Hybrid ERC20 Ethereum Blockchain Multisignature Wallet 3of3 with Withdrawal Pattern, External Effects, and Mutex as Single Key and Reentrancy Mitigation.

Jason Al Hilal Sabda Dewa; Indra Waspada; Priyo Sidik Sasongko

doi:10.14710/jmasif.15.1.62835

DOI: https://doi.org/10.14710/jmasif.15.1.62835

Hybrid ERC20 Ethereum Blockchain Multisignature Wallet 3of3 with Withdrawal Pattern, External Effects, and Mutex as Single Key and Reentrancy Mitigation.

Jason Al Hilal Sabda Dewa , Indra Waspada

, Priyo Sidik Sasongko

Universitas Diponegoro, Indonesia

Received: 25 Mar 2024; Revised: 9 May 2024; Accepted: 13 May 2024; Available online: 31 May 2024; Published: 31 May 2024.

Editor(s): Ferda Ernawan

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

BibTex Citation Data :

@article{JMASIF62835,
    author = {Jason Sabda Dewa and Indra Waspada and Priyo Sasongko},
    title = {Hybrid ERC20 Ethereum Blockchain Multisignature Wallet 3of3 with Withdrawal Pattern, External Effects, and Mutex as Single Key and Reentrancy Mitigation.},
    journal = {Jurnal Masyarakat Informatika},
  volume = {15},
    number = {1},
    year = {2024},
    keywords = {Blockchain; Ethereum; Smart Contracts; Decentralized Application; Web3; Reentrancy},
    abstract = {  In the rapidly evolving era of Decentralized Finance (DeFi), the convergence of Blockchain technology with intermediary-free financial services has forged a revolutionary landscape. However, this progress has been accompanied by critical challenges, notably the Single Key Risk and reentrancy attack threats against ERC20 smart contracts in private Ethereum Blockchain. This research formulated a proactive approach and implemented an innovative solution by embodying Reliable Decentralized Finance through the deployment of a 3-of-3 Hybrid Multisignature Wallet system with Withdrawal Pattern, External Effects, and Mutual Exclusion in the form of a Decentralized Application (DApps). The system not only applied withdrawal patterns but also integrated external effects and the principle of mutual exclusion to enhance the security of smart contracts. The system development methodology was executed comprehensively using Agile Software Engineering, encompassing the development of both smart contracts and external applications (decentralized applications). Testing was conducted using Ganache EVM (Ethereum Virtual Machine) connected to the Hot Wallet Metamask as an Externally Owned Account (EOA) for transaction signing. Valid results were obtained from comprehensive testing against the system's functional requirements, affirming the system's success in managing Single Key Risk and preventing reentrancy attacks, providing a reliable and concrete solution    },
   issn = {2777-0648},   pages = {14--30}  doi = {10.14710/jmasif.15.1.62835},
    url = {https://ejournal.undip.ac.id/index.php/jmasif/article/view/62835}
}

Citation Format:

Abstract

In the rapidly evolving era of Decentralized Finance (DeFi), the convergence of Blockchain technology with intermediary-free financial services has forged a revolutionary landscape. However, this progress has been accompanied by critical challenges, notably the Single Key Risk and reentrancy attack threats against ERC20 smart contracts in private Ethereum Blockchain. This research formulated a proactive approach and implemented an innovative solution by embodying Reliable Decentralized Finance through the deployment of a 3-of-3 Hybrid Multisignature Wallet system with Withdrawal Pattern, External Effects, and Mutual Exclusion in the form of a Decentralized Application (DApps). The system not only applied withdrawal patterns but also integrated external effects and the principle of mutual exclusion to enhance the security of smart contracts. The system development methodology was executed comprehensively using Agile Software Engineering, encompassing the development of both smart contracts and external applications (decentralized applications). Testing was conducted using Ganache EVM (Ethereum Virtual Machine) connected to the Hot Wallet Metamask as an Externally Owned Account (EOA) for transaction signing. Valid results were obtained from comprehensive testing against the system's functional requirements, affirming the system's success in managing Single Key Risk and preventing reentrancy attacks, providing a reliable and concrete solution

Fulltext View|Download

Keywords: Blockchain; Ethereum; Smart Contracts; Decentralized Application; Web3; Reentrancy

Article Metrics:

Article Info

Section: Research Article

Language : EN

In Vol 15, No 1 (2024): Jurnal Masyarakat Informatika

Recent articles

Analisis Pengaruh Kualitas Website Shopee Terhadap Kepuasan Pengguna Berdasarkan Metode WebQual 4.0 (Studi Kasus : Mahasiswa Pengguna Shopee di Universitas Diponegoro) Kriptografi Teks Berbasis Algoritma Substitusi Vigenere Cipher 8 Bit Hash Value Security Improvement of PCS Password using Signed Binary Operation More recent articles

Most cited articles

Pengenalan Jenis Golongan Darah Menggunakan Jaringan Syaraf Tiruan Perceptron PENYELESAIAN MASALAH JOB SHOP MENGGUNAKAN ALGORITMA GENETIKA OPTICAL CHARACTER RECOGNITION MENGGUNAKAN ALGORITMA TEMPLATE MATCHING CORRELATION Enterprise Architecture Model untuk Aplikasi Government ALGORITMA BACK PROPAGATION NEURAL NETWORK UNTUK PENGENALAN POLA KARAKTER HURUF JAWA More cited articles

