The Ethereum community is releasing a quick application to maintain high-level security for its smart contracts. So the team reached out to ImmuneBytes, one of the leading security consulting firms, to upgrade the bar for providing a solid security audit solution!
In recent years the Ethereum network is watching a wide range of individuals and business giants use the ecosystem to achieve continued growth. Some activities are increasing liquidity pools, deploying smart contracts to provide unique business models. In order to provide a secure platform against all types of scams and hacks, smart contract audit services Ethereum implements smart contract security.
Ethereum’s Smart Contract Security Audit
ImmuneBytes — one of the industry’s leading best security companies, develops Ethereum security analysis tools that have been thoroughly reviewed by audit experts to help teams roll out rapid protection applications for ETH user smart assets.
Integrating the results of an automated Ethereum security audit reduces risk. Prevent functional errors and balance inefficiencies with the timeliness of smart contract securities. Also, provide users with the required trustworthiness solution.
The Enterprise Ethereum Alliance (EEA) is starting to advance standards to protect users from routine crypto hacks. Following on from the EEA Group Chairman, Chris Cordi added,
“As the Ethereum blockchain industry is witnessing massive growth in the market, it also needs a protective framework to assess the security of smart contracts.”
In fact, smart contracts are the main building blocks of Ethereum applications. As it drives a large number of users through its efficient performance, these applications must be secured by the contract’s security code.
Therefore, the function of the Ethereum security audit will enhance the user’s smart assets with a high degree of protection. Interestingly, it presents a tough choice for all smart hackers with strong security.
Tough times lead to true friendship, smart contract audit and the people who are still honing and learning during a bear market will be the ones who stay in the industry for the long haul and ride out with you, bull and bear.
Will industry standards help organizations and developers?
Nevile noted that the ultimate purpose of the EthTrust security level specification is to help auditors demonstrate to clients that they are operating at an industry-appropriate level. “Auditors can point to this industry standard to establish basic credibility,” he said.
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Ronghui Gu, CEO and co-founder of blockchain security firm CertiK, clarified this, telling Cointelegraph that having such a standard helps ensure expected processes and guidelines. However, he pointed out that these standards are by no means a “rubber stamp” that smart contracts are completely secure:
“It’s important to understand that not all smart contract auditors are created equal. A smart contract audit starts with an understanding and experience of the specific ecosystem in which the smart contract is being audited, as well as the technology stack and code language used. Not all code or Chains are all equal. Here, experience matters for reporting and discovery.”
Given this, Gu argues that companies looking to audit their smart contracts should go beyond the certification auditors claim to have and consider the quality, size and reputation of the auditors. Because the standards are guidelines, Gu said he thinks the norm is a good place to start.
From a developer’s perspective, these specifications may prove to be very beneficial. Mark Beylin, co-founder of emerging blockchain-based social network Myco, told Cointelegraph that the standards will be invaluable in helping smart contract developers better understand security audit expectations. He says:
“Currently, there are many decentralized resources for smart contract security, but auditors do not have a specific rulebook when evaluating project security. Using the specification, security auditors and their clients can check what is secure on the same page Require.”
The specification’s developer and contributor, Michael Lewellen, further told Cointelegraph that the specifications aid inspection by providing a list of known security issues. “Many Solidity developers have not recently had the formal education or training on security in Solidity development, but security is still something to look forward to. Having a specification like this makes it easier to figure out how to write code more securely,” he said.
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Lewellen also pointed out that most of the specification requirements are written in a straightforward manner that is easy for developers to understand. However, he commented that it was not always clear why the requirement was included. “Some have links to external documentation for vulnerabilities, but some don’t. It would be easier for developers to understand if they had clearer examples of what compliant and non-compliant code should look like.”
The evolution of smart contract security standards
Taken together, the specification of security levels helps advance the Ethereum ecosystem by establishing smart contract audit guidelines. However, Neville noted that the most challenging aspect of moving forward is predicting how a breach will occur. He says:
“This specification doesn’t fully address these challenges. What the specification does, however, is identify certain steps, such as documenting the architecture and business logic behind contracts, which are important to enable a thorough security audit.”
While all of these are steps in the right direction, bsc smart contract audit Gu noted that it will take time for the standard to be widely adopted. Furthermore, Neville explained that safety is never set in stone. So, he explained, individuals can send questions to the working group that writes the specification. “We’ll take that feedback and look at what’s being discussed in the wider public space as we look to update the norm,” Neville said. He added that the new version of the specification will be produced within 6 to 18 months.
