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Making Smart Contracts Smarter by Loi Luu; Duc-Hiep Chu; Hrishi Olickel; Prateek Saxena; Aquinas Hobor is a scholarly article available to read on EtoBox.

What is Making Smart Contracts Smarter about?

Cryptocurrencies record transactions in a decentralized data structure called a blockchain. Two of the most popular cryptocurrencies, Bitcoin and Ethereum, support the feature to encode rules or scripts for processing transactions. This feature has evolved to give practical shape to the ideas of smart contracts, or full-fledged programs that are run on blockchains. Recently, Ethereum's smart contract system has seen steady adoption, supporting tens of thousands of contracts, holding millions dollars worth of virtual coins. In this paper, we investigate the security of running smart contracts based on Ethereum in an open distributed network like those of cryptocurrencies. We introduce several new security problems in which an adversary can manipulate smart contract execution to gain profit. These bugs suggest subtle gaps in the understanding of the distributed semantics of the underlying platform. As a refinement, we propose ways to enhance the operational semantics of Ethereum to make contracts less vulnerable. For developers writing contracts for the existing Ethereum system, we build a symbolic execution tool called Oyente to find potential security bugs. Among 19, 366 existing E

Author

Loi Luu; Duc-Hiep Chu; Hrishi Olickel; Prateek Saxena; Aquinas Hobor

Publisher

ACM

Published

2016

Language

EN