Smart contracts present a unique opportunity for developing decentralized applications with distributed consensus provided by the blockchain network. But the benefits they provide such as self-enforcement, automation, security, and immutability come with big security concerns and risks. If not well-implemented and audited properly smart contracts may result in security breaches leading to failure to operate in the desired manner, theft, massive losses of value and personal data instead of generating savings from costs efficiency and speed. In order for these risks to be mitigated, it is necessary for one to conduct a proper security audit on the smart contracts.
The importance of getting the smart contract code right before it is deployed is enormous. This is because once written to the blockchain the code cannot be changed.
Smart contracts auditing process is a must undertake in order to assure
Our smart contract audits involve developers meticulously investigating the code that is used to underwrite the terms of the smart contract to find and identify any potential security flaws, bugs, and vulnerabilities before the smart contract is deployed.
Auditing a smart contract
Key areas we focus on when auditing a smart contract:
- Code consistency with the latest developments
- Common development errors including stack problems, compilation, errors and re-entrance possibilities.
- Smart contract host platform’s known errors and security flaws
- Break testing (simulating various attacks vectors on the smart contract)
Manual smart contract code review – we are examining each line of code in order to scrutinize it for compilation and re-entrance mistakes as well as identifying security issues as these are the biggest threat to the successful long-term implementation of your smart contract.
Automatic code analysis – we are also using automated tools when auditing the smart contract code. This also allows us to make more sophisticated penetration testing which helps us find vulnerabilities and security issues extremely quickly.
Smart contracts performance validation
The performance of any smart contract is directly linked to the quality of the code. It is for this reason that all smart contract audits should include performance validation. Poorly optimized contracts will also cost more to execute.
A full smart contract audit provides assurance of the existing benefits of a well-implemented and bug-free smart contract.