There’s no denying that smart contracts have taken over the world of financial programming by storm. They not only provide a transparent manner to record transactions but have also made financial transactions fast and less cumbersome.
However, Smart Contracts have become prone to hacks which end up costing the developers millions of money in lost funds. A good example of one of those costly hacks was the DAO hack where hackers reversed funds during a hard fork into their wallets. So delicate are smart contracts that even one loose letter could lead to loss of millions of funds.
What is MAIAN?
MAIAN is an advanced product that’s designed to deal with the vulnerabilities common with smart contract tools. It’s an innovative way to make sure that a smart contract is flawless before it’s released into any blockchain. Any flaws discovered on a smart contract will be eradicated by MAIAN. Getting rid of a bug when a blockchain goes live is close to impossible.
Therefore, developers had to come up with an innovative way to detect bugs before releasing a smart contract. The tool that was released to the public early last year is designed to help developers find any errors in their code. The analysis tool was released under a license from MIT and is free for all to use in their coding.
Errors that MAIAN Adequately Detects
There are basically three vulnerabilities that MAIAN has been designed to detect. One error is what is called suicidal contracts whereby one wrongly coded item holds the potential to invalidate the entire contract. When a smart contract is wrongly coded, it could revert all the funds to the owner and destroy the contract.
There’s also prodigal contracts that MAIAN can also pick vulnerabilities from. In a prodigal contract, the smart contract attacker can use the vulnerability present to send funds to anyone on the particular blockchain. The flawed code gives power to anyone in the blockchain to claim ownership to funds present and even send it to a random user many times over. Such losses can remain hidden for an extended period of time.
The third error type that MAIAN can adequately detect is the Greedy Contracts where a random user on GitHub can maliciously lock up funds.
Future of MAIAN
Developers have been urged to make use of MAIAN especially because it’s an innovative free tool that can save them from losses amounting to millions of dollars. The product offers users a great way of configuring it with a GUI which allows users that aren’t at ease to solely work with it or prefer a strict code.
However, the creators of MAIAN acknowledge that the blockchain space is constantly changing and the product may fail to accommodate these changes in the future.