Add3, Content
March 7, 2023
6.9 min reading
When it comes to blockchain-based projects, smart contracts are the backbone of their operations. Smart contracts automate the execution of agreements between parties. This eliminates the need for intermediaries and provides transparency and security.
But, like any complex software, smart contracts are time consuming to code from scratch. They’re also vulnerable to hacks and bugs if they’re not built correctly. Most crypto projects spend valuable blockchain engineer time crafting each contract. Then they spend money getting a https://cointelegraph.com/blockchain-for-beginners/what-is-a-smart-contract-security-audit-a-beginners-guide for security and reliability.
This is where pre-audited smart contracts come into play. In this article, we'll explore the benefits of Add3’s pre-audited smart contracts and why they can save your project.
Smart contracts are the self-executing code that powers blockchain-based projects. They ensure that transactions and agreements meet requirements in a trustless and transparent way. However, the code behind smart contracts is complicated and it’s not foolproof. Bugs and vulnerabilities can lead to disastrous consequences. Too many people have lost money and reputation because of bugs and hacks.
Pre-audited smart contracts on the Add3 platform have already been audited by an independent third-party before you deploy them. Instead of tediously building each contract and waiting excruciating months for an audit, we do it all for you. Auditors check our code for bugs and vulnerabilities. Each one also complies with industry best practices and standards. This means all of our contracts are reliable and secure.
Pre-audited smart contracts are important for several reasons. First, they ensure that the code is secure and free of bugs and vulnerabilities. This reduces the risk of losing funds or creating bad will in the community.
Second, Add3’s pre-audited smart contracts can help to build trust with investors, customers, and stakeholders. Everyone who uses Add3 knows that a vulnerability for them is a vulnerability for everyone on the platform. We’re twice as incentivized to make sure our contracts are completely secure.
Finally, pre-audited smart contracts can save time and money. Fixing bugs and vulnerabilities after deployment can be a costly and time-consuming process. Using contracts that are already created, audited, and deployed can prevent all kinds of time and money costing headaches.
Pre-auditing a smart contract involves several steps. First, the auditor reviews the code to make sure it complies with best practices and regulations. This includes reviewing the code for bugs, vulnerabilities, and potential security issues. Second, the auditor provides a report outlining their findings and recommendations for fixing any issues that were identified. If anything needs to be fixed we revise it to address the issues raised in the audit report. We don’t launch any of our products that use smart contracts until they pass a full audit.
Smart contract audits are done by independent third-party auditors with experience in blockchain technology and smart contract development. These firms specialize in blockchain engineering and have a deep understanding of risks and vulnerabilities. They also stay familiar with best practices and standards for smart contract development.
For any new project, there are a lot of hurdles to success. Both crypto-native projects and traditional companies looking to add blockchain products of functions have to make important decisions. If you decide to build your own tech, it takes time, money, and manpower. This may create a fully customized product, but it could also delay the project and stretch your budget thin.
On the other hand, reusing or customizing open source projects can be dangerous. If you’re not coding from scratch, you’re vulnerable to crowdsourced work that may have a lot of issues. With a platform like Add3, however, commonly used contracts for creating tokens, DeFi staking, and other token features are easy. We build them ourselves and fully audit each one. When your team is ready to launch or manage a token, you can do it in a few clicks. And you won’t have to worry about whether it’s secure or reliable.
If you calculate the overall cost of developing, testing, and auditing a smart contract, it will likely cost much more. Pre-audited contracts, however, are still customizable but much more cost effective.
While pre-auditing can significantly reduce the risk of vulnerabilities, security is an ongoing practice. Things that are secure today may be vulnerable tomorrow. That’s true of any technology, however, and Add3’s pre-audited smart contracts are regularly updated.
Yes, smart contracts can be audited after deployment, but this can be a costly and time-consuming process. Pre-auditing the smart contract before deployment is a more efficient and cost-effective approach.
The frequency of smart contract audits depends on several factors. This includes the complexity of the code, the level of risk associated with the project, and the regulatory environment. In general, it’s good to audit smart contracts at least once a year or whenever there are significant changes to the code.
Some common vulnerabilities found in smart contracts include reentrancy attacks, integer overflow/underflow, timestamp dependence, and unprotected user inputs. Pre-auditing can help to identify and address these issues before deployment.
