Should you audit your smart contract?

If you’re writing a smart contract, it’s critical that you audit the code to ensure it will work correctly — and won’t have any bugs or security vulnerabilities. This guide will walk you through the basics of auditing your smart contract and some common smart contract vulnerabilities. Part 1: Why Audit Your Smart Contract?

What is a smart contract and how does it work?

A smart contract is a digital protocol that enables transactions and controls their execution using mathematical algorithms. Smart contracts are stored on a blockchain platform. When concluding a smart contract, the parties involved prescribe in it the terms of the transaction, sanctions for non-compliance, and place their digital signatures.

What is smart code audit?

Smart code audit is conducted using a combination of manual and automated tools along with methods intended to identify and model the exploitation of vulnerabilities in their target environment. Smart code audit before deploying a smart contract is critical as, once you write it, it can’t be changed.

What are the vulnerabilities of smart contracts?

Despite the obvious convenience of smart contracts, they come with their own vulnerabilities. For example, smart contracts used in the Ethereum blockchain are prone to: Possible errors when programming in the Solidity language, for which all smart contracts are created.