What is a smart contract audit and why is it needed?

Smart contract audit is a complete and extensive analysis of the smart contract of an exchange, startup or project. Using the audit, the contract code is studied for critical errors, as well as the presence of vulnerabilities.It is worth starting with the fact that smart contracts are used for transactions or blocking significant amounts of funds. That is why such contracts are very much attacked by many cybercriminals. Any one small mistake can lead to the loss of large sums of money. Since a transaction on the blockchain cannot be reversed, it is imperative to make sure that the code is completely secure. For this, they use the audit method.

How smart contracts are audited

A standard audit of smart contracts consists of the following stages: first of all, the scope is determined, the specification is determined by the functionality of the project, as well as its architecture, so that auditors have the opportunity to name the goals of the project when writing code. After that, the auditors approve the cost of services and the scope of work that will need to be done.After the price of work and its volume are delivered and determined, they proceed to check. Methods of verification are chosen by the group of auditors. There are two ways: manual verification or automatic. After checking, a primary report is generated, which indicates all the errors found in the smart contract and send it for correction.At the last stage, the final final report is published along with all the actions taken by the team to resolve the indicated errors. All reports are publicly available on project websites.

Who audits smart contracts

There are a large number of companies in the market for auditing services for checking smart contracts. One of these is AdGuru, with a good reputation, professionals - which will help your project or startup to quickly attract investment, as well as collect a large client base in the cryptocurrency market. It is better to turn to trusted auditors, with the necessary cases in this area, who will do everything easily and at the same time with high quality.

What problems does an audit find?

The audit allows you to detect both critical and more common errors of the smart contracts themselves. For example, logical flaws, overtaking unconfirmed transactions, the results of careless development, and missing parameters.All of this will be discovered when the audit fully understands the architecture of the codebase and has knowledge of the intended functionality of the project and contract specification. That is why the audit of smart contracts requires time, necessary costs, as well as the participation of qualified specialists.

What is the importance of auditing smart contracts

Your weak and untested smart contract shows a lot more than just a programming error. This will destroy your image as a developer, as well as destroy projects that you have been working on launching for a long time.We see that smart contract auditing is a very important development step that developers perform for each new project. Security Audit checks and comments on the code, they are especially valuable for decentralized finance projects that are waiting for Blockchain transactions for millions or a large number of investors. Such a process offers the following tangible benefits:- Eliminates costly smart contract errors;- increased protection against hackers and scammers;- more secure and reliable financial products;- increase confidence in the product and the company as a whole;- a more important level of trust in the cryptocurrency industry with ever-increasing competition.