This entails two major problems: a) the owners of the tokens have the ability to quickly steal all the funds and disappear from the market and b) if the private key of the owner’s account is stolen, all the assets might immediately turn into the property of the attacker. Moreover, the owners of these tokens carry lesser social and legal responsibilities compared to the traditional centralized actors that those tokens intend to disrupt. We discover that many smart contracts are administrated, which means that their owners solely possess an omnipotent power over these contracts. These routines, which are designed to tightly control the operation of these smart contracts, turn an ERC20 token into an administrated token-the type of Ethereum smart contract that we scrutinize in this research.
In practice, the developers of smart contracts implement administrating patterns, such as censoring certain users, creating or destroying balances on demand, destroying smart contracts, or injecting arbitrary code. Yet, it is a common misconception to assume that the decentralization of blockchain entails the decentralization of smart contracts deployed on this blockchain. The daily transaction volume of these tokens exceeds 100 billion dollars, which agitates the popular notions of “decentralized banking” and “tokenized economy”. ERC20 token is the most popular type of Ethereum smart contract.
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