Importance of Smart Contract Security Audit

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Importance of Smart Contract Security Audit
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Importance of Smart Contract Security Audit

• A weak smart contract is the result of more than
  just poor programming. The reputation of the
  developer could be damaged, and projects that
  took months or years to build could be in danger.
  Programmers now incorporate smart contract audits
  into the creation process for each new project.
• A smart contract security audit looks at and
  makes comments on the smart contract code for a
  project. These contracts are often created using
  GitHub and written in the programming language
  Solidity.
• The process offers the following amazing
  benefits
• Improved protection against hackers.
• Prevents costly smart contract mistakes.
• Safer decentralized financial products.
• Boost industry-wide and project-specific
  confidence.
• Increased credibility in an increasingly
  competitive industry.

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Smart Contract Security Audit Process
The process for auditing smart contracts is
comparatively uniform among audit service
providers. Although every reference may adopt a
slightly different strategy, the accepted
practise is as follows 1. Determine the scope of
the review The project (and intended
application), the general smart contract
architecture, and the individual standards are
all defined. The audit team can understand the
project's goals when creating and running the
code because of the specification. The smart
contract specification and other related
materials provide a detailed description of the
project architecture, development process, and
design decisions. The project's README file
frequently contains descriptions of the
specs. Audits of smart contracts are not just
concerned with the chain's security on the
Blockchain. Additionally, you consider efficacy
and advancement. Some contracts carry out a
complicated set of operations to fulfil their
specified purpose.
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Smart Contract Security Audit Process
2. Unit Test In this circumstance, it is the
developer's responsibility to design unit test
cases. The validator tests the smart contract
functionality while the unit tests are executing.
At this step, smart contract auditors make sure
unit tests cover all pertinent risks by using
testing tools and an audit network. The tests
also provide smart contract auditors access to
unofficial documents that provide further
information about the project's intended
functionality. 3. Manual Check The most important
part of the review process. Each line of code is
examined by the checker for mistakes.
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Smart Contract Security Audit Process
4. Automatic Check The validator follows up hand
proofreading with a thorough code review
utilising tools for proofreading including
Slither, Scribble, Mythril, and MythX. Based on
discovered flaws and code optimization, the
auditor advises doing a smart contract audit. 5.
Preparation of Initial Reports An initial draught
of the report, along with any problems
discovered, is prepared by the auditor before
being sent to the project development team for
feedback and any necessary corrections. 6. Final
Report The final stage in the smart contract
audit process is writing the audit report. The
auditor must complete all manual and automated
tests and analysis before providing an in-depth
audit report. The team's efforts to address the
concerns mentioned are taken into consideration
before publishing the final report.