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Smart Contracts Audit Important

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Smart Contracts Audit Important

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  1. Smart Contracts Audit Important Cyphershield.tech

  2. Why is Smart Contracts Audit Important? • Hacking smart contracts for vulnerabilities has been havoc in the crypto-space for some time. From the DAO hack to the polynetwork attack and the recent NOMAD fraud, the list is never-ending. • Every year we lose billions of dollars worth of crypto to smart contract exploits. • Once deployed, smart contracts are immutable; you cannot change your code after placing it on a blockchain network. • Thus, a faulty smart contract will not only be unable to fix after deployment, but the errors allow hackers to steal crypto stored in it. As a result, we require a bug-free smart contract, and the audit provides the required solution.

  3. Also, the smart contract audit becomes an essential requirement because of the following reasons: • Better code optimization. • Improved performance of smart contracts. • Enhanced security of applications. • Security against hacks and thefts. Smart contract security auditshelp you uncover potential vulnerabilities in your system. It gives you the required time to fix these weaknesses before a malicious entity tries to exploit them and corrupt your platform.

  4. How to Perform a Smart Contract Audit? Auditing smart contractsinvolve an in-depth evaluation of the smart contracts of blockchain applications. The underlying methodology of a smart contract audit is relatively standard among audit providers. Following are the steps involved in the smart contract audit process. • Requirement Gathering It contributes to determining the audit scope, intended business behavior, overall architecture, and project’s goal. Auditors must have access to documents such as the business requirement document, project’s whitepaper/ yellow paper, technical specification document, smart contract code via GitHub commits, and others.

  5. Initial Reporting Following manual and automated audits, an initial report highlighting issues and their severity levels is compiled. Furthermore, the security team provides explanations for issues with the smart contract and its severity levels. • Code Refactoring At this stage, auditors directly collaborate with project developers, where developers amend the code based on the initial report. Ideally, every bug, irrespective of its severity level, must be considered, but the developer should first prioritize resolving high and medium severity issues.

  6. Final Report Post code refactoring, auditors once again scan through the smart contract, reverifying for optimal code functionality. Cyphershield.tech

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