Let’s start with what are smart contracts,
Smart contracts are computer-based agreements that can be used to structure and coordinate the terms of a contract or other agreement.
Once deployed on an Ethereum network, smart contracts become universally accepted, trustworthy digital representations of agreements between parties.
Although blockchain and cryptocurrency have become household terms, many people are still not aware of the scope of the technology and the impact it will have in the future.
Smart contracts are digital contracts that run on a blockchain network. They’re generally called “smart” contracts because they execute automatically and involve only two parties: the contract owner and the recipient.
Contract auditors audit smart contracts to make sure they meet specific standards before being accepted by other parties on a blockchain network.
They also train other parties involved in creating smart contracts to avoid making them vulnerable to attack or fraud.
What is a Smart Contract Audit?
Table of Contents
It is a process that ensures the accuracy and compliance of smart contracts with specific regulations and requirements. It is a broad categorization of activities performed during a smart contract audit.
A smart contract audit is a process that ensures the accuracy and compliance of smart contracts with specific regulations and requirements. It is a broad categorization of activities performed during a smart contract audit.
Smart contract auditing validates the integrity and legality of smart contracts. These audits tend to be used in the context of blockchain networks, but similar processes apply to other types of distributed and cloud-based systems.
Additional Read: How Smart Contract Audit Work?
How Much is The Salary of a Smart Contract Auditor?
Salaries for smart contract auditors vary depending on the type of position and the individual’s experience.
For entry-level positions, the salary may be as low as $85,000. However, many clients hire mid-level professionals with backgrounds in finance or accounting who may earn as much as $300,000 per year.
For professionals with more experience, the salary can range from $150,000 to $300,000. Professional investors pay close attention to the wages of professionals working on their teams.
This is the reason why investors need to understand the salary and benefits of a potential hire. This is particularly important for investors looking for young, energetic people who may be eager to make a big impact in the financial services industry.
What Should be a Qualification of Smart Contract Auditor?
A qualified smart contract auditor is someone who has completed a rigorous training program that covers the following topics:
– Smart contract basics
– Types of attacks and countermeasures
– Deployment and maintenance of a private blockchain network
– Deployment and maintenance of a public blockchain network
– Security and compliance of blockchain applications
What tools are required in smart auditing contracts?
You can use a lot of tools to build your own smart contract, but they all have different features and requirements. Let’s explore some of these tools in this article so you know what to look for when you want to build your next secure smart contract.
Slither
Slither is a framework for creating decentralized applications that provide a flexible, extensible, and low-cost model for building smart contracts. This is what makes it easier to interact with a large number of parties that require customization for special requirements.
Additional Read: Slither: What it is & How it works?
Securify
Securify is a decentralized application framework that allows for the creation of smart contracts. It features a web-based user interface, an easy-to-use code editor, a development server, and a data verification tool.
There are currently two editions of the Securify framework: Bitsec and Bitsec+EME. The Bitsec version is based on the Ethereum blockchain and provides a complete ecosystem for building decentralized applications. The Bitsec+EME version is based on the EME blockchain and provides unique features and functionality specific to the European market.
Smart Check
SmartCheck is a confidential and secure blockchain audit trail solution that allows for the detection of fraud and irregularity in the blockchain network without the need to perform an audit.?
It is based on a proof-of-concept developed by Microsoft Research and the Blockchain Identity Trust Alliance (BITA). Machine learning and artificial learning are used in the tool to detect and report on risks in existing and new blockchain networks.
Mythril
The Mythril project is open-source software that integrates with smart contracts and decentralized applications.
It is designed to help companies create more secure and transparent organizations by validating their identities and processes.
Manticore
Manticore is a decentralized blockchain audit trail solution that allows for the detection of fraud and irregularity in the blockchain network without the need to perform an audit.
It is based on a proof-of-concept developed by Microsoft Research and the Blockchain Identity Trust Alliance (BITA). Machine learning and artificial learning are used to detect and report on risks in existing and new blockchain networks.
What is the Future of Smart Contract Auditors?
There’s still a lot of uncertainty about the impact of blockchain on a wide range of industries. As technology develops, new types of networks and tools will inevitably become available. The important thing is for organizations to be aware of the available options and make the necessary decisions about which technology is best suited to their needs.
With that in mind, here are four predictions of blockchain and smart contracts:
– AI and machine learning will be an important part of blockchain technology. AI algorithms can analyze data and make conclusions about potential risks or outcomes. AI and machine learning will also play a key role in the audit trail process.
– Blockchain will become more accessible to organizations outside of the financial sector. This will include government agencies, hospitals, and other industries that require clarity on the benefits of blockchain technologies.
– There will be an increase in regulation surrounding blockchain technologies. This will result in better clarity on the use of blockchain technology and the rules and regulations surrounding how it’s implemented.
– Cybersecurity will be a major focus for organizations adopting blockchain technology. Blockchain technology has the potential to be used for more than just financial transactions, and organizations are exploring appropriate uses for that power.
Conclusion
Smart contracts are considered to be one of the most promising aspects of blockchain technology. However, they also have some limitations that can be addressed by an effective smart contract auditing process.
As mentioned earlier, smart contracts are digital agreements that enforce terms between two parties. Since they’re based on software code, verifying the integrity and legality of these systems before any transaction takes place is essential.
Furthermore, smart contracts need to be deployed on a public blockchain network?a decentralized and distributed ledger where participants are allowed to create new nodes and trade tokens without a third party’s involvement.
This is because a private blockchain network might not be as secure or trustworthy as a public one and could potentially allow for fraud or other types of attacks against the network.
Additonal Read: How to become a smart contract auditor?
About ImmuneBytes
ImmuneBytes provides businesses and startups with all-encompassing smart contract auditing solutions so that their apps may get off to a secure start. We set out on this trip with the intention of fostering security in the next blockchain era while enhancing the functionality of massively parallel systems.
In order to prevent flaws from escaping, ImmuneBytes conducts strict smart contract audits. These audits use static and dynamic analysis, code inspection, and gas optimization.