Last Wednesday, I took the long drive upstate from NYC to Ithaca to attend a weeklong coding and learning experience hosted by the Initiative for Cryptocurrencies and Contracts (IC3) and the Ethereum Foundation (EF).

This is one of my favorite crypto events of the year because everyone in attendance is eager to roll up their sleeves and dive right into the cutting-edge crypto and blockchain research. It’s truly remarkable to witness how much hard work and effort goes into these lectures and projects that were presented and conceived at this event. …

Be your own bank they said. It’ll be fun they said.

In cryptocurrency land, there are no local bank branches. There are no customer support lines. There is no one to call when you forget your PIN code. There is no one there to help you when your account has been compromised.

It’s just you, yourself and your money.

As Uncle Ben so eloquently put it:

With great power comes great responsibility.

Being your own bank can be quite empowering, however, it is your sole responsibility to keep your private keys safe and secure. Failure to do so may result in losing access to your funds — forever.

Now that may…

As malicious attacks are continuously waged upon Ethereum’s smart contracts, millions of dollars in the form of tokenized assets are stolen from honest users and organizations. In the past month alone, black hat hackers have successfully conducted cyber heists collectively valued at over $50M. (that’s more than any bank robbery in US history)

Needless to say, the Ethereum community needs to be more cautious when creating and vetting these smart contracts before deploying them on the main network. Without taking the proper security auditing considerations into account from the beginning, similar attacks will continue to happen more and more often…

Mark Barrasso

solutions architect @ cisco

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