The prestige of a smart contract security audit

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The prestige of a smart contract security audit
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The prestige of a smart contract security audit

• More than simply a poor programming effort may be
  seen in a susceptible smart contract.
  Reputational harm and initiatives that took
  months or years to finish may result from it. As
  a result, those programmers now include smart
  contract audits in their list of project
  development phases. The procedure delivers the
  following unexpected advantages
• Enhanced hacker defences, expensive smart
  contract code mistakes avoided, and safer
  decentralised financial goods
• Greater credibility in a field that is becoming
  more competitive as well as greater credit for
  the project

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The security auditing procedure for smart
contracts

• A smart contract is audited using a method that
  is essentially standard. Although every auditor
  may adopt a somewhat different strategy, the
  accepted practise is as follows
• 1. Define the Audit Scope
• The smart contract and design requirements are
  defined by the design (and its intended
  application) and universal architecture. When
  creating and running code, the audit team can
  comprehend the project's goals thanks to a
  specification.
• The smart contract specifications and other
  related papers provide in-depth justifications
  for the project's architecture, development
  process, and design decisions. Typically, an
  explanation of the specification may be found in
  the project's README record.

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2. Unit Test

• In this circumstance, it is the developer's
  obligation to write unit tests. The auditor
  checks that the smart contract functions as
  intended by executing unit tests. In order to
  guarantee that unit testing takes into account
  all pertinent risks, smart contract auditors now
  use network testing and auditing techniques.
• Additionally, testing gives smart contract
  auditors informal documentation that adds more
  information about the intended functionality of
  the project.
• 3. Manual Audit
• The crucial phase of the audit procedure. Each
  code risk is examined by the auditor for
  mistakes.

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4. Automatic Audit

• Following the manual audit, the auditor uses
  auditing software like Slither, Scribble,
  Mythril, and MythX to do a thorough audit of the
  code. A smart contract audit is advised by
  auditors based on found vulnerabilities and code
  optimization.
• 5. Initial Report
• The auditor draughts a preliminary version of the
  report and makes note of any errors they uncover.
  The project development team will then get this
  document for evaluation and any necessary
  adjustments.
• 6. Final Report
• The last phase in the smart contract audit
  process is the final writing of an audit report.
  Before creating a thorough audit report, auditors
  must conduct both human and automated testing and
  research procedures. After considering every
  action the team made to address the concerns
  mentioned, they publish the final report.