Firstly, what are smart contracts?
These are essentially computer protocols written on the blockchain platform. The codes are meant to negotiate the agreements between two or more people. Besides that, they resolve disputes, keep crucial details safe, and are beneficial in a lot many ways.
How else are smart contracts beneficial?
Every action, every transaction every minute move is noted and recorded in the smart contracts. Everyone can read these. Hence the high-level transparency.
The smart contracts do not let third-parties in. Every challenge is sorted autonomously with the help of pre-defined rules and regulations.
Traditional contracts require the people to meet in person, carry the documents across the border and several other complications.
What should you never miss in smart contract audits?
1. The Logic
Never miss cross-checking the logic in smart contracts. This is the most vulnerable part of the contract and one of the easily missed ones too. This must have the detail of how the smart contract must function under all conditions.
2. Trustworthy Auditor
It is easy to get carried away when the quote is attractive. But always remember, you shouldn’t put your smart contracts at risk for the sake of saving a small amount.
3. Independent Auditing
Even if companies do automatic auditing for you, it is important to re-check with expert developers. This is solely for your safety and not a disrespect to the company.
4. Manual audit
Doing a manual audit for your smart contract is essential. The reason is that sometimes the non-error coding might be mistaken for errors by the automatic smart contract auditing software.