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Weekly progress
- ⚒ Finished the testing of the Fairpool contract.
- ⚒ Added the fee system.
- ⚒ Designed the upgrade system.
- 🤝 Advised another project.
Should Fairpool be upgradeable?
Smart contracts are immutable — once deployed, they can’t be changed. This is a problem for developers, because they can’t deploy a fix if a bug is discovered. This problem has two solutions:
- Test the contract extensively before deployment — that’s what we were doing recently. However, no testing process can 100% guarantee the absence of bugs.
- Deploy the contract with an upgradeability proxy (or any other similar mechanism).
Deploying with upgradeability allows to change the code at the expense of a) higher deployment cost — more contracts are needed b) potential security risk — if the upgradeability admin key is stolen, it could be used to deploy a malicious upgrade.
In our case, since the Fairpool owners will have their own keys, we can increase the security of the system by requiring multiple signatures. At minimum, we can require two signatures: from us, the developers, and from the owner. Additionally, the owner can specify extra signatories, strengthening the setup even further.
This looks like a good approach, considering also that it would allow us to deploy updates (new features) in addition to bugfixes.
Next week’s focus
- ⚒ Develop Fairpool.
- 🤝 Advise current projects.
About Coliquidity
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