Smart Contract Audits

While blockchain protocols like Ethereum and EOS, are secure, blockchain applications built on top may have vulnerabilities. Bugs and exploits in smart contracts can frequently have serious financial consequences. This makes audits an important part of the smart contract development and optimization process.

Benefits of Smart Contract Audits for Your Business

To reap the benefits of smart contracts, such as their automation, self-enforcement, and security, it is extremely important that they are developed properly. Mistakes in smart contract development can turn what would have been an incredible efficiency gain into an expensive problem.

Auditing your smart contracts can benefit your blockchain project in several ways:

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The Smart Contract Auditing Process

LimeChain uses a variety of methods when auditing smart contracts. This includes:
  • Architecture Review
  • Unit Testing
  • Computer-Aided Verification
  • Manual Review

These approaches are used during an audit depending on the type of contract and its complexity. Here is how the process of auditing a smart contact unfolds:

1. Orientation stage

This is the most important stage of the auditing process. Auditors study the project documentation and specifications to familiarize themselves with the business case. This helps them understand what the intended behavior of the smart contract is.

2. Architecture and design review

At this stage, the auditors review the smart contract architecture and how it implements the logic found in the documentation. This includes a review of the source code and libraries. This is done so that auditors understand what decisions were made during the smart contract development phase.

3. Units tests and review

This stage includes testing the units under various conditions and within different parameters. The purpose of these tests is to establish whether the functions of the contract are acting in accordance with the design.

4. Diagram construction and interactions analysis

This stage involves creating diagrams for the smart contract that specify the flow of the processes that lead to successful and unsuccessful transactions. This stage also includes an analysis of how different contracts interact with each other.

5. SWC Registry issues analysis

This stage analyzes the contract issues according to the Smart Contract Weakness Classification Registry (SWC Registry). This registry provides auditors with a list of various issues found in smart contracts, instructions on how to identify them, and specific remediation steps. It is a crucial part of the auditing process.

6. Manual review

During the manual review, each line of code is checked by the auditing team to determine whether it contains compilation and re-entrance errors or other vulnerabilities.

7. Bugs and vulnerabilities assessment

Any bugs and vulnerabilities that are found in the contract in the preceding stages are reviewed and the degree of danger that they present is assessed. This includes analysis of the possible consequences of these bugs for the execution of the contract.

8. Audit report construction

The smart contract audit process results in a report that details what steps have been taken and what has been established. The report also provides guidelines on how to fix any issues that were found.

Types of Smart Contract Vulnerabilities

This category includes contracts that have legal effects for parties that fail to fulfill their part of the agreement. They are also known as smart legal contracts.

Common smart contract issues that are established during an audit include:

Smart Contract Audit by LimeChain

LimeChain has been developing smart contracts since 2017. A significant number of our smart contracts have been audited by industry leaders, giving us indispensable insight into the creation and auditing of smart contracts.

LimeChain has also developed its own smart contract development and testing frameworks for EOS, called EOSlime, and for Ethereum, called Etherlime.

Our auditing methodology includes an extensive analysis of smart contracts through the use of various approaches, both automatic and manual. With numerous successfully implemented audits under our belt, we have proven experience and expertise in the field.

Do you require an audit for your smart contract? Get in touch with us to find out more about our auditing process and capabilities, and to discuss your needs and requirements!