Why are Smart Contract Security Audits So Important?

Why are Smart Contract Security Audits So Important?

Blockgeeks.
12/4/18 5:45 PM 2018-12-07 12:37:28
To say that we are living in the “ICO era” is a gross understatement.They have generated billions of dollars in revenue and have pretty much become a household name in the process. However, with

To say that we are living in the “ICO era” is a gross understatement.

They have generated billions of dollars in revenue and have pretty much become a household name in the process. However, with so much money flowing around, extra care must be taken to make sure that the smart contracts are not exploited and that the money generated is secure.

Faulty or careless coding can lead to a host of attacks by hackers like the reentrancy attack, overflow/underflow attack etc. Remember, at the end of the day, it is not just your money which is at stake.

So, having said that, let’s understand what smart contracts are and the different types of contracts out there.

Why are Smart Contract Security Audits So Important?

Why are Smart Contract Security Audits So Important?

 

Different Types of Smart Contract

Smart contracts are automated contracts. They are self-executing with specific instructions written on its code which get executed when certain conditions are made.

 Why are Smart Contract Security Audits So Important?

You can learn more about smart contracts in our in-depth guide here.

Smart contracts are how things get done in the Ethereum ecosystem. When someone wants to get a particular task done in Ethereum they initiate a smart contract with one or more people.

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Smart contracts are a series of instructions, written using the programming language “solidity”, which works on the basis of the IFTTT logic aka the

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