What are the common problems in completing the smart contract audit? How many types?

Dec 12,2022
What are the common problems in completing the smart contract audit? How many types?

Smart contracts are responsible for allocating high-value resources in complex, innovative and autonomous networks. In addition to confirming and tracking the transfer of physical assets and intellectual property rights, it also plays a role in promoting and verifying financial transactions. The audit of smart contracts can help you find common defects and prevent their adverse consequences. The following is a brief description of some of the most common problems that may be found when auditing smart contracts and an explanation of the types of code vulnerabilities.

1、 What common vulnerabilities are found in the smart contract audit process?

1. Timestamp dependency

2. Reentry attack

3. Differences in functional accessibility

4. Typographical error

5. Randomization insecurity

6. Confusion between human agency and contract

7. Audit cost of smart contract

For excellent contract creators, audit cost will be the most urgent issue. According to variables such as code complexity, the cost of smart contract security audit may be between $5000 and $15000. In rare cases, audit costs may increase significantly. The auditor must examine the code line by line, looking for defects. Therefore, audit services are expensive because they are difficult and take a long time.

On the other hand, the cost of the new contract audit tool and the auditor's salary may help avoid much higher prices caused by security defects. After deployment, the time and resources spent on smart contracts may bring security benefits.

2、 Category of code vulnerability

The audit of smart contracts focuses on identifying vulnerabilities in innovative contract programming. However, the classification of source code defects reveals the breadth of smart contract security issues. The auditor uses the appropriate smart contract audit tool to determine how each defect affects the entire code. According to its potential impact and severity, smart contract vulnerabilities can be divided into four different categories.There are four types of code vulnerabilities: serious, medium, minor, and informational.Each category has a unique response, such as:

The first is that the defects of high security may affect many people, which may lead to major legal and financial problems.

The second type: code errors of moderate severity usually lead to serious financial consequences and personal user data damage. These kinds of coding defects may bring legal problems to developers.

Third, low severity code defects cause little risk or will not have a significant impact on the security of the smart contract.

Fourth: Informative code defects are noteworthy items in the category of code errors. This group is composed of some bugs that do not pose an immediate threat, but are still critical to the security of smart contracts.

Differential code development

After checking the code vulnerability changes, it is very important to determine whether these defects can be exploited. For the security of smart contracts,There are three levels of code utilization: high, medium, and low.In the quick contract security assessment:

Advanced code: exploit vulnerabilities that focus on privileged internal personnel access. It also needs to identify important security issues before it can be used.

Intermediate code: Development focuses on defects that can only be exploited by people who have a good understanding of how the system works.

Low level code: development highlights the weaknesses that have been exploited. In addition, public tools or automated processes can be used to control such vulnerabilities.

summary

The above content introduces seven vulnerabilities found in smart contract audit, as well as the types of vulnerabilities. As the transactions on the blockchain network cannot be revoked, the security vulnerabilities of smart contracts will make it impossible for consumers to retrieve their assets. The smart contract audit will emphasize the analysis of the code supporting the terms and conditions of the smart contract to identify vulnerabilities more quickly. Identifying vulnerabilities before implementing smart contracts can prevent the negative and costly impact of security vulnerabilities.