A smart contract audit is the high-level assessment of the many ways an organization can test and analyze its overall security posture and we’ve already established it is a mandatory step before you even think of deploying your application onto the mainnet.
So. you get your smart contract audited.
All is great in the world… until you get hacked!
Yes. There is a possibility that your project may get hacked even after going through a security audit. Audits minimize the risks that a smart contract might face on the mainnet, however, it does not guarantee that it will never get hacked.
We have enough incidents in the books of DeFi history to back up the fact that hackers are extremely creative, always one step ahead of developers at times. And that projects have been hacked even after they’ve been audited.
So the question stands, What should we do after getting an audit? Let’s get started with that!
Additional Resource: What is a Smart Contract Security Audit?
Regular Code Fixes
Updating your project’s codebase is almost as important as fixing bugs in it!
Tech Giants are rolling out versions of programming languages literally every day. With smart contracts, the most common language that is used is Solidity, which is still quite young, and evolving. And with each version, some of the functionalities and features get depreciated. Hence, the projects need continual updates. You don’t know when a malicious entity can take advantage of an obsolete function to its advantage.
To give out a few examples–
- Prior to version 0.4.22, constructors were defined as functions with the same name as the contract. This syntax was deprecated and is not allowed anymore in version 0.5.0.
- Some APIs are discarded or updated in the future. In this case of which, Solidity documentation usually uses a warning to inform developers, however, if developers use these APIs, they might need to refactor the code for code reuse, which leads to resource waste. One of such APIs is CALLCODE.
- Different versions of Solidity may contain different APIs/instructions. In Solidity, multiple APIs can only be supported in some specific versions. If a contract does not specify a compiler version, developers might encounter compile errors in future code reuse because of the version gap.
These are very few of the many possible scenarios like these. Thus, developers should make it a priority to update and fix their codebase and make the required changes to it.
Re-audits are more or less a byproduct of what we discussed above, code upgrades.
Since your smart contract is going to get a remodel, so should the audit, in case any new vulnerabilities surface.
Re-audits ensure that any obsolete methods or any recent code fixes aren’t a gateway to hacks. It is a security measure that strengthens your investors’ trust in you and your project.
At ImmuneBytes, we provide our clients with no-cost re-audits! We understand that it can get a little tight on the pocket to first, invest in the development and deployment of the project and then the cost of maintaining it. So, once you get your smart contract audit with us, your next audit will be absolutely free. Check out our pricing policy here: https://www.immunebytes.com/audit-cost-calculator/
Get An Insurance
If you’ve been living under a rock, Smart Contract Insurance is a thing, yes!
Although the insurance industry has largely relied on conventional methods for decades, there has been a shift in the market. The financial market is already disrupted by innovations like decentralized exchanges, smart contracts, etc. Hence, the insurance industry has decided to step up its game as well.
Companies like Nexus Mutual use the power of Ethereum so people can share risks without the need for an insurance company. Secure risk and other potential bugs in smart contract code that might bring the D-day upon you, be covered for events like The DAO hack or Parity multi-sig wallet issues.
Read more about smart contract insurance.
Wrapping It Up
Currently, there aren’t any legal frameworks that support a full-on smart contract-enabled society but eyeing their growth, one can say that in the near future smart contracts are going to be vital for the industry.
Stay ahead of time! Why wait for hackers to come knocking at your doorstep? If you’re endeavoring to start a blockchain-based business or are already established, don’t risk losing your money. Get your smart contracts audited and insured today.
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.