Smart Contract Audit is the key to all Blockchain-based transactions. With a pragmatic mindset, Bestcoins brings deep industry experts along with its rigorous capabilities to help its clients with its enhanced Smart Contract Audit services.
An Introduction to Smart Contracts
A Blockchain is a decentralized distributed database that can be highly trusted as no server has any control over the data or the execution of any function. As an immutable technology, Blockchain serves as a permanent record of any transaction of value. Every transaction initiated through a blockchain operates on its own upon fulfilling the pre-determined rules. The rules and the decision-making policies set by the initiator make sense to the blockchain only after cryptographically coding them onto a blockchain. Such codes form “Smart Contracts.” Only a smart contract can invoke a function within a blockchain network.
Smart Contract Audit
Once you are through with the development of a smart contract, it needs to run through troubleshooting process before the deployment. A simple security error may result in huge loss of currencies. This is why every smart contract needs to flow through multiple components before locking in the ledger and to activate a transaction error-free. An audit can verify and validate the coded rules. This process of inspecting and dissecting the codes to identify errors is “Smart Contract Audit.”
Why is it necessary to Audit Smart Contracts?
As the technology is still in the earlier phase, many times it becomes impossible to design a flawless codebase that is completely immune to all types of bug attacks and vulnerabilities. Smart Contract Audits have a huge role to play to check for the errors and security flaws before the actual deployment of any smart contract.
Every smart contract coded on the blockchain need has to pass through the audit for the review and functionality of the code.
Advantages of Smart Contract Audit include;
- To uncover attacks and vulnerabilities
- To safeguard privacy
- To match with the increasing number of challenges
- To maintain the optimal level of flexibility
- To make it more applicable and usable
Features of Smart Contract Audit
This is a review process where multiple independent auditors at Bestcoins perform a realistic audit of your smart contracts manually. The auditors check each line of code in this process. The key advantage of this type of analysis is that there is no false identification of any issues and coding.
Once the manual analysis is over, developers sit to discuss in detail with you listing all the discovered issues along with a final report compiling the risk areas and security flaws. The codes are manually read and tested in this process of audit.
Structural analysis is a practice that allows developers at Bestcoins to review the structure of a smart contract. This involves testing of the following;
- Contract declarations
- Variables - includes values that are permanently stored
- Functions – workable units of the code
- Function Modifiers – those used to amend the semantics of the functions
- Events - declared interfaces
- Structs Types – defined types that connects several variables
- Enum Types – types that have fixed set of values
Basically, the process involves identifying common errors like the compilation, stack problems, re-entrance, repetition etc. It also involves break testing that carries out the simulation of attacks on the contract. Such penetrative testing helps in the identification of vulnerabilities even in the rare hidden case.
Analysing network behaviour is a process that ensures adequate security over the network. It is primarily done to identify any new bugs. Auditing network behaviour includes;
- Enhancement of the security by monitoring the network traffic
- Passively monitoring all the network activities
- Identification of unknown or new patterns that poses to be a threat
- Identification of unusual actions
Also, there is a check done with the operation and interaction of the contract on the network.
Security audit for token distribution is another important aspect of smart contract audits. There are serious vulnerabilities that affect token allocation. Identification of such threats can enhance the process of token allocation in a safe and secure way. While generating contracts for tokens, we will review and validate the entire presentation of the contract, its behaviour and its interaction.
Once the audit is over, we issue a certificate that clearly endorses the efficiency and safety of the smart contract. Have a look at the sample certificate below;
If you are keen on getting your smart contract audited, get in touch with Bestcoins right now. The team is always ready to guide you.
Although our audit can ensure that your smart contract is functional, safe and ready to deploy, there can be few instances, where due to the complexity and lack of well-practiced guidelines, we may not guarantee you defense against unknown vulnerabilities. But, certainly, we will follow those in line with the blockchain ideals.