Home / Crypto Currency / FunFair’s Smart Contracts Raise Security Concerns on Reddit

FunFair’s Smart Contracts Raise Security Concerns on Reddit

Any cryptocurrency project relying on smart contract technology may want to have its code audited properly. In the case of FunFair, there are some growing concerns over the project’s alleged “trustless” nature. Although this part of the code is not necessarily used for malicious purposes, it raises some interesting questions regardless.

The FunFair Smart Contract Concerns

For those unfamiliar with FunFair, the project aims to position itself as a decentralized and trustless online casino using Ethereum’s smart contract technology. The project has been well received by the community so far. Moreover, it seems there is a lot of attention on the project’s code as of late. It is this scrutiny which highlights some potential concerns associated with the project as a whole.

As can be seen in this particular Reddit thread, the “Token” smart contract is the main cause of concern. Although it is put together rather well, there are some features which tend to make things look a bit different to the untrained eye. The “Transfer” part of the Token contract is linked to another contract. That means no one of the FunFair transactions are initiated from the Token contract itself, which tend sot obfuscate the real process a bit.

While one could argue this might be a bit of double-work first and foremost, the FunFair teams are not using this method for nefarious purposes. Unfortunately, it seems this “secondary” contract to transfer tokens is subject to some concern as well. The controller for token transfers can be set to any address by the contract owner.

There is only one owner, as this is not a multisignature address. Why that precaution was not taken, is difficult to determine. In this day and age, multisignature needs to be the go-to solution first and foremost. Even so, that is something the FunFair can easily address, if they ever feel the need to do so. It is unclear if they will do so, but it is a quality of life improvement for all parties involved.

There is also the “Ledger” contract of FunFair which has attracted some criticism in the past few days. It is the core portion of FunFair’s entire project, yet it seems the controller part of this contract could – in theory – grab all tokens from an exchange or other wallet through some of the built-in functionality. Agia, this has never been used in any capacity, but the code itself raises a fair few questions first and foremost.

It is evident these are two grave concerns which may not necessarily impact the FunFair project in an official capacity. At the same time, leaving these “loopholes” in the code can attract some attention from criminals who seek to exploit smart contract weaknesses to the fullest extent. Given the recent Oyster incident, issues like these will need to be addressed fairly soon.

Read more

Check Also

Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.