Hackers test the strength of blockchain security in different areas every day. It is not surprising since the system itself has been designed to create a more optimal level of protection. If you use smart contracts, you know for sure about a severe vulnerability in the blockchain right now. To prevent serious problems that can cost your reputation and money, you need to conduct a smart contract audit. However, to initiate it, you should know more about it.
What Are Smart Contracts and Their Audits?
Smart contracts are known as computerized transaction protocols on the blockchain market designed to fulfill the prescribed terms of a contract. They are used in voting in elections and managing various supply chains. The role of any smart contract is to optimize an ideal level of performance. However, without hiring a reliable auditor before launch, you are exposed to significant risks:
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Severe discrepancies in the execution
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Loss or theft of personal data
With the help of smart contract audits, it is easier to identify any errors and vulnerabilities even before the smart contract is launched. Moreover, such checks are a mandatory recommendation since data, like code, can be changed in the blockchain.
Importance of Ethereum Smart Contract Audits
The most common attacks in the blockchain system are replay, reorder, or short address attacks. A smart contract audit is necessary if you are the owner of decentralized application products, the creator of an ICO startup, or a smart contract developer. But what will it give you in practice?
- After checking, it will be possible to optimize the code better.- Improved smart contract performance.
- Further protection against hacker attacks.
- Enhanced security of e-wallets.
If the smart contract audit cost is the only criterion you consider when looking for auditors, you should urgently change your approach. There is no concept of more or less here. Its price is affected by many factors. So, it is better to rely on the experience of the team or an individual auditor. They will consult you, answer all your questions, and name the price for their services. Then, if everything suits you, the smart contract project team will start working.
Work Principles of Smart Contract Security Audit
Usually, the audit process consists of four main elements:
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Testing can help detect bugs and target individual features or a larger piece of smart contract code. If most tests fail, the audit is suspended until the most critical aspects are corrected.
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Automated analysis can evaluate the program to determine the input data. It can optimize the process of finding problems. If you have to initiate this verification element manually, it will be automated in the future. It will significantly reduce one part of the audit process.
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In the case of a complex search for security vulnerabilities, manual analysis is necessary. Auditors will be able to evaluate the effectiveness of the desired features and your project. In other words, you can achieve your goals with an already existing contract, or it needs to be finalized.
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After smart contract security audits, you will have a report with detected errors and recommendations for code fixing.
The importance of such audits is obvious, but before conducting them, please, consider the elements of the audit to select reliable auditors.
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