A. Beije, N. Vyas, and B. Krishnamachari, Blockchain and the Supply Chain: Concepts, Strategies and Practical Applications, Second Edition. Kogan Page, 2022
A. M. Antonopoulos and G. Wood, Mastering Ethereum: Building Smart Contracts and DApps, First Edition. O’Reilly Media, 2018
W.-M. Lee, Beginning Ethereum Smart Contracts Programming: With Examples in Python, Solidity, and JavaScript, 2nd Edition. Apress, 2023
J. Han, M. Song, H. Eom, and Y. Son, “An Efficient Multi-Signature Wallet in Blockchain using Bloom Filter,” in Proceedings of the ACM Symposium on Applied Computing, Association for Computing Machinery, Mar. 2021, pp. 273–281. doi: 10.1145/3412841.3441910
R. Ma, J. Gorzny, and E. Zulkoski, Fundamentals of Smart Contract Security. Momentum Press, 2023
V. Lienardo and R. Munir, “Blockchain-based Multisignature Wallet System for Decentralized Autonomous Organization.”
S. Ebrahimi, P. Hasanizadeh, S. M. Aghamirmohammadali, and A. Akbari, “Enhancing Cold Wallet Security with Native Multi-Signature schemes in Centralized Exchanges,” Oct. 2021, [Online]. Available: http://arxiv.org/abs/2110.00274
J. W. Lim, Handbook of Digital Currency: Bitcoin, Innovation, Financial Instruments, and Big Data, First Edition. Massachusetts : Academic Press, 2015
Z. Zheng, S. Xie, H. Dai, X. Chen, and H. Wang, “An Overview of Blockchain Technology: Architecture, Consensus, and Future Trends,” Proceedings - 2017 IEEE 6th International Congress on Big Data, BigData Congress 2017, pp. 557–564, Sep. 2017, doi: 10.1109/BigDataCongress.2017.85
T. Laurence, Blockchain For Dummies, 3rd Edition. John Wiley & Sons, Inc, 2023
V. Dhillon, D. Metcalf, and M. Hooper, Blockchain Enabled Applications Understand the Blockchain Ecosystem and How to Make it Work for You. California: Apress Berkeley, 2017. doi: https://doi.org/10.1007/978-1-4842-3081-7
J. L. Sun, S. Huang, C. Y. Zheng, M. J. Wang, Z. W. Hui, and Y. X. Ding, “A Novel Method to Prevent Multiple Withdraw Attack on ERC20 Tokens,” IEEE International Conference on Software Quality, Reliability and Security, QRS, vol. 2021-December, pp. 1–7, 2021, doi: 10.1109/QRS54544.2021.00011
V. Buterin, “Ethereum: A Next-Generation Smart Contract and Decentralized Application Platform,” 2014
ChainLink, “Reentrancy Attacks and The DAO Hack Explained.” Accessed: Nov. 21, 2023. [Online]. Available: https://blog.chain.link/reentrancy-attacks-and-the-dao-hack/
C. Diligence, “Ethereum Smart Contract Best Practices.” Accessed: Nov. 12, 2023. [Online]. Available: https://github.com/ConsenSys/smart-contract-best-practices
M. Marchesi, L. Marchesi, and R. Tonelli, “An Agile Software Engineering Method to Design Blockchain Applications,” vol. 8, pp. 1–8, Oct. 2018, doi: 10.1145/3290621.3290627

Last update:

No citation recorded.

Last update: 2024-11-14 08:35:32

No citation recorded.

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

The authors who submit the manuscript must understand that the article's copyright belongs to the author(s) if accepted for publication. However, the author(s) grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. Authors should also understand that their article (and any additional files, including data sets, and analysis/computation data) will become publicly available once published under that license. See our copyright policy. By submitting the manuscript to Jmasif, the author(s) agree with this policy. No special document approval is required.

The author(s) guarantee that:

their article is original, written by the mentioned author(s),
has never been published before,
does not contain statements that violate the law, and
does not violate the rights of others, is subject to copyright held exclusively by the author(s), is free from the rights of third parties, and the necessary written permission to quote from other sources has been obtained by the author(s).

The author(s) retain all rights to the published work, such as (but not limited to) the following rights:

Copyright and other proprietary rights related to the article, such as patents,
The right to use the substance of the article in its own future works, including lectures and books,
The right to reproduce the article for its own purposes,
The right to archive all versions of the article in any repository, and
The right to enter into separate additional contractual arrangements for the non-exclusive distribution of published versions of the article (for example, posting them to institutional repositories or publishing them in a book), acknowledging its initial publication in this journal (Jurnal Masyarakat Informatika).

Suppose the article was prepared jointly by more than one author. Each author submitting the manuscript warrants that all co-authors have given their permission to agree to copyright and license notices (agreements) on their behalf and notify co-authors of the terms of this policy. Jmasif will not be held responsible for anything arising because of the writer's internal dispute. Jmasif will only communicate with correspondence authors.

Authors should also understand that their articles (and any additional files, including data sets and analysis/computation data) will become publicly available once published. The license of published articles (and additional data) will be governed by a Creative Commons Attribution-ShareAlike 4.0 International License. Jmasif allows users to copy, distribute, display and perform work under license. Users need to attribute the author(s) and Jmasif to distribute works in journals and other publication media. Unless otherwise stated, the author(s) is a public entity as soon as the article is published.