Smart contract audit is the scavenger for the safe operation of the blockchain industry

One day inside the circle, one year outside the circle. With the implementation of blockchain platforms and various applications, the amount involved in smart contracts has grown exponentially. For a long time, the security of smart contracts has been the focus of both investors and developers. According to reports, in 2020 alone, 122 blockchain hacking incidents have resulted in losses of $3.8 billion.

A smart contract is a computer protocol designed to disseminate, verify or enforce contracts in an informational manner, allowing trusted transactions without third parties that are traceable and irreversible. As a combination of electronic contracts, decentralized arbitration and interaction between contracts, smart contracts will generate a large amount of capital transactions. If there is a major loophole, asset loss will be inevitable, and even the project will completely lose user trust. Therefore, DApp requires more rigorous testing and auditing.

The supply of USDT in smart contracts has just reached a one-month low: Jinse Finance reports that Glassnode data shows that the supply of USDT in smart contracts has just reached a one-month low of 14.363%, compared with the previous one-month low of 14.503 %. [2022/7/30 2:48:18]

Formal verification refers to the use of mathematical methods to prove that the system is bug-free. In the past, it was more common in the field of hardware design. Because the hardware design cycle is long, it is difficult to change once it is produced. If one machine is directly used to do various tests, the cost is very high. But if you use mathematics to build a virtual machine for verification, you can make a full argument without too much cost. This process is called mathematical argument modeling, which is what we call formal verification. We have recently researched some professional institutions and projects securing our smart contracts:

Yang Haipo: Smart contracts are like legal persons in the real world: Yang Haipo, CEO of ViaBTC Mining Pool, posted on Weibo today that smart contracts are like legal persons in the real world. Many scenarios are no different from ordinary addresses. This design greatly enriches its application scenarios. [2020/8/23]

Smart Contract Audit Project/Company List

The way to avoid bugs in software is to test. In fact, some input and output situations are simulated in the test code to ensure smooth logic. Nowadays, DeFi is developing rapidly. In contrast, formal verification is to strengthen the test and use mathematical arguments to ensure smooth logic. In the field of blockchain, code is law, code controls our digital identity, and controls the funds in our smart contracts. But how is the security audit of the smart contract to avoid being hacked?

News | Stratis Launches First Smart Contract on Microsoft .NET: Blockchain development firm Stratis Group Ltd has launched the first smart contract on Microsoft .NET architecture, Cointelegraph reported. The newly launched Cirrus Sidechain Masternodes and Hierarchical Smart Contracts product aims to enable businesses to develop smart contracts using the C language. This will purportedly allow businesses to deploy smart contracts on an underlying general-purpose blockchain. [2019/7/4]

Today, although the blockchain is still in its early stages, its rapid development has attracted more and more social attention, and hackers are one of them. In order to avoid hacking incidents, exchanges, wallets, project parties, etc. have increased investment in smart contract security. The surrounding ecological construction around the security of smart contracts has also become a hot spot for investment. At the same time, developers have also begun to explore the error-free logic of smart contract programs, improving the core of formal verification from the source, that is, improving the accuracy of mathematical logic, in order to establish a more efficient blockchain foundation. At present, mathematical model demonstration functional programming languages such as OCaml, Haskell, and æternity have been gradually applied to the blockchain world, enabling some distributed ledger protocols and smart contracts to a large extent gain scalability, stability, and fault tolerance. In our opinion, mathematical logic argumentation is the scavenger that guards the safe operation of DeFi or the entire blockchain industry. With the gradual development and improvement of the blockchain encryption industry in the future, mathematical logic argumentation may become the key. (Part of the views in this article are taken from Zhihu)

Tags：

USDC