Smart Contract Covers: A safety net against smart contract vulnerabilities
Hackers stole around $31 million from blockchain startup MonoX Finance by exploiting a bug in the software it uses to draft smart contracts.
Parity made multi-signature (multi-sig) software “wallets” for the management of Ether cryptocurrency. An unknown hacker stole 150,000 ethers, around $30 million at the time, by exploiting the delegatecall and fallback function in the smart contract library for the multi-sig wallets.
These are just a few examples of the recent cybercrimes that shook the world and had crypto enthusiasts clutching their wallets. Today, researchers estimate that 45% of smart contracts written in Ethereum’s programming language are vulnerable.
The goal of a smart contract on the blockchain is to simplify business and trade between anonymous and identified parties, sometimes without the need for a middleman. A smart contract reduces the formality and costs associated with traditional methods without sacrificing authenticity and credibility.
However, innovative technology can be leveraged by hackers to find loopholes and vulnerabilities within these smart contracts.
With cryptocurrency being a relatively risky avenue; the alarming increase in such cybercrimes has only led to users shying away from the world of crypto. At CoverCompared we offer the perfect safety net.
The ratio of risk remains high with regard to smart contracts being exposed to vulnerabilities, it is advisable to stay safe than sorry using the smart contract covers available for purchase via the CoverCompared dApp. We offer varied smart contract covers from different insurers that can be bought using cryptocurrencies, gasless according to your needs.
We strive to provide insurance coverage with regard to many aspects, including any vulnerabilities that your crypto assets could be potentially exposed to and with the many risks the world of crypto already faces, we aim to alleviate this stress within our users.
About CoverCompared
CoverCompared is the First DeFi insurance marketplace for the global crypto ecosystem. We aim to lower transactional and administrative costs of insurance policies and coverage while providing high-value, cost-effective insurance products bought using a host of cryptocurrencies.
Our platform will be connecting users with multinational insurance providers for all global insurance products such as crypto-related protection, health, life, and travel policies. The platform will include a frictionless insurance marketplace experience that incorporates next-generation blockchain technology and tokenized incentives.
