Security audit is nothing new. Security audits, penetration testing, vulnerability management and other services that have made our products safer for end users since almost the beginning of the internet era.
Nowadays, with the popularization of cryptocurrencies, blockchain networks and monkey pictures :) that have the equivalent value of the new Lambo - developers and project owners are investing to make their projects safer. This is actually nothing out of the ordinary because the blockchain network does not forgive mistakes. There is no middleman who can cancel a transaction, block an account as we know it in the traditional banking world.
Let's just remember the Bitfinex situation or the recently hacked Wormhole bridge (yikes!)
Not regulated?
We at SecureBlock, as well as most involved in the blockchain community, is probably aware that traditional banking systems are undergoing strict regulations such as PCI DSS to protect themselves from the nonauthorized access and "undocumented features" :)
Such security regulations do not yet exist in the world of cryptocurrencies and are not mandatory for smart contracts in order to be operational.
So why audit then?
We are pleased to see how security in cryptocurrencies and smart contracts is being popularized. After all, it becomes a certain standard that is not written anywhere, but again - every serious project today has passed at least one security audit. This is important for several reasons: it increases confidence in potential investors, increases the security of deposited funds on a smart contract, and adds extra confidence to smart contract users.
How to prepare for a security audit?
In order to prepare for a security audit, we always recommend that our clients to have at least one senior developer free prior to security testing so that priority can be given to correcting potential critical vulnerabilities during testing.
As security is our priority, we at SecureBlock provide vulnerability information through our specialized web platform. Our findings contain an accurate explanation of where the vulnerability is located, in which case it can be exploited, and what is the best way to fix it.
On our platform, each vulnerability can be discussed in more detail separately with the auditor who reported it prior to correction.
Before starting a security audit, clients must provide us with the source code of the smart contract, the name and description of the project to better adapt, study the use-case of the smart contract being tested to better test potential vulnerabilities and craft project-specific attack vectors.