why is in new world of blockchain and decentralization smart contract audit are the necessary thing to do ?
Smart contract audit is like getting a second opinion to minimise the risk of error. A smart contract is like a commandment written on stone. It cannot be changed once deployed until the conditions are met and the planned execution is carried out.
Right now there is no functionality to edit or update your smart contract written. Once deployed you can not change anything in contract, if you find there is need to update something in contract you will have to deploy brand new smart contract and use both of them.
Also smart contract are meant to hold crypto they are just like another wallet. That's why it's extremely important to audit smart contract.
This year we’re seeing the rise of Decentralized Finance (DeFi)— a new application of decentralized Blockchain technology that is poised to replace the trillion dollars Global Finance industry. However, recent events such as the dForce hack have shown us that hackers can exploit weaknesses in smart contracts and steal money. It’s almost like robbing a bank, except in this case the bank is flush with crypto AND can’t defend itself. In the case with dForce, the hacker stole $25,000,000 USD (talk about a good haul) and with crypto transactions, we know this is not reversible.
A smart contract auditor will carry out the same function as a grammar auto-check done on a document. No technology is absolute. Although auditing doesn’t eliminate the need for prevention, It actually pushes security up the list of priorities.
Using standardized tools, we check the code thoroughly for any kind of vulnerabilities to improve the quality of the smart code. We look into gas optimization in order to see if there are any chances of cost reduction in making transactions. Thus, making smart contracts even better for you. One thing that doesn’t fail is contingency plans. As perfect as a smart code can be, we always indulge in constructing a plan B, just in case. We analyze reused code- an industry standard when auditing is done, but we also look into the duplicated code, again, just in case. Among other auditing activities we undertake, our smart contract auditors recheck dependencies in an inclusive manner so that the smart contract becomes credible at the core.
So, Who audits Smart Contract ?
Consequently, security solutions, tailored to the volatile nature of blockchain technology and its components, have started making moves to isolate and neutralize security threats common in the blockchain terrain. In this article, I will highlight and explore the workings of the top companies in the blockchain security niche.
- Hacken
- Quantstamp
- OpenZeppelin
- ConsenSys Diligence, etc
are some firms or service providers for auditing your smart contract. , Thank you.
..............................................