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The convergence of technology and finance in the age of digital transformation has resulted in a ground-breaking invention called smart contracts. These blockchain-powered self-executing contracts are hailed as a revolution in the creation and performance of contracts. As we learn more about smart contracts, it becomes evident that they have the power to completely change the way that transactions are conducted by providing previously unheard-of levels of efficiency, transparency, and trust.

Understanding Smart Contracts

Self-executing contracts, or smart contracts, have the terms of the contract directly encoded into the code. These contracts are executed automatically and enforce the terms when predefined conditions are met. They are primarily implemented on Ethereum blockchain platforms. By doing away with the need for middlemen, procedures can be streamlined and the likelihood of conflicts decreased.

The Operation of Smart Contracts

Smart contracts, which are based on decentralized blockchain networks, secure and verify transactions using cryptographic concepts. The code is a set of guidelines and requirements; the contract comes into effect automatically when these requirements are met. This automation guarantees that the terms are followed without requiring human intervention and lowers the possibility of errors.

Applications Across Industries

Applications for smart contracts can be found in many different industries, and they offer increased security and efficiency. They make transaction settlement in finance smooth and quick. Smart contracts in real estate handle rental agreements and automate the transfer of property titles. Insurance, supply chain management, and even legal procedures can all profit

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The Future of Trust and Efficiency in Transactions - Medium

With nearly 41 million LINK tokens, the smart contract for Chainlinks v0.2 community staking pool has become the top holder of LINK, according to blockchain analytics firm Nansen.

The Chainlink community pool has filled.

Photo by Lee Jeffs on Unsplash

Posted December 7, 2023 at 6:19 pm EST.

Chainlinks recently debuted staking pool for community members reached its maximum limit Thursday evening, drawing in a total of more than $620 million at mark-to-market prices.

With nearly 41 million LINK tokens, the smart contract for Chainlinks v0.2 community staking pool has become the top holder of LINK, according to blockchain analytics firm Nansen. The second place belongs to an address controlled by Binance, which holds 38 million tokens, while smart contracts labeled as Chainlink: Non-Circulating Supply, take up spots #3 to #17.

Because we are seeing a consistent increase in the amount of value secured by and paid for over the Chainlink Network, its increasingly important to improve the cryptoeconomic security of the network, said Chainlink co-founder Sergey Nazarov in a press release shared with Unchained. Staking v0.2 introduces important new security features and sets the system up for even further growth in the year to come.

The community staking pool reached its limit less than two weeks after the initial launch of Chainlinks v0.2. This comes as several market forces have lifted the crypto ecosystem to a total market capitalization of $1.6 trillion.

Despite its recent success, the value of Chainlinks staking market pales compared to the total amount of staked ETH and SOL, which are valued at about $68 billion and $26 billion, respectively, based on Unchaineds calculations of data from blockchain explorer Solscan and a Nansen dashboard.

LINK, the native token for the decentralized computing platform, is currently exchanging hands at $15.38, a 7.5% increase in the past seven days, data from CoinGecko shows.

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Chainlink Community Staking Pool Full, Drawing More Than $620M - Unchained

Soon after Thirdweb revealed a security vulnerability that could impact a variety of common smart contracts used across the Web3 ecosystem, OpenZeppelin identified two specific standards as the root cause of the threat.

On Dec. 4, Thirdweb reported a vulnerability in a commonly used open-source library, which could impact pre-built contracts, including DropERC20, ERC-721, ERC-1155 (all versions) and AirdropERC20.

In response, smart contracts development platform OpenZepplin and nonfungible token marketplaces Coinbase NFT and OpenSea proactively informed users about the threat. Upon further investigation, OpenZepplin found that the vulnerability stems from a problematic integration of two specific standards: ERC-2771 and Multicall.

The smart contract vulnerability in question arises after the integration of ERC-2771 and multicall standards. OpenZepplin identified 13 sets of vulnerable smart contracts, as shown below. However, crypto service providers are advised to address the issue before bad actors find a way to exploit the vulnerability.

OpenZepplins investigation found that the ERC-2771 standard allows overriding certain call functions. This could be exploited to extract the senders address information and spoof calls on their behalf.

OpenZepplin advised the Web3 community using the aforementioned integrations to use a 4-step method for ensuring safety: disable every trusted forwarder, pause contract and revoke approvals, prepare an upgrade and evaluate snapshot options.

In addition, Thirdweb launched a mitigation tool that allows users to connect their wallets and identify if a contract is vulnerable.

The decentralized finance platform Velodrome also deactivated its relay services until a new version was installed.

Related: Coinbases Base network gets OpenZeppelin security integration

In a recent Cointelegraph Magazine article, experts revealed how artificial intelligence (AI) can help audit smart contracts and aid cybersecurity efforts.

