What is smart contract auditing and its main purpose

Conducting a security audit of a smart contract is based on examining its code. Since they are written in a special programming language, this event is of great importance. Web3 Security Audit is relevant not only for smart contracts, but also for Blockchain Security.

Smart Contract Audit consists of four stages:

  • carrying out primary analysis;
  • monitoring the results obtained in order to take action;
  • making changes to the project taking into account the correction of identified deficiencies;
  • the audit team draws up a final report that includes changes and uncorrected errors.

Smart contracts are used to transfer or block large sums of money, which arouses the interest of attackers who launch hacker attacks. Even the smallest error in the code can lead to large financial losses.

Funds passed through the blockchain cannot be returned, so the security of the project comes first and the correctness of the code is always checked. Working with blockchain requires attention and responsibility, since this technology is irrevocable and identifying potential vulnerabilities is a paramount issue.

The main advantages of conducting an audit of smart contracts

Quite a lot has been said about ensuring the security of smart contracts. This is an important aspect that requires constant attention, since impressive sums of money are handled through them.
Auditing smart contracts has a number of undeniable advantages:

  • during the verification process, all vulnerabilities present in the program will be identified;
  • the audit will have a positive effect on the security of the blockchain;
  • a report on the work done will be presented, in which specialists will indicate all the vulnerabilities identified during the cycle of verification activities;
  • when drawing up a report, specialists will classify problems by degree of importance: critical, serious, minor, insignificant, etc.;
  • the report will draw general conclusions and give you recommendations on how to eliminate vulnerabilities;
  • time will be allocated to correct identified errors.

It should be remembered that an audit alone may not be enough. Experts from auditing companies advise their clients to use special programs that scan the space around the clock on an ongoing basis.