Research has it that the Ethereum smart contract blockchain has a 0.36 percent fail rate. As minor as it may seem, that amount of error in a smart contract could cost a corporation billions of dollars if not properly debugged. Amidst that backdrop, a team of researchers at ETH Zurich have created a revolutionary smart contract scanner to ensure there is a hundred percent accuracy in Ethereum contracts at all times.
Zero Risk Smart Contracts
According to a Techcrunch report, researchers at ETH Zurich have developed a first-of-its-kind Ethereum smart contract scanner that eliminates all errors in a contract. The research team is made of system security experts, including Dr. Petar Tsankov, Dr. Hubert Ritzdorf, Prof. Martin Vechev, and Dr. Arthur Gervais. Their new Ethereum smart contract scanner has the capability of identifying and killing hidden bugs that often elude other scanners.
“The main technical challenge in building an effective security scanner for smart contracts is finding a way to explore all behaviors of the contact, which can even exceed the number of atoms in the universe. Existing automated security checkers for smart contracts essentially avoid this problem by only inspecting a subset of all behaviors of the contract.”
With only a limited number of behaviors being inspected, there is significant room for costly errors with current checkers. According to Tsankov, “a study on open-source Ethereum contracts reveals that existing solutions can miss up to two-thirds of vulnerabilities due to insufficient coverage.” Despite the daunting nature of the problem, the ETH Zurich team achieved the Herculean task of creating a scanner with the ability to scrutinize all behaviors of the contract.
Determined to seal all loopholes and vulnerabilities in smart contracts of initial coin offering projects (ICOs), cryptocurrency exchanges, and all businesses in the cryptospace, the ‘gods of code’ have incorporated their firm, ChainSecurity. The firm describes itself as “the first automated formal audit platform for smart contracts.” ChainSecurity utilizes their smart contract scanner, Securify, as part of the smart contract audit packages they offer.
In Search of Perfect Smart Contracts
As hackers and fraudsters keep getting more sophisticated with each passing day, it is essential for the cryptoverse to have one hundred percent error-free smart contracts. It is quite comforting to know that teams, like those at ChainSecurity, are working diligently to find solutions that leave no margin for failure in smart contracts.