The first phase of the Vlink Club Blockchain Salon hosted by Vlink which is a global one-stop blockchain integrated service platform, was successfully held in Shanghai on September 8, 2018. The keynote speaker of this technology sharing conference is Wang Yuwei who is the head of the security service department of Chuangyu, and Ding Renbin who is the head of East China, both of them are professionals in the field of blockchain security. The conference was very exciting and invited many excellent project parties to communicate with the platform. EtherFlyer was invited to participate in this conference.

Transactions in the market are developing at a high speed as well along with the popularity of the blockchain. According to the statistics of coinmarketcap, there are over 2,000 digital assets circulating in the market, and most of them are based on the ERC20 of Ethereum. To date, the damage caused by smart contract attacks has reached $2 billion, and the attack on The DAO, the most “famous” crowdfunding project, has cost more than $50 million. The code cannot be changed after the smart contract is officially run, that is, the project will be in jeopardy once the hacker is staying eyes on the vulnerability in the smart contract. This salon event aims to provide practical and constructive advice and solutions for blockchain projects that require safety protection.

 

Smart Contract Security Status and Risk

The agenda of this meeting are: the status of smart contracts, summary of risk points, development of future social applications, and smart contract security measures. The head of the Zhidao Chuangyu Blockchain Security in East China, Ding Renbin said: “smart-contract was proposed in 1994, almost emerged ate the same time of the Internet, but the development of blockchain really provides the soil for smart contract.” Ding Renbin Introduced the purpose of smart contract is to provide a security approach that is superior to traditional contract and to reduce other transaction costs associated with contracts, but if security is not guaranteed, it increases security risks.

The development of smart contracts has now undergone three major stages. At the same time of rapid development, its security issues are constantly exposed in various forms. Ding Renbin reviewed the famous “DAO” incident: the attack contract was created on June 15, 2016, and the attack started two days later. Vitalik Buterin quickly organized the community to send garbage traffic to block the Ethereum network to slow down the transferring out of DAO assets.

Later on, Vitalik Buterin released DAO’s vulnerability announcement on the official blog, explaining some details of the attack and proposing a soft fork solution, there will be no rollback, no transactions and blocks will be revoked. The soft fork will treat any transactions related to the DAO and child DAO as invalid transactions starting at block height 1760000, thereby preventing the attacker from picking up the stolen assets after 27 days, there will be a hard fork for Assets recovering after this.

Subsequently, Ding Renbin introduced the four characteristics of the current smart contract: account design, gas, function and function call. Combined with the language characteristics of Solidity, Ding Renbin cited the example of the Owner constructor writing error. He said: “The security risks of smart contracts mainly have four points: the upper layer application has a high probability of security problems; the language development time is short and imperfect; Developers have insufficient experience and are not familiar with language features; currently there is a lack of smart contract review standards.” The followings are the top ten security issues for distributed applications shared by Zhidao Chuangyu.

EtherFlyer has always greatly concerned about safety issues, which is one of the reasons why EtherFlyer insists on decentralized exchanges. EtherFlyer has been using the decentralized concept and quality technology to protect asset security, which was a consistent trend in the industry.

 

Smart contract have wide prospects in the future, Security issues must be taken seriously

The two head persons of Zhidao Chuangyu are very optimistic about the future of the smart contract, and the guests present at the meeting are all agreed. Around the ecosystem of blockchain applications, smart contracts will be widely used in finance, Internet of Things, supply chain, energy, public services, and other fields.

At the meeting, Zhidao Chuangyu shared the application of remittance, supply chain, logistics, and medicine. In the previous information of the EtherFlyer Academy, there were many mentioned about such vertical applications, smart contracts simplified the process, increased trust, increased transparency, and greatly optimized the industry.

In the end, Ding Renbin introduced the difficulties in socialization application of smart contract in the future. Although smart contracts have their application needs in all industries, there is still need to break through some bottlenecks. The difficulty is that the industry of blockchain applications will become more and more extensive, and the complexity of industrial applications will become higher and higher. Ding Renbin concluded: “This will make smart contracts tend to be ultra-complex, difficult, and multi-interface and multi-protocol.” In the future, both developers and non-developers can participate in the writing of smart contracts, and non-developers can use modules directly for easy writing.

EtherFlyer CIO Pang Yang exchanged ideas with Ding Renbin who is the person in charge of Chuangyu in East China after the meeting. Ding Renbin introduced the “404 Team”, the top security team of Zhidao Chuangyu which has a good reputation in the industry and won numerous awards and was thanked by well-known companies such as Microsoft and Apple. Pang Yang admired the technical strength of Zhidao Chuangyu, and talked about the cooperation with Zhidao Chuangyu before, and very much agrees with the technical value. Ding Renbin also expressed his agreement on the EtherFlyer concept. Asset safety is the foundation of the exchange, he saw the concerning of the assets safety in cooperation with EtherFlyer.

EtherFlyer CIO also communicated with Wang Haowei, the person in charge of Zhidao Chuangyu. Pang Yang mentioned the security issues of a decentralized and centralized platform. Wang Haowei said that there are many problems in the security of the two are homogeneous. Safety should not be taken lightly. Pang Yang also consulted about the issue of bitcoin transaction characteristics information tagging. Wang Haowei explained that in fact, digital assets include so-called anonymous varieties of Monroe coins, etc., as long as you want to trace back, technically can be achieved. The United States has already classified Bitcoin transactions as safe transactions, and many of the crimes committed by bitcoin transactions often provide a large amount of valid evidence for police. Zhidao Chuangyu is a quality partner of EtherFlyer, both parties expressed their appreciation for each other’s cooperation. The person in charge also appreciated EtherFlyer’s efforts for the security of user assets.

Vlink founder and co-founder of the chain view world, Xiaoba, had an industry exchange with Pang Yang. Vlink is the organizer of the salon. According to Xiaoba introduction, Vlink has been committed to providing comprehensive services for high-quality blockchain projects around the world. Pang Yang agrees that high-quality projects should be promoted. He said that he is very optimistic about the development trend of the decentralized platform, and also affirmed the high concern of EtherFlyer in terms of security.

EtherFlyer is very grateful to Vlink Xiaoba for the invitation. The quality of this event is very high and the communication effect is good. The guests are the best among in the industry. EtherFlyer and the guests present expressed their wish to see more such high-quality activities. Through this activity, it not only improved the security awareness of smart contracts but also witnessed the pragmatism and innovation of the blockchain industry. Witnessing the arrival of the blockchain era, Vlink, Zhidao Chuangyu, and EtherFlyer will contribute to the healthy development of the blockchain together.

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