It's the code in the smart-contracts. Devs don't see all the holes or consider all the possible exploits in what they're writing. They do it too fast. They falsely assume something covers an area of concern. They rely on open source code from other places that hasn't had the exposure they're about to get. Or they just make a mistake and overlook something.
There a many different ways for a hacker to wriggle through a crack. Many of which they find almost accidentally. It's why audits are important. Bounties are important. And knowing the team is important.
Nobody really cares about the code when there isn't anything to protect or lose. But put a few million dollars or more underneath it, and now there is an incentive to attack it. Like I said, Ethereum is open source so basically ANYONE can build something on it. Just like anyone here can build their own token. It's important to know who you're jumping into bed with when you're putting your money at risk.
Posted Using LeoFinance Beta
That is true. Blocktrades also noted that there are holes in the code because most are not familiar with Solidity. That is why the fact that these smart contracts are written in code that the developers are not fully aware of creates vulnerabilities.
Posted Using LeoFinance Beta
Which is why HAF is going to be such a big deal. Full circle. :-)
I read through that Speak Network Proposal and even they talk about the fact that working with HIVE is difficult in certain areas right now because of writing to the blockchain. They're actually going to use Peerplays for some of the tokenomics stuff and fully migrate it to HIVE later. I asked the question "Will HAF solve this?". I'll be curious to see the response.
Posted Using LeoFinance Beta
Nice! I still have to read it in detail but it looks promising.
HAF could help with that from what I understood of Blocktrade's interview on Cryptomaniacs but we'll see.
Posted Using LeoFinance Beta