James Edwards, the lead maintainer for cybersecurity investigator Librehash, said that while AI chatbots can develop smart contracts, deploying them in a live environment is risky.

On the other hand, Edwards highlighted the technologys potential to vet smart contracts. Recent tests showed AIs ability to audit contracts with an unprecedented amount of accuracy that far surpasses what one could expect and would receive from GPT-4.

While he concedes its not as good as a human auditor yet, it can already do a strong first pass to speed up the auditors work and make it more comprehensive.

Magazine: Lawmakers fear and doubt drives proposed crypto regulations in US

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ERC-2771 integration introduces address spoofing vulnerability OpenZeppelin - Cointelegraph

Introduction Of Smart Contract

Smart contract is a computer protocol designed to disseminate, verify or execute contracts in an information-based manner.Smart contracts allow trusted transactions without a third party. These transactions are traceable and irreversible. The purpose of smart contracts is to provide better security methods than traditional contracts and reduce other transaction costs related to contracts.

Features of smart contracts

Normalization: The smart contract is based on computer code, which can minimize the ambiguity of the language and is presented through a strict logical structure.

Irreversibility: Once the conditions are met, the contract will automatically execute the expected plan. Under the given fact input, the smart contract will inevitably output the correct results and be visualized in the display horizon.

Non-default: The transaction information on the blockchain is open and transparent. Each node can trace the transaction process recorded on the blockchain. The probability of default is extremely low.

Anonymity: According to the cryptography principle of asymmetric encryption, zero-knowledge proof, ring signature, blind signature and other technologies, on the blockchain, although the transaction process is public, the transaction parties are anonymous.

Advantages of smart contracts

First of all, he removed the intermediary. Allow users to establish contracts independently based on technology.

Second, transparency and fairness. The smart contract will use code to write the conditions clearly and record them on the blockchain. The whole process is executed by the program, and even the developer who wrote the code cannot tamper with it.

Third, flexibility. It allows users to establish contracts freely, even with a strange foreigner.In general, smart contract is one of the core technologies of blockchain.It not only plays an executive role in blockchain, but also is an application development direction of blockchain, which broadens the use scenarios of blockchain.Because of his existence, the blockchain has a broader stage.

The smart contract language used by TFSC is Solidity which is an object-oriented high-level programming language.The EVM adopted by TFSC supports most of the features of the Solidity standard, and has supported ERC-20, ERC-721, ERC-3525 and other contract standards. Compared with Ethereum, the implementation cost of TFSC contract is lower and the speed of chain up is faster. Other features have been adjusted due to the TFSC architecture model, and the specific differences will be detailed in the following sections.

Writing contract

You need to be familiar with the Solidity language to use smart contract-related functions. The links to Solidity are as follows: -Solidity document -EVM operation code -Solidity Writing examples

Smart contracts need to be compiled into EVM bytecode for deployment and execution. Here is a link for compiling Solidity smart contracts:

(Remix)[https://remix.ethereum.org/] (Remix document)[https://remix-ide.readthedocs.io/en/latest/]

The characteristics of TFSC that are different from the Solidity standard due to its architecture model are as follows: The basic transfer unit of TFSC currency in the contract is 1e-8 TFSC The contract does not support block variables TFSC account address includes multiple smart contract addresses Deploying contract Prerequisites For the time being, TFSC supports the deployment and execution of contracts on nodes, so if you want to deploy contracts, you need to have a tradable, running node and an account with a certain amount of TFSC coins to pay the service chargesgenerated during the deployment process. Binary code of smart contract. In Remix IDE, BYTECODE.object or Calldata is represented as a string of hexadecimal digits.

Deployment of contract

Create a new blank text file contract.txt and paste the contract binary code into the file

Copy the file contract.txt to the folder of the TFSC node Run the node

Run menu option 8.Deploy contract

Select the type of virtual machine running the contract

If the contract constructor has incoming parameters, enter the parameters binary code required for deployment (if there is Calldata in contract.txt, skip directly), otherwise enter 0 to skip.

Executing contract

Like deploying contracts, contract execution can only be performed on nodes temporarily.In addition, it is also necessary to know the contract deployer account and the transaction hash generated by the deployment transaction.

Executing contract

Run Menu 9.Call contract

Enter the contract deployer account

Enter the transaction hash of all running contract deployment

Enter the input required to run the contract to complete the execution of the contract.

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Introduction Of Smart Contract | by Ronintvmedia | Dec, 2023 - Medium

Ethereum is an open-source, decentralized blockchain platform that was introduced in 2015.

Blockchain network gives developers the ability to create smart contracts and decentralized applications (dApps). Because of its security, scalability, and flexibility, Ethereum has grown to become one of the most widely used blockchain platforms. Since its introduction, Ethereum development has altered the trajectory of the blockchain ecosystem.

