EOS
$5.39 3.45%
EOS · 1w

Block.one releases Ricardian Contracts for EOS

Block.one, a Cayman Islands-registered open-source software publishing firm that raised a record-setting amount of $4 billion through its fundraising rounds of 2017 and 2018, has stated that a “critical component of user security is preventing phishing attacks or bait and switch attacks which trick users into agreeing to something that isn’t actually going to happen as a result of their agreement.”

Indeed, phishing attacks have led to huge financial losses for users, as they’ve allowed malicious entities to gain access to people’s private keys, passwords, and seed phrases – all of which were associated with cryptocurrency wallets.

Block.one Explains How Hackers Employ Various Phishing Attack Vectors

Explaining how hackers employ manipulative tactics when exploiting blockchain-based platforms, Block.one notes in a blog post published April 12th, 2019 that “in blockchain, this can occur when a website or application indicates to a user that they are approving one action, but present a different transaction to the key management application (i.e. Authenticator or wallet).”

In other words, the fraudulent websites that users visit might “say one thing, but [actually] issue something else to the blockchain,” Block.one writes. For instance, an unsuspecting user may be tricked into thinking that they are transferring a small amount of cryptocurrency to a digital asset exchange. However, they may be sending all their funds to a scammer, the blockchain development firm’s blog states.

“Pillar Of EOSIO’s Usability: Support For Defining Ricardian Contracts”

The post by Block.one also mentions that “a pillar of EOSIO’s usability since its dawn has been support for defining Ricardian Contracts.” These contracts are integrated with conventional smart contracts in order to “serve as human readable representations” of an “action’s intent” in natural languages that people understand, such as English.

Elaborating on the importance of “cod...

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