Advertisement Banner
  • Home
  • News
  • Cyber News
  • Contact
No Result
View All Result
  • Home
  • News
  • Cyber News
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home News

Vitalik Buterin sounds warning over risks of DeFi

admin by admin
November 16, 2022
in News


Ethereum cofounder Vitalik Buterin has sounded a warning against the pitfalls of decentralized finance (DeFi) and self-custody, namely of bugs in smart contract code, in a post from his verified Twitter account.

See related article: Who is exposed to FTX? A running compilation on a rapidly moving target

Fast facts

  • “The ‘centralized anything is evil by default, use DeFi and self-custody’ ethos did very well this week,” wrote Buterin, referring to the loss of trust in centralized exchanges that led to record exchange outflows, following FTX’s collapse. 
  • “But remember that it too has risks: bugs in smart contract code,” continued Buterin, adding that developers should “keep code simple,” and perform “audits” and “formal verification,” to prevent smart contract exploits.
  • “The one I worry about most is if we have $10B in a ZK-rollup 2y from now and it gets hacked because of a bug in the circuit constraint code or the EVM wrapper around it,” wrote Buterin, attaching his blog post titled “Hardening rollups with multi-proofs.”
  • ETH shed 4.7% of its value in the last 24 hours, changing hands at US$1,205 at 11 p.m. in Hong Kong on Wednesday, according to CoinGecko data.

See related article: FTX is crypto’s Lehman Bros. moment. What happens now?





Source link

Previous Post

CBP Announces Measures to Facilitate Upcoming Thanksgiving, Black Friday Holiday Traffic at the Laredo Port of Entry

Next Post

Delhi Police takes DNA samples of Shraddha’s father to match traced bones –

Next Post

Delhi Police takes DNA samples of Shraddha's father to match traced bones -

Recommended

Australia Plays Down US B-52 Bomber Plan Condemned by China – The Diplomat

5 months ago

Bitcoin hovers around US$28,000 as banking concerns return. Will it hit US$30,000?

20 hours ago

© 2022 Law Enforcement News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Cyber News
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Cyber News
  • Contact

© 2022 Law Enforcement News Hubb All rights reserved.