There are some contracts that require the ownership of the contract to control some behavior in the contract. These contracts inherit from OpenZeppelin ownership contacts. These types of contracts require ownership rights so that the owner of the contract can access and control some of the features/functions of the contract. Sometimes, the ownership of a contract is defined such that it decides and influences token minting, ether/token flow, and ether/token withdrawals.
The ownership of the contracts should be given to the trusted entity. The following responsibilities need to be taken care of:
- If ownership is given to an EOA, the owner needs to keep the private key of that account secure, in a safe place. Losing the private key would incur the loss of ether/tokens or malicious activity. The owner could lose their private key by forgetting where they kept...
