As you might know, last October 2017 doc.ai did a token sale in compliance with US securities laws. We are creating digital tokens to power our platform and incentivize the community. These digital tokens are named Neurons (“NRNs”) and based on the ERC-20 standard. We’re pushing our first smart contracts on Testnet and we’d like to share a few things we’re working on.
Any operation performed against any smart contract on the Ethereum blockchain incurs a gas cost to the operator. This is what incentivizes miners to add transactions to mined blocks. It also imposes an overhead cost on smart contract usage that is:
Easy to overlook.
Significant in its effects on the utility of the smart contract, especially if the contract is intended to be used at scale.
Consider, for example, a hypothetical and absurd implementation of an ERC20 token in which transfer and transferFrom calls are estimated to incur a total gas cost of 1 ETH. It is very difficult to imagine a use that this token could be put to that could justify this cost of 1 ETH. Even if such a use case did exist, it is hard to imagine such a token being used as a currency by a large number of people today, when 1 ETH costs almost 600 US dollars. Let us take this as support for the following:
Proposition. A high gas cost adversely affects the liquidity of a token.
If you buy into this proposition, then you should be very concerned with the gas cost incurred by operations on any tokens you implement for use at scale and as currencies. In fact, this concern should generalize beyond tokens to any smart contracts which are intended for general and frequent use.
As we see token standards like ERC20 and ERC721 rise in popularity (and therefore in adoption), we are also seeing a corresponding increase in the number of implementations of the interfaces those standards describe. As such, different implementations of the same token are very difficult to compare to each other. For example, the decision of which ERC20 token implementation you should use for your dapps is still a very subjective one and is generally based on “what everyone else is doing”.
We intend for cryptoprof to bring objectivity into such decision-making by allowing you to quickly compare the gas usage for different implementations of the same standard.
It is important to understand that gas usage is not the only metric by which we should judge an implementation of a given standard. It is generically true that greater security comes at greater gas cost. The figure below shows a
cryptoprof comparison of the Consensys reference implementation of an ERC20 token with an insecure variant of that implementation (called CrappyEIP20):
So what you can notice from the figure above, CrappyEIP20 version uses less gas compared to the reference implementation. You can see this in the method transferFrom, which uses 37120 gas in the insecure version as opposed to 43473 gas in the reference version.
The insecure implementation removes all overflow and balance checks from the Consensys Implementation. The following figure shows in red the checks that were removed from the transferFrom method in the Consensys implementation:
Sure the transferFrom cost is substantially lower in terms of gas, but it comes at a very heavy cost in terms of exploitability. The onus is still on you, as a decision maker, to think carefully about such trade-offs.
The above example of the Consensys ERC20 implementation in comparison to the crappy one shows, though, how a tool like cryptoprof can be of use not only to people choosing between implementations of standard contracts, but also to people writing implementations of these contracts. If you are writing an ERC20 contract and your transferFrom gas cost is substantially lower than that of the Consensys implementation (which is pretty minimal), you should probably put on your bug goggles and go bug hunting.
Cryptoprof currently only supports the ERC20 standard. If you would like it to support another standard, do not hesitate to create an issue or submit a pull request against the GitHub repository.
Our developers meeting is next Tuesday, May 29th.
JOIN and be among the firsts to test our Neuron Token — NRN —
And learn how to use the crypto in our ecosystem - we just released new code (smart contract) on GitHub!