Cardano's Smart Contracts: Can They Be Hacked? Charles Hoskinson provides an explanation


Charles Hoskinson has allayed some fears that smart contracts could be hacked. IOHK CEO Charles Hoskinson remarked during a recent ask-me-anything session that smart contracts are not impenetrable to a potential attack because "everything" that is written and produced can be damaged.

He went on to discuss the concept of "approved software," which he claims "significantly" reduces the likelihood of such black swan events:

If you have a specification and a specified development approach and tooling, you or an outside auditor can demonstrate that the implementation follows the specification, and that the specification has been thoroughly tested and understood...

If you do that, your chances of being hacked decrease dramatically. Cardano and Plutus, the blockchain's smart contract platform, are designed to attain high assurance, according to Hoskinson.

The billionaire also warns consumers that the final decision is theirs to make, implying that they must decide whether or not to trust a certain piece of software. As a result, he says that the single best thing people can do to avoid a hack is to become more knowledgeable.

There are numerous impersonator websites for the Daedalus wallet, according to the Cardano inventor. Despite repeatedly alerting his fans about ADA giveaway frauds, Hoskinson alleges that he continues to receive angry e-mails.

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