Smart contract audit. The most important notes
Proper smart contracts audits are immensely indispensable for blockchain and crypto projects. Especially for DeFi projects, and blockchain adoption case studies of big enterprises. Error suffused, or even forged smart contracts code endangering the funds and security of investors, and putting it all at stake in a bad sense. The occurrences of faulty smart contracts code have led to tremendous permanent losses and caused millions of dollars to be unrecoverable.
As you know, we need smart contracts for NFT projects, various DeFi protocols (like Uniswap or Pancake swap), Crowdsale campaigns, many dapps, and asset tokenization platforms.
Why smart contracts audit is the most important part when releasing a blockchain project?
Smart contracts inherently play the most important role when dapps are interacting with a blockchain. Smart contracts are managing large amounts of digital assets funds, and government transparency, and transaction proofs. As you know also, smart contracts are responsible for managing the distribution and ownership rights of tokens when it comes to NFT. Also, crowdsale smart contracts are responsible for token distribution when it comes to a token sale campaign.
Most importantly, smart contracts are one of the vulnerable sides of a blockchain project. Consider them as the core of the decision-makers for blockchain projects. There are too many important things are depending on the proper work of smart-contract. That’s why it is important to conduct the proper technical audit when deploying a smart contract.
How smart contracts audit should be conducted?
First of all, before the audit process, we should take the scope and detailed specification of the projects, name, and types of smart contracts, what are their purposes, design, and other important details should be given for analysis to the auditors.
After scoping and analytics the time comes for testing. Testing should be conducted in a proper way in order to find all possible bugs, code errors, or inconsistencies. Proper testing must include research of singular functions as ethereum units and time units, and then global workspace variables parts including block transaction properties and math&cryptographic functions as well.
Results of automated tool bug detection and manual analysis are should be placed in a complete report, and finally, after fixing existing issues smart contracts can be prepared for deploying into mainnet.
Recently, Strong Hands Community has requested a smart contract audit from Rock’n’Block for their ISHND token. We’ve completed the full research with scope, testing, and risk assessment.
We are highly encouraging you to check out the Strong Hands Token report, that has been done by Rock’n’Block’s team here!
As blockchain developers, we do get a lot of requests for the audit of a smart contract. Specifically from our current projects and clients. However, we always insist on the smart contract audit conduction that can be done by an independent and profoundly expert team of smart contracts auditors.
If you aiming to conduct a smart contract audit for your blockchain project, you are welcome to contact our bright team to schedule a chat!
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Article author: Mariia Zavtur