Why Do Businesses Need Smart Contract Auditing?
As blockchain technology and its use cases continue to evolve, so does the potential for vulnerabilities in smart contracts. These contracts are written in code and executed on a blockchain, making them potentially susceptible to attack. Security audits are thus essential for identifying and mitigating any risks associated with smart contracts.
Smart contract security audits involve reviewing the code for possible vulnerabilities and testing it for functionality. The goal is to identify any weaknesses that attackers could exploit and fix them before the contract is deployed. While no audit can guarantee that a contract will be 100% secure, it significantly reduces the risk of a breach.
Security audits for blockchains and smart contracts can help identify vulnerabilities that could potentially be exploited by malicious actors. By identifying and fixing these vulnerabilities, businesses can protect themselves from attacks and ensure the security of their data.
Some Facts and Statics about the Cyber Attacks on Blockchain Projects
- In the second quarter of 2022, 48 major attacks were monitored in the Web3 space, with total losses of approximately $718.34 million, down approximately 40 percent from $1.2 billion in the first quarter and approximately 2.42 times the losses in Q1 2021 ($296.56 million).
- A total of around $1.4 billion has been lost to breaches on these cross-chain bridges since the start of the year, according to figures from blockchain analytics firm Chainalysis.
- The biggest single event was the record $615 million haul snatched from Ronin, a bridge supporting the popular non fungible token game Axie Infinity, which lets users earn money as they play.
This trend will keep going on thus smart contract audits are becoming increasingly important as more businesses adopt blockchain technology. By performing regular audits, businesses can ensure that their contracts are safe and secure.
Types of Projects that Need Security Audit
Whether it's for a DApp or NFT smart contract audit, our innovative auditing techniques and in-depth analysis from our subject matter specialists guarantee that your project is high on security and performance.
DeFi Smart Contract Audit
By identifying potential vulnerabilities in the code, Our smart contract audits can help to identify issues that could lead to financial losses or other problems for the project.
Token and DApps Smart Contracts Audit
By identifying and addressing any issues before a dApp goes live, businesses can protect themselves from financial loss and reputational damage.
NFT Smart Contract Audit
By performing a comprehensive audit, businesses can feel confident that their NFT marketplace and their NFT assets are safe and secure for their users.
Blockchain Protocols Smart Contract Audit
Utilizing expert security auditing and testing, you can ensure the safety of your blockchain protocol's whole architecture as well as its implementation levels.
Metaverse Smart Contract Audit
Perform 3x error checks, payout calculations, and automate policies based on information stored in the smart contract.
Get your Smart Contracts Audited Conveniently
Prolitus Expertise: Smart Contract Security Audit Services
Smart Contract Audit Service
Our blockchain engineers perform comprehensive code reviews for teams that are preparing to launch their blockchain applications.
Enterprise Security Counseling
We offer IT security consulting at an enterprise level for every part of the blockchain development lifecycle, including auditing, testing, and formal verification.
We help businesses find entry points for hackers, visualize the attack surface of their projects, and keep their threat models up to date with new risks.
Our Smart contract Security Audit Process
Initial Client Consultation for Requirements Gathering
Manual analysis of smart contracts
Functional and Logical conditional code testing
Initial Audit Report Submission and Bug Fixing
Final Audit Report Creation & Delivery
Blockchain Platform we Audit for Smart contract Security Audit
We offer thorough security assessments of smart contracts on major blockchains to assist you in launching a flawless smart contract application on your preferred platform.
Why Prefer Prolitus As An Expert Smart Contract Audit Development Services Company?
Prolitus is a reputed Smart Contract Audit and Development Services company that offers comprehensive security audit and development services to enterprises across the globe. Our team of experienced auditors has in-depth knowledge of blockchain technology and smart contracts, which helps them identify any flaws or vulnerabilities in the code. We have helped numerous enterprises in safeguarding their investments by providing foolproof security audits for their smart contracts. Our auditors review the code for common vulnerabilities such as reentrancy attacks, integer overflows, and function signature vulnerabilities. They also perform a security assessment of the contract’s environment, looking for possible attack vectors. Our audits are not only comprehensive but also cost-effective, ensuring that you get the best value for your money.`
Our Blockchain Portfolio
AXIA offers a blockchain-based digital ecosystem without restrictions and rewards hyper-deflationary currency users. AXIA aims to create a digital currency and a transparent, equitable, productive, and fruitful economic system for all parties involved.
Phaeton builds sustainable communities with blockchain. Phaeton's business strategy differs from rivals'. Instead of waiting for new businesses to adopt Phaeton Blockchain, the company offers a collaborative working environment to develop and guide Blockchain startups to independence.
Frequently Asked Questions
- Solidity compiler
- ABI decoder
- Smart contract analyzer, etc.