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Smart contracts are similar to the contracts in the digital world but the only distinction is that they are digital. A smart contract is a computer program that is stored inside the blockchain that can build an ecosystem that doesn’t require intermediaries.
“A smart contract is a digital agreement that is executed when predefined terms and conditions are matched on the blockchain ecosystem”
Smart contracts come with many dominant features, for example, automate the process, ensuring security, managing agreements, tracking in real-time, and more. Smart contracts are also capable of storing external data through Oracles.
A smart contract comes up with several advantages that are being used by the blockchain community for building:
Smart contract is not new terminology, they are already being used. The wave about Smart Contract is in the wider digital world and massive applications are being built using blockchain.
Smart contracts are saving time and money but the area of healthy development is being ignored drafting risk, and potential loss. Generally, the developers make 15-50 errors per 1000 lines of code. This means that unless the developer works much more efficiently than the industry average, the smart contract potentially comes up with a huge risk. Even if the developer works more stringently, still we can point out 10-20 errors per 1000 lines of code.
Unfortunately, these assets are not always as secure as we wish, there are various proven hacks and bugs. This puts a significant burden on the crypto community. Hacks discourage investors and here comes the weighty role of “Smart Contract Auditing“.
The smart contract is a thorough analysis of the code through automation testing, formal verification, and manual review to determine the business logic, errors, and security vulnerabilities present in the code.
3rd party security audit by a leading audit company like ImmuneBytes will imply the following steps:
We at ImmuneBytes, also use external auditing tools to assure the security of the smart contract. Security tools can help to uncover the vulnerabilities and errors in the code.
Additonal Resource: What is a Smart Contract Security Audit
Smart Contract Audit is essential nowadays as it can boost the project in the right direction. Security flaws are very expensive when smart contracts are being executed on the blockchain. Ineffecticiany, High fee gas, Business logic errors, and more can harm the project.
A security audit is necessary for everyone building dApps, DeFi applications, Tokens/Crowdsales contracts, Stablecoins, Blockchain Wallets, or any other blockchain concentric project. An external audit would also help in:
Therefore, to make sure that the smart contract is bug-free, the project owner should hire 3rd party auditors.
Smart Contracts are just a part of the vast blockchain ecosystem but are widely used in this digital era. ImmuneBytes is ready and prepared for providing the best smart contract auditing services for the blockchain community.
Calculate your Smart Contract Audit cost in under 30sec!