Everything You Need to Know About Ethereum Smart Contract Auditing

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Everything You Need to Know About Ethereum Smart
Contract Auditing
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Everything You Need to Know About Ethereum Smart
Contract Auditing

• Hackers are looking to exploit any weakness in
  your project's code for commercial gain, causing
  huge financial and reputational damage, so
  performing a smart contract audit in a timely
  manner can save your company from failure.
• Financial institutions use this technology to
  automate payments, while insurance companies can
  speed up claims processing through smart
  contracts. Besides finance, there are many areas
  where this technology can be used.
• However, the technology also has its downsides.
  For example, laws and regulations in most
  countries are still incomplete. Additionally, the
  tokenization process involves the development of
  IT infrastructure, which can be costly for small
  companies.
• The Ethereum network also suffers from
  scalability issues, namely the low transaction
  processing speed. Another serious problem is that
  the code is exposed to bugs and vulnerabilities.
  This is where smart contract auditing services
  can come into play, as they can harden the code
  by preventing issues and addressing possible
  security breaches

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How does smart contract auditing work?

• Smart contract auditing is the analysis of the
  underlying smart contracts of a blockchain
  application to detect and correct errors and
  vulnerabilities in the code. It is used to
  eliminate design issues and improve the security
  of the project. The stages of the audit process
  include
• Evaluate technical specifications and
  documentation for projects.
• A testing phase that helps detects bugs.
• Audit using the automated tools of the analyzer
  to find common flaws.
• Manual analysis to minimize the chance of
  skipping errors.
• Create reports that reveal code defects.
• The final step of the audit can also include
  expert recommendations for its improvements.

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Ethereum Contract Audit

• The Ethereum contract audit is conducted through
  testing and the various challenges it faces to
  highlight technical, operational and
  cybersecurity risks. Auditors test code on
  purpose, even simulating attacks by hackers, to
  minimize such threats in the future. In this way,
  the ETH contract audit assures clients that the
  contract can be trusted.
• When a token is listed on an exchange, the
  platform can request an audit report to ensure
  the project is credible. This is where Token
  Guard can help. The service uses automated,
  sophisticated tools to audit token smart
  contracts and provide security audit reports for
  projects.

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Benefits of Smart Contract Auditing

• Code audits are essential before a project
  starts. It will help companies and startups
• Avoid high economic losses
• Make sure everything works
• Protect their reputation
• Give investors more confidence in the businesses
  they support
• Optimize and improve system work
• Monitor for security breaches
• Customers are assured that their assets are well
  protected and hackers will not be able to access
  them.