When investing in specific tokens, it is recommended to select approved projects to ensure your funds are not lost. Smart contract audit means that an audit team checks whether the facility code you have chosen is correct. Becoming a suitable investment vehicle should be technically perfect.
Typically, teams supporting blockchain projects post links to third-party audits on their social media channels. You can use this link to find companies that have previously reviewed similar tokens and review their charts to understand what happened to the asset after the token generation event (TGE). This can help avoid scam checkers as there are many such people in this niche market.
In addition, it is worth noting that smart contract audit services can be quite complex. Although the smart contract itself may be small, it is still a mature program capable of organizing complex branches, loops, and decision trees.
Which items require security audits and why?
Because smart contracts typically use currencies, they need to be thoroughly verified to meet the level of security required by the financial sector. This is why testing is an essential part of any smart contract development.
Once published on the blockchain, the smart contract can no longer be modified. Therefore, even a trivial mistake in the smart contract code can lead to sad consequences and a loss of funds. If smart contracts are considered one of the safest fund management methods today, why is this happening? Although the technology is perfect, hackers are also on the alert. As contracts become more complex, they become more creative. Although blockchain is secure, it is not related to blockchain applications. Smart contract testing aims to solve this problem.
How is a smart contract audit conducted?
The audit is carried out by independent developers. Typically, internal developers review the code after the development phase and then turn it over to independent developers for code review. For example, ICO smart contract audits can be performed by Blockhunters experts with expertise in the field.
However, please note that the audit report is not a legal document that can demonstrate the security of the Code. No one can guarantee 100% that the code does not contain bugs or vulnerabilities, not even the auditors themselves. The audit only guarantees that the code has been reviewed by experts who believe the code is secure.
Vulnerability bounty programs are also commonly used to review code uploaded to Git repositories so that any developer can find bugs in the code and be rewarded for it. Rewards are usually distributed as tokens of the relevant cryptocurrency network.
Types of Smart Contract Audit Services
Besides contracts, Smart Contract Audit Services can also be applied to the following objects:
Token audit and crowd funding projects DeFi project wallets and applications
The price depends on the type of examination performed. They can include:
Automated security audit Manual security audit Business logic audit based on extensive analysis of white papers and yellow papers
While professional audits are important, you should not rely on them alone. Automation software is also useful because it can quickly identify errors in code. Services like Mythril and Slither offer such audits, but they require the customer's technical knowledge to use them properly. On the contrary, TokenGuard provides clear and easy-to-understand reports so that you can determine if it is worth investing in tokens and if there are no errors in the code.
We also doing Tron smart contract auditing in cyphershield.tech
An extra precaution and certification to ensure that your smart contracts function as they should is a smart contract audit.
