Smart contract security auditing is one of the most popular systems in the decentralized financial (DeFi) ecosystem. It will provide a detailed analysis of smart contracts, which will make it easy for you to understand all the information and protect your investment funds from being stolen. On the system, the controller will check the code of the contract, record the reports, and provide the necessary data for the project.

What is a Smart Contract Audit?

A smart contract audit is a system that reviews contracts and evaluates their smart code. As we usually see, the system is programmed with Solidity and the information will be made available via GitHub. It performs all transactions on the blockchain that are of great value to users in particular and the system in general, so security audits are particularly valuable to the system.

Normally, audits usually follow four steps:

First, it will be given to the audit team to perform the initial analysis steps.
After that, the audit team will make its comments and results.
Gradual changes are made to correct the problems.
The final result will be given and reviewed for any errors.

For all users when they first join, double-checking is one of the standards and is essential when making investments in DeFi.

Why do we need to test Smart Contracts?

Today, a large number of high-value transactions and contracts pass through the market, and even minor errors can result in significant losses. The same time, once a transaction has been made on the blockchain, it cannot be changed, so it is necessary to ensure that a project will have its own security code. Along with high security, blockchain implementation will cause many difficulties in performing transactions when problems occur.

How does a Smart Contract Audit work?

A typical process that is benchmarked by audit service providers is as follows:

Determine the scope of the audit. All smart contracts are reviewed and evaluated by the project and its overall architecture.
Clearly define and provide the workload parameters that are required.
Execute the test. The accuracy of the projects depends on the audit teams making their own judgments and using their own testing tools and methods.
Record the errors and give them to the project team for correction.
Submit a comprehensive report.

Methods to test Smart Contracts

Gas efficiency

Contract audits don’t just focus on blockchain security; they also focus on optimizing and reviewing the efficiency of each contract. Sometimes, when dealing with complex contracts, several contracts are created to deal with their own functions.

And one of the skills that developers need to pay attention to is performance optimization. To avoid failure and loss, care must be taken when making transactions when costs are too high or too low.

Contractual flaws

Almost every contract has security holes. Sometimes it’s just a small mistake, but it has a big impact when editing, reviewing techniques during the editing process, and developing an advanced strategy for withdrawal. Common vulnerabilities include:

Recent issues: when executing one contract while concurrently making calls to another contract in order to avoid being affected, the external contract can then recursively execute the contract and interact with it in a doable manner.
Integer overflow and overflow: When performing an arithmetic operation, if the result exceeds 18 decimal places, it will lead to an incorrect amount calculation.
Possibility of running first: If the code is structured and invalid, it will provide information and foreshadow transactions. In return, others will be able to use your information and transact directly with it.

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