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Ethereum Smart Contract Development

You're reading from   Ethereum Smart Contract Development Build blockchain-based decentralized applications using solidity

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Product type Paperback
Published in Feb 2018
Publisher Packt
ISBN-13 9781788473040
Length 288 pages
Edition 1st Edition
Languages
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Author (1):
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Mayukh Mukhopadhyay Mayukh Mukhopadhyay
Author Profile Icon Mayukh Mukhopadhyay
Mayukh Mukhopadhyay
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Table of Contents (18) Chapters Close

Title Page
Dedication
Packt Upsell
Contributors
Preface
1. Blockchain Basics 2. Grokking Ethereum FREE CHAPTER 3. Hello World of Smart Contracts 4. A Noob's Guide to DApps and DAO 5. Deep-Diving into Smart Contracts 6. Solidity in Depth 7. Primer on Web3.js 8. Developing a Cryptocurrency from Scratch 9. Enterprise Use Cases 10. BaaS and the Dark Web Market 11. Advanced Topics and the Road Ahead 1. Other Books You May Enjoy Index

Parity hack demystified


Parity (https://parity.io/) is a UK-based, venture capitalist-funded, tech start-up company. They provide an Ethereum client, also called Parity, which has an extensive Ethereum wallet and DApp environment for contract deployment. The entire application is written and compiled in the RUST language. The wallets are multi-sig. Multi-sig wallets, in simple words, are wallets that require at least two separate agreements to spend a token from the wallet. These wallets are supposed to be more secure than normal single-sig wallets.

Unfortunately, on July 19, 2017, three multi-sig wallets were exploited from a total of 596 wallets with similar vulnerabilities. Figure 6.10 shows these compromised accounts in Etherscan, the public Ethereum block explorer. When the Parity team got alerted of this hack, they tackled this situation by forming a "White Hat Group" and used the same vulnerability to siphon all the tokens from the remaining 593 wallets into a safe repository so that...

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