According to research conducted by a group of analysts from the University of Maryland and the Northeastern University, the entire ethereum ecosystem is under threat because of the lack of diversity of the ETH smart contracts. The information instantly made headlines at DC Forecasts crypto news site today.
According to the paper titled ‘’Analyzing Ethereum’s Contract Topology,’’ most of the ethereum smart contracts are a near copy of other contracts or are exactly the same. This is a huge risk to other contracts if the previous one where it was originally copied from, contains a bug or a vulnerable code.
The study goes on analyzing the smart contracts’ bytecodes during the first 5 million blocks which cover a time-frame of almost three years.
To continue, today’s ethereum smart contracts are almost three times more likely to be created by other contracts than by users. Less than 10 percent of the user-backed contracts are unique. This means that there’s a huge reuse of code that can have a major impact on the entire Ethereum user population.
This means that smart contracts in this form pose a risk to the entire blockchain ecosystem since Ethereum has been a subject of high-profile bugs multiple times.
Ethereum is an open-sourced blockchain platform that features smart contracts, launched in 2015 by Vitalik Buterin. It’s the second largest cryptocurrency by market cap at the time of writing. Ethereum received multiple security breaches in 2018 many of which were smart contract breaches that caused a loss of around $38,000.
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“The entire industry is ripe to resume a path to lower prices. Conditions are akin to November , just prior to the collapse. Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting.”Many other industry experts have suggested that investors are forgoing Bitcoin in order to move their money into altcoins. As one senior analyst at eToro named Mati Greenspan said in an email sent to Bloomberg:
“Bitcoin's 20% gains isn’t a poor performance. It’s just that investors are seeing more potential in some of the smaller tokens at the moment. As we approach the culmination of the crypto winter, we’re actually seeing some of the altcoins delivering spectacular gains in the last few weeks. We are now in what industry insiders like to call alt-season.”He also noted the following:
“It’s just that investors are seeing more potential in some of the smaller tokens at the moment. As we approach the culmination of the crypto winter, we’re actually seeing some of the altcoins delivering spectacular gains in the last few weeks. We are now in what industry insiders like to call alt-season.”Right now, data shows that the Bitcoin MACD is right now at 44.3, pointing to a new "sell" recommendation while the coin is trading below $3,900 and is stable on the day.
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