Ethereum Smart Contract Security Audit - A Complete Guide

Posted July 23, 2020 by Shirawilliam

Ethereum Smart Contract Security Audit - A Complete Guide for the beginners to know about & also to gain knowledge about the thigs and process in Ethereum Smart Contract Security Audit
Smart Contract usage is now obviously increasing and started to enormous effective results which resulted in, paying a way to influence all fields. As smart contract is build in blockchain platform which is decentralized to make it transparent and peer-to-peer connection of blocks in blockchain makes the transaction easier and also unbreakable. If there is a small change in one block then it will reflect in entire network which is a added benefit to be safe from hacking, cheat, frauds, etc among traders in business field.

Anyway to suit well with this fast moving world, everything should be in update, mainly the technologies which we are using for daily life so it indicate the demand of smart contract audit, which we are going to see for the familiar ethereum smart contract security audit by outstanding smart contract development service provider, Developcoins.

Overview of Smart Contract & Audit

Smart Contract which is act as a bridge between the two particular person or to a set of group of person to build trust between those persons. And that becomes a easy task for smart contract because it held the base as blockchain which is widely known for its unbreakable & transparent nature and these both combination only provide a added benefit for the users.

Even though the blockchain is safe and it can safe guard itself, what about the applications which runs on it as base like smart contract. There are lot of chance to get the bug, which can also create way for other things like losing of money or the infamous hacks like happened in DAO (Decentralized Autonomous Organization).

So it is essential for the blockchain application to have a check that whether it is safe and has bug-free codes. To do that a security audit is needed to look at the smart contract for any bugs or vulnerabilities. Thus, the need of smart contract audit arise and it also help to fix any necessary updation in smart contract.

Ethereum Smart Contract Analysis

Smart contract is developed on various blockchain platforms and the very famous one among that is ethreum. Yes, as every one knows ethereum smart contract is widely in usage even after the invention of other blockchain platforms smart contract. That is because ethereum is well suitable one for DApp development which add peeks to it. Plus also ethereum smart contract development is also become low cost, which became a tempting part.

Anyways, ensuring the smart contract is safe, it is wise to have a smart contract audit run. This smart contract audit is done in two ways they are,

Manual code analysis
Automatic code analysis

Rundown on Ethereum Smart Contract Auditing

Here we can have clear cut rundown about the ethereum smart contract auditing topic. The vastly used ethereum smart contract final testing is done by Truffle for automatic code and other coders also use other testers like Populus, a python based framework that aid to does a quick test using TestRPC.

Types of attacks on ethereum smart contract

Reordering attack
Reentrancy attack
Short address attack
Over and underflows
Replay attack

Thus to overcome such things and fix the bugs having ethereum smart contract audit is highly recommended.

Ethereum Smart Contract Audit Tools

While ethereum smart contract audit taking place the gas value is the very first one coming to mind for ethereum smart contract users. The gas values are paid in the ether format in ethereum smart contract and the value will be varied based on the project.
To find the vulnerabilities in the smart contract which is the very first thing lead to get smart contract auditing. And to find that there are some codes like Oyente which is launched in 2016, even though it is out of date it to find the recent threats, it is still valuable one. Then comes, the advaced tool named Maian which easily detect the threats in smart contract though it has high risk as it also pays easy way for hackers so this maian is not released. Instead of that, Mythril can be effectively used which is the product of both team.

Know more about Ethereum Smart Contract Security Audit with Developcoins!
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Last Updated July 23, 2020