What is a Smart Contract?
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”
What does a Smart Contract offer?
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:
- Token/Crowdsale contract
Smart contracts are increasingly being used for launching the crowdfunding campaigns. - DeFi Applications
With over $4bn invested in DeFi, the smart contracts have shattered the way of Lending, Borrowings, and Investment. - Blockchain Wallets
Over 300,000 BTC transactions daily with 50millon blockchain wallet users, smart contracts are backing the system effectively. - dApps
Ethereum, Tron, EOS, and other frameworks are driven by Smart Contracts and so do the applications built on the top of these frameworks. - Stablecoins
Based on a public blockchain with its value pegged against another stable asset. More than 65% of Stablecoins is built on Ethereum.
The problem - Once a smart contract is created, it can never be changed again.
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“.
Smart Contract Audit - The Ultimate Solution
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:
- Get Quotation Online
- Request Audit
- Requirement Gathering
- Start Audit
- Initial Report
- Code Refactor
- Final Audit
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
What value does a Smart Contract Audit bring?
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:
- To uplift the confidence of Investors
- Easy listing on Exchanges
- Users attraction
- Trustworthiness
- Autonomy
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!