, staking pools, which are run by validators, are typically used by average crypto users who want to stake their tokens.
In this system, a user deposits their tokens into a pool and the tokens are staked by validators on the token owner’s behalf.

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