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Smart Contract

A Smart Contract is business type logic written as stand alone code designed to self run, operate and close without intervention. The contract is usually if-then-else loops triggered by certain events. It is more akin to a stored procedure than a legal agreement.

Tokens (often called by other names such as crypto) are smart contracts. There are a number of contract standards devised on the Ethereum blockchain such as ERC-20, ERC-721, ERC-1155 where ERC is 'Ethereum Request for Comment'. However there are many other active smart contracts running on other blockchains with different standards.

Code risk (1)
Is the original developer(s) known?
1.50 Knowing the original developers may help ensure they cannot hack into the smart contract at a later date
Is the code open source?
1.51 Most contracts are open source and recorded on repositories like github. Having access to the code allows for further audit and testing. The more complex the smart contract business logic is, the more likely it will fail.
Is the code used been around for at least 5 years?
1.52 Older and established languages have proven tool kits, testing and development protocols and standards. New programming languages may not scale or be adopted. The Ethereum blockchain uses java like EVMs and the new solidity language with javascript type syntax. These are experimental and prone to having security issues. Check for independent full peer reviews
"The EVM Is Fundamentally Unsafe" Medium, Jan 2019. https://medium.com/hackernoon/the-evm-is-fundamentally-unsafe-d69f2e3b908b
"A Survey on Vulnerabilities of Ethereum Smart" Arxiv.org, Dec 2020. https://arxiv.org/pdf/2012.14481.pdf
Have any of these static analysis tools be used to debug and test the SM?
1.111 Tools to debug, test and find vulnerabilities are improving. It is important 1 or more static analysis tools are used
Static Analysis Tools?
Public Conduct risk (4)
How transparent are the communications?
4.71 Although transparency does not imply less risk, it can help determine risk factors.
Community resources include ...
Accounting risk (17)
Has the smart contract been independently audited?
17.69 Peer review will help ensure the contract is bug free; there is no value leakage; error traps lead to proper outcomes. The review should include evidence any negative findings have been resolved.
"Ethereum Solidity Security Considerations (4.21)" Soliditylang.org, Dec 2021. https://docs.soliditylang.org/en/v0.4.21/security-considerations.html#security-considerations
Audit has considered ...
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No financial advice

These global standards, best practice guidance and risk due diligence questions are an attempt to make DeFi a level playing field. They are not intended to provide any investment advice. Claims made in this website do not constitute investment advice and should not be taken as such. In the meantime, it would be very useful if the jurisdictional regulators would start working together and treating these new financial related projects as a different form of instrument. The Howey Test (1946) was designed in an era of deeds of title and paper bearer certificates. DeFi can be humanless and profit is not always the motive for using protocols. TradFi Derivatives for example are based on underlyings of real assets like the fair value of incorporated companies whose value is derived from fiat currencies which are themselves derivatives on an underlying like gold or a printing machine. Fiat is seen to be a real asset which it clearly is not. The new DeFi world matches actors with agendas. Most of the time the agenda is to do things better and faster. Defi enables everyone including the bankless and unserved members of the community to transact without having to understand how to use Excel or have an MBA from an elite university or be able to able to decipher the millions of pages of legal text opinions as to whether a bitcoin is a currency, a security, a commodity, a derivative, an underlying, a valueless number, type of gambling or something that will just go away. While we wait for a consensus by the old guard, the new guard will create their own computer based standards. Our aim is to turn these standards into bots or smart contracts that do all of this behind the scenes. Image a world where the community agree on how to transact and just do it without a parental overseer who is always a bit behind the curve...

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