Feb 25 2019

One of the most promising applications of immutable blockchain technology is the smart contract. It can execute financial transactions and agreements fundamentally. It also accomplishes the agreement of all parties in a contract – without the added of a middleman.

Smart contracts are developed for the future of the online agreement-based system. Smart contracts are currently running on the nodes of blockchain technology with a last hope for the future. 

With the advancement of such node-based technology, smart contract development is one of the best services offered to exist a real-virtual connection.

Do you want to know about what is a smart contract? & How it works? Take a look here! 

Here we will discuss What is Smart Contact Audit? Why are the Smart Contracts Audits so important? What are the benefits of Smart Contract Audits? Who needs the Smart Contracts Audit? & more...

Let's start!

What is Smart Contract Audit?

A Smart Contract audit is basically the same as a regular code audit – which is highly investigating code to find security flaws and vulnerabilities before the code is openly deployed. It’s like testing a codes & bugs before it’s opened to the public. In both cases, the builders have more responsibility for the security and safety of their own products. As the blockchain is necessarily a replicated, append-only linked “list” of nodes (that is therefore immutable), and Smart Contracts are self-executing, it is important to find any vulnerabilities in the code before launch.

Smart contract audit includes:

* Automatic test

* Manual test

Automatic audit aims to find frequently encountered security vulnerabilities; manual test outlines efficiency, logical, and optimization improvements & more...

A smart contract audit is basically the same as a conventional code audit: it finding security vulnerabilities before the code is executed. 

Why are the Smart Contracts Audits so important?

* Avoid hack attacks
* Secure wallets
* Ensure Smart Contract performance
* Code optimization

Smart contract security is such a big problem today. Security flaws, misbehavior, and inefficiency are very high expensive when you execute a Smart Contract to the Blockchain network. Business industries are especially bothered about their Smart Contract code because once it is run, there is no turning back (they are irreversible) and money can be stuck in the blockchain network and lost forever.

Thus, to make sure their smart contract code is written correctly, these commercial enterprises usually hire well known professional auditors (like Developcoins) because they know that an issue in their code could cost a lot more money if they skip the smart contract audit. Smart contracts are used to share, store, distribute funds, bugs in smart contract code and design must be minimized. The smart contract security audits have become one of the most ordered services in the blockchain based business industry.

What happens if smart contracts are poorly designed?

Overengineering/High Complexity: This is a frequent issue in modern software development in general, especially in projects developed by various programmers and developers. It is expected to see this issue in non-contract development and many folks allow it as a trade-off for faster deployment. But in contract development it is not tradeable, high complexity automatically increases the surface area of exploits, highly reduces audit ability and increases the resources used by the situation which are usually very limited and expensive for example gas in the case of Ethereum.

Who needs the Smart Contracts Audit?

* Smart Contracts Developers
* Owners & Organizers of ICO Startups
* Product Owners of Decentralized Apps(DApps)
* Anybody Who Needs Trust of stakeholders, Investors, Contributors & more...

Advantages of Smart Contract Audits

* To call methods on the smart contract
* To optimize the code
* To run the code efficiently
* To re-enforce authorization

Smart Contracts Audit by Developcoins

Developcoins is the leading smart contract development company offers complete smart contracts audit services. Our well-known skilled experts who can help you to audit your smart contract very effitively.

The professional team of experts performs smart contract audit in conformation with the internal methodology. Our team analyze & identify the smart contract’s functionality and performs all mandatory checks against known vulnerabilities. Fundamental security audit includes manual codebase audit by Developcoins consultants; automated tools security audit; a brief detail of smart contract code functionality, however, we offer complete smart audit services to our valuable clients.

We use various in-house automated tools in addition to tools listed, to secure your smart contract and to find whether your smart contract can fulfill your business needs. apart from automated tools, your smart contract code goes under multiple testing phases. First, your smart contract is analyzed and verified against our library of known issues and errors that we have seen come up in dozens of reviews. Second, we validate that your smart contract is performing the logic it was intended to and there are no security issues.  We also resolve the impact of the smart contract on the whole network if it is operational.  Third, we execute gas analysis of your contract and help you optimize it to provide that your users don't end up spending unneeded Ethereum transaction fees.  Certainly, we provide you with a detailed complete audit report as a certification that your smart contract has undergone an exacting audit.  The detail documents each function in your smart contract and how it is performing.

Utilizing a large library of particular tools that we have built, we check your smart contract for the following vulnerabilities:

* Reentrancy(Computing)
* Timestamp Dependence
* Gas Limit and Loops
* Disk Operating System (DOS) with Block Gas Limit
* Transaction-Ordering Dependence
* Use of tx.origin
* Exception disorder
* Gasless send
* Balance equality
* Byte array
* Transfer forwards all gas
* ERC20/223 API violation
* Malicious libraries
* Compiler version not fixed
* Redundant fallback function
* Send instead of transfer
* Style guide violation
* Implicit visibility level

Our Complete Smart Contract Audit Services

At Developcoins, we offer smart contract audit & validation services for a variety of business industries including Fintech, Security and Real Estate. 

* ICO Smart Contract Audit
* STO Smart Contract Audit
* Smart Contract Security Audit
* Comprehensive Smart Contract Audit

Because of our well-defined methodology, we can do this work quickly and cost-effectively.  The cost, however, depends on the complexity of the smart contract code. 

Industries That Use Smart Contract Audit

* Supply Chain
* Artificial Intelligence
* Internet of Things
* FinTech
* RegTech
* Voting
* Betting
* Real Estate
* Entertainment
* Insurance
* Healthcare
* Construction

Why is Developcoins a good fit to audit smart contracts?

We have 4+ years of working experience on the blockchain security and we audited more than 100 plus smart contracts in the past year that were run smoothly after they were checked by our team of auditors.

* Professional Smart Contract Auditing
* Insured Smart Contract Audits
* Auditing Partners
* Truly Independent

What will be reviewed by our auditors?

* Well-experienced auditors perform full smart contract service audits
* Overall smart contract architecture & layouts
* Technical analysis of the interaction between the smart contract and the blockchain
* Complete service smart contract audit solution
* Identify potential bugs in the smart contract code and label them with a severity classification of the issues found
* Possible optimization of smart contract code

We provide an official certificate that demonstrates to your investors and contributors that you have successfully performed a smart contract audit. 

If you need a smart contract developed from scratch, we provide complete Solidity development services as well.  Would you like to see a smart contract audit report? or want to know How much does a smart contract audit cost?

Take a free business demo here!