Saturday, October 23, 2021

What Charles Hoskinson Said about the Possibility of Hacking Smart Contracts on Cardano Network

Charles Hoskinson, the CEO of IOHK, who created Cardano (ADA), has stressed the possibility of hacking Cardano’s smart contracts, which is prevalent on the Ethereum network at the moment.

There have been numerous reports related to hacking in the past and it’s likely for the menace to continue as the crypto ecosystem strives to grow into maturity.

Read Also: Cardano Creator to Anthony Pompliano: Ethereum (ETH) Is Better Than Bitcoin (BTC)

The most recent notable attack in the crypto ecosystem was that of PolyNetwork, where a hacker took advantage of the vulnerability of the platform to steal relatively $600 million worth of various cryptocurrencies, especially Ethereum.

Cardano’s Smart Contracts Not out of Hackers’ Reach

In the recent ask-me-anything (AMA) session, Cardano creator, Charles Hoskinson pointed out that smart contracts don’t have resistance against a potential hack since anything that is written or built has the tendency to be broken.

However, Hoskinson stated that the adoption of certified software on the network will exponentially mitigate the consistent occurrence of such likely events.

Read Also: Cardano (ADA) Displaces Binance Coin (BNB), Becomes 3rd Largest Crypto on CoinGecko

Charles Hoskinson noted:

“If you have a specification and a certain development methodology and tooling, what you can do or an outside auditor can do is prove that implementation follows that specification, and that specification can be well-tested and well-understood…If you do that, your chance of a hack goes down exponentially.”

Cardano and Plutus Are Designed To Achieve High Assurance

In the course of the AMA, the CEO of IOG explained that Cardano and Plutus, which is the blockchain’s smart contracts platform are specifically designed to achieve high assurance in terms of security.

Read Also: CryptoCapitalVenture Founder: Cardano (ADA) Will Outperform Top 10 Cryptos over the Next 6 Months

However, he intensified the fact that users have to be cautious as they navigate through software they come across. This implies that not all software in the crypto ecosystem can be trusted. He thereby urged users to be very smart.

Hoskinson further warned the Cardano community members of many websites that are currently impersonating Daedalus wallet.


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Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.

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