Let’s get started with Binance Smart Chain Auditing

by ImmuneBytes
binance smart chain auditing process

Binance Smart Chain (BSC) has been booming with activity. From token swaps to decentralized money markets and aesthetic NFTs, there are plenty of options to earn yield or simply to have fun. 

With BSC being a hot topic in the crypto community for the past month, March started with a much-expected hike in the number of unique addresses on the platform. 

The number of unique addresses on the Binance Smart Chain has reached a new ATH of 47.3 mln, up 2265% from 2 mln unique addresses recorded in mid-February.

Binance smart chain address chart

Source: https://bscscan.com/chart/address

Binance Smart Chain is a blockchain system from the crypto-trading platform Binance that runs parallel to the Binance Chain. Due to its dual-chain architecture, BSC empowers its users to build their dApps and digital assets on one network and take utilities of the fast trading to exchange on the other. 

In today’s blog, we’ll be discussing the process of the BSC token audit.

Introduction

In a nutshell, BSC is: 

  • EVM compatible
  • Supports existing Ethereum tooling such as MetaMask, Remix, and Truffle
  • Modelled its BEP20 tokens similar to Ethereum’s ERC20 tokens

And with the increasing gas price on Eth, BSC acts as a viable alternative. According to a report, the number of daily transactions on BSC is now 70% more than that on Ethereum. 

Today is an important day. #BSC flipped Ethereum on daily transactions. This validates the logic that low fees attract more users & projects…”, tweeted Zhao.

Given the rising popularity, BSC is bound to be #1 on the radar of users with malicious intent. It hasn’t seen any attacks as of now, mainly because the focus could still be on Ethereum but that doesn’t mean it’s never happening.

In addition, BSC’s dApp ecosystem inherits the main vulnerabilities that have been around Ethereum DeFi to date, namely risks of impermanent loss (IL), smart contract flaws, oracle flaws, and so forth.

Auditing a Smart Contract on BSC

We have heard enough horror stories of companies going down because of unaudited codes to now understand that getting a third-party audit for a smart contract has become crucial.

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

Steps to Audit a BSC Smart Contract

The phases involved in the auditing process do not vary far from the conventional DeFi security 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

    The auditors will want to sit with the development team to understand the underlying architecture of the BSC smart contract.

  • Automated Analysis

    The auditing team conducts an automated analysis using dynamic analysis tools such as— MyThrill, Hyperledger Caliper, Manticore, etc. Identification of bugs, in the initial steps, in the test suite that is critical to the application is highly advisable.

  • Manual Analysis

    Manual Analysis applies the usual software guidelines such as commenting code, code structure, naming variables, and the avoidance of replicated code.

  • Known Vulnerability Analysis

    Some vulnerabilities surface time and again in the crypto-world, thus it seems only wise to separately test for them. These known vulnerabilities include— re-entrancy, gas limit issues, timestamp dependencies, and others.

    Additional Resource: Most Prominent Smart Contract Vulnerabilities

  • Initial Audit Report

    After all these steps are completed, Smart contract auditors will write down the findings and recommendations in a report for their client to review.

  • Code Refactor

    After the initial audit report, developers make the necessary changes and fixes to the code and turn it up again for a final review by the auditors.

  • Final Audit Report

    After all the fixes are done, the team combines all the details and analysis into a report and submits it to the client.

Note: These steps can vary depending upon the auditing team and/or the client’s requirements.

The auditing team at ImmuneBytes makes it their top priority to get rid of any risks or vulnerabilities associated with your smart contract.

Final Thoughts

Binance Smart Chain has seen some significant development and user activity, and it’s only bound to increase in the future. It offers great opportunities to gap several blockchains with a multi-functioning, highly-dynamic cross-compatible ecosystem. If you’re planning your next venture to go live on BSC, consider it wise to get a third-party audit and ensure its security.

About ImmuneBytes

We are a team of India-based security professionals who are skilled in their niche. Although a start-up, you’ll never have to compromise with anything from us. We strive to push forward and provide overall surveillance and quality service to our customers. Get in touch with us to get a security audit for your smart contract. 

Additional Resources
A BEGINNER’S GUIDE TO UNDERSTANDING BINANCE SMART CHAIN (BSC)
NEW BINANCE SMART CHAIN PROJECTS
BINANCE LAUNCHPAD: EVERYTHING YOU NEED TO KNOW
Binance Smart Chain Testnet
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