Smart contracts have tremendous potential, yet they often lack the necessary security to keep funds safe. Blockd is taking a very interesting approach to this matter by openly asking hackers to do their worst and claim a few ETH in the process.
One has to commend Blockd for what the team is doing with smart contracts.
Blockd is Risking 3 ETH for Hacking Purposes
While their approach seems risky, it also serves a specific purpose.
Detecting vulnerabilities in smart contracts is not straightforward.
Various crypto and blockchain projects have found that out the hard way in recent years.
Blockd has recently put 3 ETH in a smart contract which is deemed to be “extremely vulnerable”.
The contract owner can be changed with ease, and withdrawing funds from the contract is made rather easy.
However, the native Blockd Build solution will prevent hacks from occurring.
This is a good way to showcase the team’s native technology and how they aim to improve smart contracts moving forward.
Through Blockd Build, it becomes – theoretically – impossible to hack smart contracts.
Any pending transaction is verified before approved or executed.
These types of “hacks” attract a lot of attention, and help the team improve upon its existing offering.