After finding the answer to ‘what is a smart contract audit?’ it is reasonable to look for its significance. Security is one of the formidable concerns for smart contract implementation in present times. The concerns of inefficiency, security issues, and misbehavior could lead to extremely high additional costs in implementing smart contracts on a blockchain network.
Enterprises are troubled regarding smart contract implementation, considering its irreversible nature. Furthermore, you also have the risk of losing the whole contract and associated assets due to security vulnerabilities in smart contracts. Therefore, the smart contract audit becomes an important requirement in present times for the following reasons.
- Better optimization of the code
- Improved performance of smart contracts
- Enhanced security of wallets
- Security against hacking attacks
So, you can clearly notice that smart contract audits can be quite helpful for,
- Decentralized apps product owners
- Individuals who have to gain the trust of investors, stakeholders, contributors, and more
- Creators and organizers of ICO startups
- Smart contract developers
With so many critical advantages for smart contract security, it is important to find out how to audit a smart contract immediately. The skills for auditing smart contracts could help enterprises stay safe from notable security attacks like,
- Reentrancy attack
- Reordering attack
- Short address attack
- Over and underflows
- Replay attack