When certain requirements are fulfilled, smart contracts—which operate independently on blockchains—become legally enforceable. The question is, can they be terminated or reversed? In this article, we explore how to revoke smart contracts access.
What Does It Mean When You Revoke Smart Contracts?
Usually, revoking a smart contract involves disabling or terminating its functionality on a blockchain. For example, revocation might prevent a user from moving tokens or accessing their cryptocurrency wallet. Removing a smart contract also stops access to a user’s public address or token balance.
You might wonder why smart contracts are revoked. A smart contract can be revoked for a number of reasons, including when the user has no intention of using the contract again or intends to never purchase, sell, or transfer any assets. In other cases, malicious engineers incorporate backdoors into smart contracts, which permit unapproved access to money.
Who Is Able To Make Changes To A Smart Contract?
Similar to any other contract, once the terms have been agreed upon by both parties, they cannot be changed. The terms are recorded on the blockchain, which cannot be changed, even if the parties decide to do so. Therefore, smart contracts become unchangeable.
A decentralized application’s (DApp) underlying smart contract can only be changed by “upgrading” the contract, which is the sole method to “change” its terms. An upgradeable contract, which permits smart contract updates, can be selected by the parties as an alternative.
Revoking Token Approvals and Permissions for Ethereum Smart Contracts: A Step-by-Step Guide
When smart contracts are revoked on the Ethereum mainnet, the steps below are often used:
Revoke Access Tools
Several third-party revoke access tools allow users to track and revoke smart contracts associated with their addresses. To get started, connect to any of these websites:
- Ethallowance: Ethereum
- EverRise: multiple networks
- Unrekt: multiple networks
- Beefy.finance: BNB Smart Chain
- approved.zone: Ethereum
- Revoke: multiple networks
- Etherscan: Ethereum
- Cointool: multiple networks
Connect The Wallet
Find and choose the “connect wallet” button after setting up a connection with the website. Make sure the website and wallet are connected to the same network because revoke access tools are limited to a specific type of chain.
For example, only Ethereum smart contracts are supported and will be seen while linked to the Ethereum mainnet. Hence, it is not possible to cancel a Polygon smart contract.
Choose A Smart Contract
All of the compatible smart contracts will be shown via the smart contract tool, together with information about their spending caps and access rights. Select the ones they wish to revoke. If you’re not sure, choose all and give fresh permissions when each DApp launches again.
Revoke Access
To finish the transaction, click the “revoke” option, make the payment, and then give it a minute or two. To verify that the cancelled transaction was successful, log out of the website and back in again (the smart contract shouldn’t be in the list).
Takeaways
Understanding how to revoke smart contract access is crucial for securing cryptocurrency holdings. Users can successfully avoid unwanted access and risks related to smart contracts by following the measures mentioned below.
