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One thing the Blockchain is very often connected to is the immutability of data. For long time it was "Once it's deployed, it cannot be altered". That is still true for historical transaction information. But it is not true for Smart Contract storage and addresses.

The Main Reasons For Upgrades

Opinions about this are split in half. A lot of users very much love to have the opportunity of upgradeable Smart Contracts. The others absolutely hate the fact that Smart Contracts are not immutable anymore.

But why would you want to do Smart Contract upgrades in the first place?

The reasons are a diverse mix between Bug-Fixing and Feature-Adding. Sometimes it is updating logic. Sometimes it is combined with a decentralized governance. But hey, sometimes it is also just scamming people into getting their Money.

You will see later how easy it is to fool even seasoned Solidity developers into thinking a Smart Contract is secure.

Enough of the introduction. Let's talk about facts and examples. And how you can detect if you're getting scammed or not.

Last update: March 28, 2022