Most wallets feel like they were created for developers. That needs to change to accommodate the accelerating adoption of cryptocurrency.
After Ethereum’s long-awaited Merge, it’s an ideal time to think about how we can also improve smart contracts. Essentially apps that run on blockchains, smart contracts are a vital component of our Web3 applications. But interacting with them remains quite dangerous, especially for non-developers. Many of the incidents where users lose their crypto assets are caused by buggy or malicious smart contracts.
Many non-developers aren’t even aware of the safety issues involved and don’t take the appropriate precautions when interacting with blockchain-based apps. The average user might sign a transaction thinking it’s going to do one thing, only to discover the smart contract does something else entirely. It’s why malicious smart contracts are a primary attack vector for bad actors.
Compounding these problems, people are often pressured to act quickly when interacting with smart contracts. Consider an NFT drop promoted by influencers: Consumers will be worried about the collection quickly selling out, so they’ll often try to make a transaction as fast as they can,In short, the very same features that make smart contracts powerful for developers — such as permissionless publishing and programmable money — make them quite dangerous for consumers.
already done a great job of rebranding the “mnemonic phrase” to “secret phrase” to prevent consumers from unwittingly sharing it with hackers. However, there’s plenty more room for improvement. As a visual example, here are two quick user experience design mock-ups of MetaMask transactions — one that’s likely to be safe, and one that’s less certain.Open-source contracts are generally more trustable because any developer can read them to find bugs and malicious code. MetaMask already includes various links to Etherscan, so this would be a simple and convenient signal to add.The main implementation question here is how to determine this score.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hardware wallets to take similar approach to potential Ethereum hard forkPeople who control their own private keys should be able to collect any potential forked coins using MetaMask, regardless of specific hardware wallet support.
Read more »
Sales of Hardware Crypto Wallets Decline in Russia With Easing Currency Restrictions – Bitcoin NewsInterest in hardware wallets allowing cold storage of cryptocurrencies is decreasing among Russian users after this spring’s surge.
Read more »
Ethereum PoW Network Sees Complaints on Day 1 Amid Data Goof-UpCoinDesk was not able to access EthereumPoW web servers using links the team provided. Multiple attempts to add the network to a crypto wallet failed as of Friday morning. By shauryamalwa
Read more »
Biden administration reaches tentative deal to avert rail strikePresident Biden became 'personally animated' about the need for improved rail workers' benefits. A tentative agreement took shape soon after.
Read more »
Guide: What You Need To Know To Become A Teacher In CaliforniaA teacher shortage has prompted California lawmakers to ease testing requirements to earn a teaching credential. Here's what you need to know to become a teacher in California.
Read more »