Blockchain project essential: smart contract audit

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Blockchain project essential: smart contract audit


With the rise of blockchain technology, smart contracts are required for different blockchain projects, such as decentralized finance (DeFi) exchange project and NFT marketing project. Most people understand the importance of testing to ensure project safety, so smart contract audit service comes into play. If you have a plan or have started to develop a blockchain project, you must learn the following information about smart contract audit.

Why do you need smart contract audit?

"Smart contract" is a special agreement used to formulate contracts in the blockchain. The terms of the agreement are stored on the blockchain in the form of code and executed automatically.

With the increasing value of NFT and cryptocurrency, it has become the target of hacker attacks. Small code errors on smart contracts can lead to huge financial loss. Since blockchain transactions are irreversible, it is important to ensure that the project's smart contract code is free from vulnerabilities.

For blockchain project developers, smart contract audit is an essential step. If there are major loopholes or logical errors in the smart contract when the project is launched, it will seriously affect the revenue and development of the project.

What is the testing method for blockchain projects?

There are many security testing methods for blockchain projects in the market. We recommend a comprehensive method which consists of two parts: traditional testing, including front-end application code review and system testing; The other part is smart contract audit.

Smart contract audit is different from traditional security testing. There is no globally recognized security testing method in this field, which makes consultation more difficult. "Is there a formal test method?" and "will XXX test be conducted?" There are no definite answers to these questions. Therefore, it is crucial to choose a trusted security solutions provider to conduct testing for your projects.

What is the standard of smart contract audit?

The following smart contract review standards are widely adopted:

  • Smart Contract Security Verification Standard (SCSVS)

SCSVS is a security checklist jointly created by a group of foreign blockchain enthusiasts, which includes the testing of different categories of blockchain, such as permission control, business logic, common attacks etc. Each category is also listed in detail the parts to be tested and reference materials. Some common vulnerabilities, such as reentry attacks or logic problems of smart contracts, are also in the verification list.

  • Smart Contract Weakness Classification and Test Cases (SWC Registry)

SWC registry classifies different attacks and testing methods in detail, such as lack of appropriate signing and authentication mechanism, use of outdated solidity version or obsolete functions, etc. It also includes the detailed introduction of each item, relevant risks, test methods, vulnerability code examples and repair suggestions. Developers can also be inspired when designing to avoid falling into loopholes.

UD provides blockchain security testing services for the project developers. In cooperation with traditional testing and smart contract review, the project developer can avoid irreparable serious problems and bring guarantee to the project.

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