Jul 5, 2021
Blockchain technology has occupied its leading rank amidst all cutting edge technologies. This made the crypto sector in a progressive way. A smart contract is a set of embedded lines of predefined code. It works automatically when the transaction between the two users is done. Smart Contracts are stored in the public service and cannot be modified.
Smart contract audit is a review of the code as well as the functionality of the code in regard to the white paper and/or other documentation. It also includes the complete writing of a test suite from scratch to near-100% coverage, and manual verification of any math, with the token issuance mechanism being a very large portion of that.
The transactions are made with the help of a Private key, Public Key, and Smart Contract and happen through the smart contract which are preceded by blockchain. Smart Contract does not involve any third-parties. The whole transaction and trade with one and one, hence this exchange is also called Peer-to-Peer (P2P) exchange.
This includes design considerations and security exploits. Whoever audits the smart contract will manually review the code, run tests, and use tools. Their fact-supported ideas and meticulousness also enable them to stay acquainted with the latest market trends and suggest to businesses what else they can incorporate into their solutions to stay ahead of the curve.