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Yes, it is an indictment of ethereum. The ERC-20 standard doesn't specify anything more than function interfaces. Those functions could do anything, including s
by jl2718 6y ago
Yes, it is an indictment of ethereum. The ERC-20 standard doesn't specify anything more than function interfaces. Those functions could do anything, including stealing all of your approved tokens. Or the contract could be changed without holder consent. That's a disastrous result for users, and not at all what people think is implied by cryptographic ownership of a token.
- tyrust 6y agoThen that's more of an indictment of ERC20, not all of Ethereum. Alternative token standards can come along and be adopted (e.g. ERC777 [0], but idk if that one in particular helps in this case). [0] https://eips.ethereum.org/EIPS/eip-777 https://eips.ethereum.org/EIPS/eip-777
- lxgr 6y agoThe problem is that ERC20 is an interface specification and not an implementation. Another interface specification won't help.
- tyrust 6y agoGood point. I wonder if there is a way to guarantee behavior. Otherwise you'd just have to read the backing contract yourself (or, more realistically, trust auditors).