The Hedera Smart Contract Service (HSCS) security model has undergone an upgrade. The network is moving from the old security model v1 to v2. This is in response to a security incident that occurred on March 09. As confirmed by the team, attackers exploited the Smart Contract Service code of the Hedera mainnet to transfer Hedera Token Service tokens held by victims’ accounts to their own accounts.
With the new upgrade, users and developers will enjoy greater security as well as secure and scalable API solutions. HSCS Security Model v1 had to balance between Hedera security and EVM security models leaving gaps that have now been addressed by providing greater clarity and additional protections for the network.
With new security model boundaries, the team summarized the new features to be;
HSCS will utilize a three-level approach to achieve a state change or value transfer. utions must not break any of the rules on each level.
Level 0– On the EVM security model, entities may only modify their own state and balance.
Level 1- EVM balance allowance interactions allow transfer and access to account balance will follow tested web3 interface standards approvals.
**Level 2-**Use of Hedera advances security features may utilize contract-compatible authorization features such as ContractID keys.
The response from the team is encouraging for users and developers, it is also worth noting that the team as part of its exercise looked into its network for additional vulnerabilities that could result in a similar attack as witnessed in March but found none.
The team admits that changes impact user experiences by requiring more complex steps but makes up for this by increasing user and network security across the network.
Since the announcement, the Hedera native token HBAR has been performing positively. In the last 24 hours, the digital asset has gained nearly 5 percent and is exchanging for $0.04666 at the time of press. In the last 7 days, the asset is down by 2 percent.
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Enhancing Network Security: Hedera Introduces HSCS Security Model v2 for Users and Developers
The Hedera Smart Contract Service (HSCS) security model has undergone an upgrade. The network is moving from the old security model v1 to v2. This is in response to a security incident that occurred on March 09. As confirmed by the team, attackers exploited the Smart Contract Service code of the Hedera mainnet to transfer Hedera Token Service tokens held by victims’ accounts to their own accounts.
With the new upgrade, users and developers will enjoy greater security as well as secure and scalable API solutions. HSCS Security Model v1 had to balance between Hedera security and EVM security models leaving gaps that have now been addressed by providing greater clarity and additional protections for the network.
With new security model boundaries, the team summarized the new features to be;
HSCS will utilize a three-level approach to achieve a state change or value transfer. utions must not break any of the rules on each level.
The response from the team is encouraging for users and developers, it is also worth noting that the team as part of its exercise looked into its network for additional vulnerabilities that could result in a similar attack as witnessed in March but found none.
The team admits that changes impact user experiences by requiring more complex steps but makes up for this by increasing user and network security across the network.
Since the announcement, the Hedera native token HBAR has been performing positively. In the last 24 hours, the digital asset has gained nearly 5 percent and is exchanging for $0.04666 at the time of press. In the last 7 days, the asset is down by 2 percent.