Looking back at Ethereum SC hacks (DAO, Parity), I can’t help but think that the notion of “community reviewed” bestowes a false sense of security.
If I remember correctly the parity SC was also audited, which makes things even worse.
Now I understand that mistakes happen in software development. It’s inevitable.
But I wonder if there is a way to structurally protect investors from devastating outcomes.
I really like the idea of using a functional programming language or at least the “correct by construction” K-defined language. Functional programming alone probably will reduce the universe of possible exploits by an order of magnitude.
I also really like the idea of separating Settlement Layer into its own chain. It is a simple and brilliant idea that provides some structural safety for Cardano overall.
But I wonder if there is anything else that could be done to improve the security of the computational layer.
Assuming all SC code will be written in K defined language, we have some degree of built-in safety but that may not protect against choosing a bad language in the first place.
What else can be done to ensure that the codebase executed on CL lives up to the highest security standards?
Answering these questions with high degree of assurance is what will drive adoption of Cardano by financial sector.
Security is a huge factor in the financial sector. Ethereum has a horrible record of it judging not only by the outcomes but also by the architecture that allows it to happen.
In the eyes of those who make important decisions in the financial sector (such as: which technology should we use?) all these past mistakes point to potential risks.
Cardano attempts to solve these shortcomings. But I wonder if there is a way to 10x the security features on Cardano against anything available today in the overall market.
If that can be achieved, that’s when you will have a superior product and mass adoption.
Make it cheap, secure and fast and people will simply run out of reasons to stay with their current solutions.