Ethereum Smart Contracts Security Audit — A Comprehensive Guide

Smart Contract usage is now obviously increasing and started to enormous effective results which resulted in, paying a way to influence all fields. As a smart contract is built in the blockchain platform which is decentralized to make it transparent and peer-to-peer connection of blocks in blockchain makes the transaction easier and also unbreakable. If there is a small change in one block then it will reflect in the entire network which is an added benefit to be safe from hacking, cheat, frauds, etc among traders in the business field.

Anyway, to suit well with this fast-moving world, everything should be in the update, mainly the technologies which we are using for daily life so it indicates the demand of smart contract audit, which we are going to see for the familiar ethereum smart contract security audit by outstanding smart contract development service provider, Developcoins.

Table of the Content:
    
* Overview of Smart Contract & Audit
* Ethereum smart contract
* Rundown on Ethereum Smart Contract Auditing  
* Ethereum Smart Contract Audit Tools
* Parameters Check on Ethereum Smart Contract Audit
* Best Place to Audit the Smart Contract

Overview of Smart Contract & Audit

Smart Contract which is act as a bridge between the two particular people or to a set of group of person to build trust between those persons. And that becomes an easy task for smart contract because it held the base as blockchain which is widely known for its unbreakable & transparent nature and these both combinations only provide a added benefit for the users.

Even though the blockchain is safe and it can safeguard itself, what about the applications which run on it as base like smart contract. There is a lot of chance to get the bug, which can also create ways for other things like losing money or infamous hacks like happened in DAO (Decentralized Autonomous Organization).

So it is essential for the blockchain application to have a check that whether it is safe and has bug-free codes. To do that a security audit is needed to look at the smart contract for any bugs or vulnerabilities. Thus, the need of smart contract audit arise and it also help to fix any necessary updation in the smart contract. Know more about the smart contract audit below...

Further Read: How to audit a smart contract audit? A step-by-step beginners guide.

Ethereum Smart Contract Analysis

Smart contract is developed on various blockchain platforms and the very famous one among that is Ethreum. Yes, as everyone knows Ethereum smart contract is widely in usage even after the invention of other blockchain platforms smart contract. That is because Ethereum is a well suitable one for DApp development which adds peeks to it. Plus also ethereum smart contract development has also become a low cost, which became a tempting part.

Anyways, ensuring the smart contract is safe, it is wise to have a smart contract audit run. This smart contract audit is done in two ways they are,

• Manual code analysis
• Automatic code analysis

Manual code analysis - In the manual code analysis, the developers read each every single code and analyze it manually.

Automatic code analysis - This analysis aid the developers to save time and also easily identified the bugs and vulnerabilities but as everyone says everything has some dark side, this automated code analysis also bring some disadvantages like false identification and chance of missing of vulnerabilities. So, it is always wise to analyze the smart contract code manually.

The smart contract are used in different platforms with various intentions so it means that everywhere will be the need of smart contract audit services. As for the numerous platforms use smart contract, like shipment smart contract, hospitality smart contract, MLM smart contract & so on, here is the blog below you can take a look at it.

Further read: Top 10 industries which utilize smart contract development

Rundown on Ethereum Smart Contract Auditing

Here we can have a clear cut rundown about the ethereum smart contract auditing topic. The vastly used ethereum smart contract final testing is done by Truffle for automatic code and other coders also use other testers like Populus, a python-based framework that aids to do a quick test using TestRPC.

Here is the ethereum smart contract auditing overall process by Developcoins.

• Collecting code design model
• Unit testing
• Manual testing
• Initial report
• Fixing bugs/errors
• Static analysis & proper verification
• Final audit report

Types of attacks on ethereum smart contract

• Reordering attack
• Reentrancy attack
• Short address attack
• Over and underflows
• Replay attack

Thus to overcome such things and fix the bugs having ethereum smart contract audit is highly recommended.

Ethereum Smart Contract Audit Tools

While ethereum smart contract audit taking place the gas value is the very first one coming to mind for ethereum smart contract users. The gas values are paid in the ether format in ethereum smart contract and the value will be varied based on the project.

To find the vulnerabilities in the smart contract which is the very first thing lead to getting smart contract auditing. And to find that there are some codes like Oyente which is launched in 2016, even though it is out of date it to find the recent threats, it is still a valuable one. Then comes, the advanced tool named Maian which easily detects the threats in the smart contract though it has high risk as it also pays the easy way for hackers so this maian is not released. Instead of that, Mythril can be effectively used which is the product of both teams.

The highly preferred smart contract language and also diversely used one is solidity.

Further Read: How to write enhancing smart contract in solidity?

Parameters Check on Ethereum Smart Contract Security Audit

On ethereum smart contract audit process the basic parameter that will demand the attention to update is as follows,

• Memory management
• Buffer Overflow
• Fun transaction predictability
• RAM usage for multi-storage
• Error occurrence immediate notification

These are some of the basic parameters and also important ones while auditing other than bug fixing.

Best Place to Audit the Smart Contract

Developcoins is the best smart contract development company, which provides a completes a to z smart contract audit service and also other service related to smart contract in the global market with more than 7+ years of industry experience expertise by their side.

                                      Get a free consultation for a smart contract audit here!