In the world of cryptocurrency, the common malicious contracts have qualities such as infinite minting, or transfers of tokens without balance checks. This is deliberately implemented by nefarious developers to cheat their own buyers out of their ETH. Other times it’s unintentional, and the issues are actually programming errors. eBTCold is an example where through a programming error, there is accidental infinite printing. eDOGE is another example, which had a centralized locking mechanism that prevented trading, and allowed for manipulation of the market.
These things can be detected in static analysis, and monitored when transferring ETH to smart contracts with these qualities during ICOs and donation phases. This kind of smart detection is a large part of what we are building.
Static analysis means that we can automatically read and interpret source code. We can look for common programming mistakes, as well as deliberate hoaxes embedded in to smart contracts. On top of this, we are building a centralized repository of addresses with the intent of blacklisting corrupt token founders, poorly-written smart contracts, and the like. If we have technical reasons to believe a contract is fraudulent, then we will raise that red warning for the user through the wallet UI. This is what we mean when we talk about the BLUE standard. The standard and it’s SDK (Software Development Kit) is a free-to-use product that allows developers of new tokens to check their work and prevent programming mistakes.
An SDK could allow consumers, via wallet integrations, to automatically scan malicious addresses before approving the sending of ETH from their wallet. The crypto world is fraught with scam artists. It is the wild west of finance, and we are here to tame it just a bit. We are here to bring peace of mind to those who invest in cryptocurrency, and blockchain technology. This is what we are all about.
Welcome to the future of cryptocurrency.