Can a Smart Contract Be Updated or Changed after It Has Been Deployed?
By design, smart contracts on a blockchain are immutable, meaning their code cannot be changed once deployed. This is a core security feature.
However, this rigidity can be a problem if bugs are discovered or upgrades are needed. To address this, developers can implement proxy patterns or other upgradeability patterns.
These involve deploying a new contract with the updated logic while the original contract, which holds the state and address, delegates calls to the new one. This provides a mechanism for change while maintaining a persistent contract address.
Glossar
Proxy Contract
Architecture ⎊ A proxy contract, within cryptocurrency and decentralized finance, functions as an intermediary facilitating interactions with an underlying implementation contract.
Hard Fork
Disruption ⎊ A hard fork represents a radical divergence in a blockchain’s protocol, creating a permanent split and typically resulting in a new cryptocurrency.
Soft Fork
Upgrade ⎊ This refers to a backward-compatible change to the protocol’s software, where non-upgraded nodes will still recognize blocks produced by upgraded nodes as valid, allowing for gradual adoption of new features or bug fixes.
Smart Contracts
Function ⎊ Smart contracts are self-executing agreements with the terms of the agreement directly written into lines of code, residing on a decentralized ledger.
Proxy Patterns
Mechanism ⎊ Proxy Patterns, within cryptocurrency and derivatives markets, represent strategies employing intermediary assets or contracts to replicate the price exposure of a less accessible or liquid underlying instrument.
Security Risks
Vulnerability ⎊ Security risks in cryptocurrency and derivatives markets refer to potential weaknesses in smart contracts, network protocols, or external infrastructure that can be exploited by malicious actors.