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Answers to the top FAQs on Binance Smart Chain Auditing

by ImmuneBytes
Answers to the top FAQs on Binance Smart Chain Auditing

Binance Smart Chain has been booming with activity. Projects have been lining up on the blockchain left, right, and center. Due to its dual-chain architecture, BSC empowers its users to build their dApps and digital assets on one network and take utilities of fast trading to exchange on the other.

But with the expansion of the network, come hackers. We already have incidents of projects on BSC getting hacked such as the hack on Impossible Finance, Pancake Bunny, and Uranium Finance. Thus, getting a smart contract audit for an application developed on BSC is as essential as a smart contract on Ethereum or any other blockchain.

Read more about Auditing Smart Contracts on Binance Smart Chain.

In this blog, we are going to answer the most commonly asked questions about BSC auditsLet’s get started.

Frequently Asked Question On Binance Smart Chain Audits

What are the possible vulnerabilities in a BSC smart contract? 

A standing issue with BSC is that they are prone to malicious acts of the community having the most control, usually termed as the 51% attacks, caused by miners who have the most control of the network.

Known vulnerabilities such as??re-entrancy, gas limit issues, timestamp dependencies, font-running, DDoS, and others are common in BSC smart contracts. Another type of attack that has troubled BSC projects is?Flash Loans, which often occur due to a wrongly used Solidity logic or function. These and other smart contract-specific issues must be checked and mitigated to strengthen the performance and longevity of your project.?

At ImmuneBytes, we make sure to assess the smart contract for such 100+ known vulnerabilities and other potential issues, ensuring risk mitigation and remediation.

What are the steps involved in a BSC smart contract audit? 

The process of auditing BSC contracts covers four major dimensions of users? privacy? defense of private key architecture security, business logic, data maintenance, and infrastructure to ensure the safe and stable operation of the exchange business.

To categorize the auditing process in concrete phases, we have:

  • Project Familiarization
  • Automated Analysis
  • Manual Analysis
  • Known Vulnerability Analysis
  • Initial Audit Report
  • Code Refactor
  • Final Audit Report

How much does a BSC audit cost?

The cost for each smart contract is different from the other. It varies in its type and complexity and also depends on the level of documentation provided by the developer to understand the business logic implemented. 

ImmuneBytes offers affordable pricing because we understand that security is essential, and our clients shouldn’t ever have to settle for a lower level of security. Because every project is different, you can request a free quote to find out the cost of your smart contract audit by simply answering a few questions. ?

How long does it take to get my BSC contract audited?

The time taken by an audit depends on several factors, including again- the complexity and the length of the source code. To give out an approximate estimate, a standard token (ERC20 and other ERC Standards) can be audited in less than a week, whereas complex DeFi projects, Blockchain wallets, or dApps can take up to 3-4 weeks.

We use state-of-art tools and technology to complete our audits as quickly, and thoroughly, as possible.

What are the tools used to audit a BSC smart contract? 

An automated check of the codebase is a core phase in an audit process. The automated test tools help auditors in recognizing the vulnerabilities or errors present on the surface.

We use the latest and the most cutting-edge tools to audit your smart contracts, such as Manticore, Mythril, MythX, Solhint, Slither, and Echidna. These tools test your script against multiple scenarios and bring out the maximum risk coverage.

Recommend Read: Smart Contract Auditing Tools

What is the risk associated with BSC?

The risk of centralization.

To be specific, BSC makes use of a proof-of-staked authority model, seeking to improve on the shortcomings of the proof-of-work consensus. This consensus mechanism lacks the core principle of decentralization that characterizes blockchain technology as it operates chiefly by having a limited number of validators. These are elected by the community. Generally, the people with the maximum assets have more chances, but fairness is ensured by community voting.

Automated audit or Manual audit? 

Automated analysis and manual analysis both are equally important. 

Look for auditing firms that include both of these phases in their smart contract audit methodology. Audits at ImmuneBytes first undergo an automated assessment that runs your code and provides us with a list of common vulnerabilities.

However, the drawback to the automated process is the risk of a false positive and the inability to detect some of the more complex security flaws. Thus, the need for a manual assessment that ensures no false positives were detected and no logical errors are present.

Wrapping Up

While Binance Smart Chain has enthralled the crypto space with the benefits of flexibility, cross-chain compatibility features, and lower fees, it is not the perfect blockchain yet, consisting of some inherent risks associated with itself.

An audit will ensure the application performs as intended. However, getting an audit does not guarantee that the smart contract will never get hacked. There are still a couple of things that you need to do to keep it safe. Read more here.

About Us 

ImmuneBytes is facilitating blockchain security by employing the use of cutting-edge techniques on smart contracts and decentralized applications. We have a team of experienced security professionals who are adept at their niches and provide you with innovative solutions and consultation. So far we have worked on 175+ blockchain start-ups on different blockchain frameworks, with clients spread across the globe, and are continually unfolding ourselves to make this decentralized movement thrive.

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