If you’re wondering what a smart contract audit is and how it’s done, you’ve come to the right place. Smart contract audits are performed by closely examining the code of the crypto project and identifying vulnerabilities. Smart contracts are an important part of the crypto ecosystem and offer a wide range of uses for blockchain.
How to audit an ETH smart contract? Security companies in the field of cryptography put the codes through various tests and verify the performance under different scenarios. It is important that a project offers complete technical specifications as well as documentation to accompany the deployment process. Such audits identify issues that could be used by hackers. They are also used to find flaws that prevent a contract from working properly.
Solana audits of smart contracts are slightly different because they depend on written code. Common points of vulnerability include missed ownership checks. This means that any attacker could use a fake configuration to bypass access. The smart contracts here are checked for proper documentation, security, and code quality.
Wondering how such audits benefit a crypto project? An audit is important to resolve issues and ensure the code is safe for investors to use. The reason to check is that hackers stole over $1.3 billion in over 75 incidents in the first 6 months of 2022. Over 65% of these attacks took place on ETH and Solana platforms.
The reason some projects were targeted was because crypto projects prioritized speed. Failing to audit project codes will result in further loss of money and crypto companies will lose credibility in the wider market.