- Anatomy of smart contract
- Honey pot
- WIZ Protocol
- Hocus Pocus Finance
- WIZ Talk
Anatomy means to dissect and cut apart for the purpose of study.
The concept of smart contract anatomy is to dissect blockchain smart contracts looking for invulnerabilities and spotting a honey pot in crypto verse.
Many project developers have certain permission to change smart contract codes in which majority of the investors aren’t aware which put them in the honey pot syndrome.
What is Honey Pot Syndrome? In my own knowledge, I refer honey pot syndrome as a situation whereby investors fund is trapped in the smart contract as a result of changes in the contract by the project developers.
Investors are after gains and massive pumps, and bad egg in developers take advantage of this to exploit the investors since most aren’t familiar with smart contracts.
A friend of mine was caught up in a honey pot, he had bought a token, he was active with the project, promoting the project day and night however, one unfaithful day, he had an unresolved discrepancy with the developer which led to his token been blacklisted by the dev.
I asked myself, this I DEFI, how come? Aren’t we decentralized? How come the dev was able to blacklist his wallet causing him to be unable to sell and send his tokens.
Until this faithful night, I had a telegram conversation with Nick Wizard of the Hocus Pocus Finance who opened the community eyes with a massive lecture about smart contract and the smart contract behavior, after the long chat, I called the session THE ANATOMY OF SMART CONTRACT
The conversation started as we were discussing on which project should we include in the lists of projects we could use the WIZ PROTOCOL treasury funds to purchase for staking.
I said “maybe one day, we shall be getting 1m $WIZ daily reflection”
Nick replied, “The beauty is that the LP pair is excluded from the reflections, so when there are more tokens in the pool, the excluded amount will be bigger and the reflections will be more.
I replied, “this is super interesting, I’ll DYOR comparing this to other tokens with reflection.
Nick answered and said “Yeah there are some tokens that are excluding the lp pair but they do this with a key and adding manual addresses to the excluded list. Downside the gas fee will be higher with every transaction and technically they can add all the holders to the list. The same for the fees. They can set the parameter on zero but also on 100%. So, with every tx it goes straight to their wallet. Be careful out there”
I asked, how can we find out if the dev could possibly alter the smart contracts or change some certain parameters.
Nick replied and said “Rule number one, always check the write and read functions on etherscan before you ape”
He furthered and said, on etherscan, you have the button contract.
You can check read and write, read is not that exciting for this is the owner tab, he said.
He showed a pictorial example and he said “in this example, the owner is renounced. So the owner which is the null address can’t harm anyone but if the code is bad, it doesn’t mean anything. But that’s a different topic.
He then asked, what if they had an ownership, or an admin key?
I replied, they would be able to alternate the contract and or change some parameters.
He answered and said, Yes, then they could change all the write functions
He furthered, giving an example of a token, the token had 27 read functions, he said “nothing wrong with that. Because the data is cool. But they have an owner in the contract.
He further and said, “now, lets check what the owner in the contract can write
He said “they can grant permissions and roles and basically all the write functions.
Furthermore, he sent another example, a smart contract and asked me, please check the write and read function, also he asked me, is there an ownership? I replied yes, indeed the contract ownership wasn’t renounced.
Then we further to check on what they could do in the write section. To great surprise, the contract owner could set tax at 100% and also to 0% and nick answered, they could change the max amount of transfer. Next time Nick said, you could do the important check yourself.
Finally, next Wiz Talk topic would be LIQUIDITY
Twitter: WIZ https://twitter.com/wiz_protocol
Twitter Hoc: https://twitter.com/HocusPocusFi
Website WIZ: https://www.wiz-protocol.com/
Website HOC: https://hocuspocus.finance/
HOC Sac: https://sacrifice.hocuspocus.finance/