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What is a Seed Phrase?If you have a cryptocurrency wallet, you were most likely instructed to keep a phrase of 12 or 24 randomly-chosen words in a safe place. This very combination of words is a seed phrase. This phrase, as well as your private key, allows you full access to your wallet (although the seed phrase is not the same as the private key). You need the private key to confirm (or, so to say, βsignβ) your transactions, but often you donβt even know what it is β the crypto wallet signs your transactions for you with your private key. As for the seed phrase, you can see it when you generate your wallet, and this is when you are supposed to note it and kee
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Types of DEXsWe will examine two types of decentralized exchanges: Orderbook DEXs AMM DEX Orderbook DEXs resemble centralized exchanges (CEX) in their interface and operational principles. Trading participants place their orders to buy or sell their cryptoassets on the exchange, and a deal is reached when the stated prices match. The transaction takes place only when there is a counter order for a transaction from another user. Unlike on a CEX, where the exchange itself serves as the third party and is responsible for processing a transaction, the smart contract, i.e. self-executing software, takes care of this. AMM DEXs (automated market
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Why Do We Need Audits of Smart Contracts?A smart contract is computer code with a set of rules that are executed when certain conditions occur. This happens automatically, without human involvement and without trust between the two participants of the transaction. But what happens if a developer accidentally or intentionally makes a mistake in a smart contract? Participants lose their money. At the same time, typical critical errors in smart contracts are usually detected by automatic analyzers. But when we want to check the high-level logic of smart contracts and the compliance of the rules with the stated goals, this requires a rather complex audit involving specialists who