Computer Bug

A Quarter of All Smart Contracts Are Riddled With Bugs, Study Finds

Aug 31, 2018, 7:09PM
1 min, 25 sec READ

Several news outlets are reporting that Hosho security has released a report claiming that 25% of cryptocurrency startups have critical bugs.

Things haven't been looking good for the altcoin sector, and there isn't any end in sight. On top of a slew of legal and financial issues, smart contract platforms suffer from serious technical problems. And according to a report from Hosho Security Research, up to 25% of all altcoins suffer from critical bugs and as many as 60% of projects have at least one security issue. 

What is Hosho Security Research?

Hosho is a US-based blockchain security firm that offers security audits to startups in the blockchain sector. It partnered with top community management firm, Amazix, to offer a wider range of audit services to clients around the world. While still a relatively new firm, Hosho is already working with a huge number of clients and will be hosting its own cryptosecurity convention called HoshoCon in Las Vegas from October 9-11th.

Their latest report outlines the altcoin's sector's massive issues with bugs and may help draw attention to Hosho's convention. 

Details of the Report Are Foggy

Several news outlets are reporting that Hosho security has released a report claiming that 25% of cryptocurrency startups have critical bugs and as many of 60% have other serious issues. But none of these news outlets include direct citation of the report, and it is impossible to confirm or deny its existence. 

If the report is accurate, it would actually demonstrate an improvement in the sector. In a Medium post from May 24th, Hosho Group states  "95% of audits we conduct have one or more vulnerabilities, and 32% of them have one or more vulnerabilities of a critical nature."

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.