BR Softech Pvt. Ltd. is a leading Ethereum smart contract development company. Not only does it take into account the development of the Ethereum based smart contracts, but it also excels in delivering auditing services.
ERC20 token creation service is trending these days, and so is the smart contract auditing service. Auditing smart contracts hold great importance in ensuring a smooth and secure operation of the smart contract platform.
This article aims to highlight to the readers the concept of Ethereum smart contract audit along with detailed instructions on how to perform a smart contract audit.
Understanding Smart Contract Audit
Let us simplify the concept of smart contract audit for you to create a better understanding amongst the readers. A smart contract audit is an act of developers’ observing the coding utilized to create smart contracts. A smart contract audit provides the opportunity for the developers to detect the potential bugs and glitches and rectify them before deployment.
Generally, the smart contract audits are conducted by third-party/parties that include reviewing the coding as thoroughly as possible. Whether a general team of software developers or a team of smart contracts specialists is required to conduct the audit is decided by analyzing the complexity of the smart contract project.
The need for ensuring that the smart contracts have been coded appropriately or not holds great importance to ensure the security of the users accessing it, hence creating room for smart contract development.
Purpose of conducting an audit
Creating and deploying smart contracts is not sufficient enough to meet the new industry standards. It needs consistent auditing and scrutinizing of the existing platform for regular improvisation.
The purpose of conducting a smart contract audit is to find out all kinds of account vulnerability. Moreover, the audit helps the client find out the smart contract complexity and make changes and improvisations accordingly.
Apart from the mentioned above, it is also helpful checking up on the balance that the smart contract holds and monitoring the external calls. The main purpose of conducting all the checks and tests is to ensure a seamless and secure smart contract network is established.
How To Audit A Smart Contract?
The main question that brings the readers over here is about conducting a smart contract audit. Refer to the points that are mentioned below to know the steps involved in a smart contract audit.
There is much reason for conducting a smart contract audit. However, altogether their main purpose is to ensure a smooth and hassle-free operation of the smart contracts.
Step1: Knowing about the specifications
It is the foremost step in the process of a smart contract audit. To conduct a successful audit, it is important to know the specifications and the working behavior of the smart contract platform that is associated. In this process, the Ethereum smart contract auditing company gets to every nook and cranny of the smart contract platform.
Step2: Code review
In this step, the auditing company conducts a detailed inspection of the coding involved in smart contract development. The main purpose behind checking the coding is to detect any suspected bugs and glitches and fix them for enhancing security.
Step3: Unit testing
In this phase, the auditing company checks the functionalities of smart contracts under different sets of conditions and fulfilling various parameters. The output received during the testing is recorded. Also, the auditors ensure that the smart contract platform does not utilize any unnecessary gas.
Step4: Testing with tools
Using the automated tools for conducting detailed analysis hits not only the accuracy but also saves a lot of developer’s time. It boosts the efficiency of the auditors and helps them to detect vulnerabilities in a short amount of time.
‘Truffle’ is one such popular automated tool that most of the auditors go after for conducting detailed analysis. However, ‘Populus,’ a Python-based framework, is another popular choice for the developers.
All the steps that are mentioned above to conduct a smart contract are more subjective than objective. It means a smart contract auditing company analyzes many critical aspects before implementing any strategy to conduct the smart contract audit. If you are wondering what strategy would be best to address the limitations of your smart contract network, then approaching an experienced smart contract auditing company is highly recommended. It is important for you to conduct thorough research about the expertise that the smart contract development and auditing companies hold before making any venture.
After reading this article, you must now be aware of the phases that are involved in a smart contract audit. However, the steps do not limit here, and depending on the complexity and requirement of the smart contract platform, the auditing company decides the best approach to adopt for conducting effective auditing.
If you own a smart contract platform that needs to be audited on an immediate basis, we suggest you conduct thorough research before opting for the ideal Ethereum smart contract auditing company for the purpose.