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Because there is no real formal verification process for smart contracts, it's extremely easy to slip bugs into the contract code, the contract itself is genera

Because there is no real formal verification process for smart contracts, it's extremely easy to slip bugs into the contract code, the contract itself is generally immutable (can't fix bugs), and the effects of a breach are generally catastrophic and irreversible. Need more reasons?

BTCOG 6y ago
This as well. Immutable bugs.
vvpan 6y ago
You are incorrect. Contracts are immutable but you can upgrade your application. There are different patterns, one where you make a shell contract that has pointers to contracts with actual business logic. Also, there are patterns where the user needs to confirm that yes they want to use the new version. There are also systems of insurance on contracts.
ShorsHammer 6y ago
> there is no real formal verification process for smart contracts Not following here, instead of process you mean no requirement to do so? The process is pretty clear and simple, there's a few different frameworks being built for smart contract formal verification along with the traditional methods working fine. What was the last bit of code you wrote or used that was formally verified? https://sci-hub.se/https://ieeexplore.ieee.org/document/8905010 https://sci-hub.se/https://ieeexplore.ieee.org/document/8905...