The blockchain industry saw a major development with the launch of Ethereum in 2015. On top of its blockchain network, it was the first blockchain platform that let programmers create decentralized apps and smart contracts. With the introduction of Ethereum, a plethora of blockchain-based projects and decentralized applications became possible that are still in use today.

Solidity is a contract-oriented programming language made especially for Ethereum blockchain smart contract development. Since its introduction in 2015, it has grown to be the most widely used programming language for creating Ethereum smart contracts. On the Ethereum blockchain, Solidity has made it simpler for developers to create intricate smart contracts.

On the Ethereum blockchain, tokens are created and used using to ERC20 token development technical standard. Since its introduction in 2015, it has grown to be Ethereums most widely used token standard. Many new blockchain-based projects have been sparked by the ERC-20 standard, which has made it simpler for developers to create their own tokens on Ethereum.

On the Ethereum blockchain, smart contracts are carried out by the Ethereum Virtual Machine (EVM), a decentralized runtime environment. Since its introduction in 2015, it has grown to be a crucial component of the Ethereum network. On the Ethereum blockchain, developers can now create sophisticated decentralized apps and smart contracts thanks to the EVM.

Ethereum uses the Proof of Stake (PoS) consensus algorithm to approve transactions and add new blocks to the blockchain. It was unveiled in 2017 as a substitute for Bitcoins Proof of Work (PoW) algorithm. PoS is superior to PoW in many ways, such as lower energy consumption, less centralization, and better scalability.

Users can register human-readable names for Ethereum addresses through the decentralized Ethereum Name Service (ENS). Since its introduction in 2017, it has grown to be a crucial component of the Ethereum network. By streamlining the sending and receiving of Ethereum transactions, the ENS has facilitated user interaction with the Ethereum blockchain.

An Ethereum blockchain layer-two scaling solution is the Raiden Network. Since its introduction in 2017, it has grown in significance for the Ethereum ecosystem. Developers have found it easier to create decentralized applications thanks to the Raiden Networks ability to facilitate quick, affordable, and scalable transactions on the Ethereum blockchain.

Developers can suggest enhancements to the Ethereum platform through the community-driven Ethereum Improvement Proposal (EIP) process. Since its introduction in 2015, it has grown in significance within the Ethereum network. The Ethereum Platform Improvement Process (EIP) has enabled developers to participate in the platforms development and has resulted in numerous significant platform enhancements.

An important turning point in the evolution of the Ethereum network has been reached with the release of the Serenity update for Ethereum 2.0. It seeks to enhance security while resolving some of the scalability and energy efficiency problems with the existing Ethereum network.

The introduction of a new consensus mechanism, known as Proof of Stake (PoS), to replace the existing Proof of Work (PoW) mechanism is one of the main changes in Ethereum 2.0. Unlike PoW, which requires miners to carry out difficult mathematical calculations, PoS is a more energy-efficient consensus method. Rather, Proof of Stake (PoS) depends on validators to confirm transactions and append fresh blocks to the blockchain. Validators must put up a specific amount of As collateral, validators must stake a certain amount of Ether (ETH), which they must forfeit if they act maliciously.

The addition of shard chains to Ethereum 2.0 is another significant modification. All nodes in the current Ethereum network are required to process every transaction because it functions as a single chain. This restricts the networks capacity to grow and may result in expensive gas costs when network traffic is at its peak. Conversely, shard chains enable the network to be divided into smaller chains, each of which is capable of handling transactions on its own. As a result, the network can handle more transactions, increasing its scalability and lowering gas costs.

Ethereum WebAssembly, or eWASM, is a brand-new virtual machine that will be included in Ethereum 2.0 with the goal of enhancing the effectiveness of smart contract execution. Compared to the current Ethereum Virtual Machine (EVM), eWASM is more effective and adaptable, and it will allow programmers to create smart contracts using a larger variety of programming languages.

Phases of the Ethereum 2.0 upgrade are being carried out, with new features and enhancements added at each stage. The Ethereum 2.0 networks backbone, the Beacon Chain, was first introduced in Phase 0, which debuted in December 2020. In addition to overseeing the shard chains and validators, the Beacon Chain is in charge of maintaining network consensus.

Phase 1 is anticipated to go live in 2021 and bring shard chains, which will increase the networks transaction processing capacity. Additional network enhancements, such as smart contract execution on shard chains, will be implemented in Phase 2.

Developers can create smart contracts on the Ethereum network more easily with the help of pre-built code templates called smart contract templates. The time and effort needed to create smart contracts can be decreased by customizing and modifying these templates to fit various use cases.

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The Top 10 Ethereum Developments That Impacted History | by Ragunath | Dec, 2023 - Medium