The way I read the article, the “worth millions” is the sum of the ransom demand.

The funny part is that the exploit is in the “smart” contract, ya know the thing that the blockchain keeps secure by forbidding any updates or patches.

        • shortwavesurfer@monero.town
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          2 years ago

          I do see potential use for them, but not in the way they are currently being used. I could see uses like door keys, tickets, memberships, etc being of practical value, but not stupid little pictures.

            • shortwavesurfer@monero.town
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              2 years ago

              Besides the obvious of your door lock needing to be connected to the internet, and that could be a problem, what else do you see as being an issue with using it for door keys?

              • bahbah23@lemmy.world
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                2 years ago

                How exactly would that work? Keep in mind that the blockchain is by necessity not secret.

                • shortwavesurfer@monero.town
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                  2 years ago

                  Right, but all the lock is doing is checking whether you own the NFT or not. If your house was in NFT, people could see that you bought a house, but not where it was as long as it was generic like house #40000

                  • stoy@lemmy.zip
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                    2 years ago

                    How would that work in reality, how would the lock know that the NFT in question is the actual legal ownership of the house?

                    The only way to guarantee that is to change the law that deeds of houses can only be an NFT.

                    Otherwise someone could sell a house on paper, but retain the NFT to have access to the house.

                    An NFT lock would also have the following problems, excluding the trust of ownership in the real world.

                    Power to the lock is required, if your backup battery is dead then you might be locked out during a power cut.

                    Internet access is required, during a powercut your router will probably die as well, so even if a battery backup is working, you’d still be locked out.

                    Your ISP could have service interruptions, no internet, no access to the latest blockchain updates, meaning that the lock can’t trust that you actually have ownership/access, that would be an insanely easy way to hack the lock.

    • SCB@lemmy.world
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      2 years ago

      People buy them for millions or their value would not be in the millions