How to revoke your cryptocurrency access to the smart contract
A blockchain-hosted smart contract is executed automatically after all terms or conditions in the contract or agreement are met.
The terms of the contract are written in machine-readable code. A smart contract is irreversible and legally binding once completed, which begs the question: Is it possible to terminate a smart contract? And most importantly, can smart contracts be copied?
This article explains whether it is possible to revoke smart contracts and, if possible, how one can revoke a smart contract's access to their crypto holdings.
What does it mean to cancel smart contracts?
Revoking a smart contract typically means disabling or terminating functionality on the blockchain. For example, revocation may stop a user's ability to move crypto wallets and tokens. Additionally, revoking a smart contract terminates permission to view a user's token balance or public address.
Why are smart contracts canceled?
If a person does not intend to buy, sell, or transfer the asset, or if they do not want to use the smart contract again, they can revoke the smart contract in various circumstances.
In other cases, malicious developers build into smart contracts, allowing unauthorized access to funds.
Who can change the smart contract?
As with any contract, once the parties agree on the terms of the contract, they cannot be changed. Even if the parties want to do this, the terms are written on the blockchain, which is immutable. This makes smart contracts immutable.
The only way to “change” the terms of the contract is to “modify” the contract, i.e., change the underlying smart contract of the decentralized application (DApp). Alternatively, the parties can choose to have an upgradeable contract from the start, which allows for improvements to the smart contract.
Who controls the smart contract?
Once the code is written to the blockchain, no one controls the smart contract. The code is executed if a predetermined condition or condition is met or verified. The action involves updating the blockchain and sending notifications. Only parties with access to the smart contract can view the details of the transaction.
Since no one clearly controls the contract, the parties must define the terms unambiguously enough to ensure that they are enforceable. And this begs the question: Can tokens be locked into a modern contract? When a user sends tokens to a smart contract, no one can trade or withdraw them, they are essentially locked inside.
The smart contract releases the tokens only after a certain period of time or the fulfillment of certain conditions. Some platforms allow customizing the token lock, where the user specifies the date and time the tokens are available.
What are token approvals and permissions in modern contracts?
The best way to protect against exploitation of smart contracts is to approve only required withdrawals, avoid untested platforms and revoke token approvals and permissions.
But what are token approvals and permissions? Smart contracts allow DApps to automate the movement of tokens in one's wallet, hence tokens and permissions. Therefore, token approvals and authorizations indicate the owner's approval to withdraw tokens from a wallet to execute a transaction. A user can use several methods to revoke access to their smart contract tokens:
Override smart contracts through the Token Block Browser
Individual networks often have block browsers, such as PolygonCan and EtherScan, which have an authentication section where users can use the token authentication tool to revoke permissions and authorizations.
These are the typical steps to take when using a token validation tool, and please note that only the address owner can override the linked smart contracts.
1. Go to the token verification page.
2. Enter your address in the search bar and click “Search”.
3. Any smart contract associated with an address that can issue on behalf of the user is displayed in the properties list, which provides additional information such as smart contract token allowance, transaction hash, and token levels.
4. Connect to the wallet by clicking the “Connect to Web3” button.
5. After the connection is confirmed, select which contract to cancel.
How to revoke authorization of tokens and smart contracts on Ethereum
Here are the common steps taken when canceling smart contracts on the Ethereum mainnet
Step 1: Disable access devices
Users can monitor and revoke smart contracts associated with their address using a number of third-party revocation access tools. Connect to these websites to start the process:
Acceptance.zone: EthereumRevoke: multiple networksEverRise: multiple networksEthallowance: EthereumUnrekt: multiple networksBefy.finance: BNB Smart ChainEtherscan: EthereumCointool: multiple networks
Step 2: Connect the bag
Once you are connected to the website, search for and click the “Connect Wallet” button. When connecting the website to a single wallet, make sure they are on the same network as override access devices only work on the same chain.
For example, if connected to the Ethereum mainnet, one cannot override a Polygon smart contract, because only Ethereum smart contracts are supported and visible.
Step 3: Select a smart contract
The smart contract tool displays all compatible smart contracts, their access permissions and spending limits. Users must select what they want to cancel. If you are not sure, select all and grant new permissions on the next launch of each DApp.
Step 4: Revoke access
Click the “Cancel” button, pay for the transaction, and wait a minute or two for the transaction to complete. Log out and return to the website to confirm that the canceled transaction was successful (the smart contract should not be in the list).
Will Abolishing Token Access Break DeFi Strategies?
Number: By allowing users to continue receiving rewards, decentralized finance (DeFi) maintains its place in mechanisms such as aggregators, stocks, and loans. However, depending on the context and how the strategy is structured, it can have a significant impact on them.
In the DeFi ecosystem, users often issue smart contracts to license their tokens for activities such as trading, lending, or leasing. If a user revokes this access, the smart contract cannot move or manage the user's tokens on their behalf.
This move could disrupt ongoing strategies that rely on the contract's ability to interact with tokens. However, the main DeFi strategy is not terminated but is stopped or disabled until access is re-allowed or the strategy is fixed.
Is withdrawing the wallet from the project the same as withdrawing permission to use funds?
No, they are not the same thing. Disconnecting a wallet from a project only revokes permissions that allow other users to view one's token balance, public address, and past activity, and stops initiating transactions. However, please note that it does not prevent the execution of transactions.
On the other hand, removing the permission to use funds means revoking the DApp's permission to access and move the wallet contents.
