Question 1

What are smart contracts?

Accepted Answer

Smart contracts are digital contracts that automatically execute transactions once predetermined conditions are met. Smart contracts are executed when certain pre-programmed conditions are met.

Question 2

Why do web3 projects rely on smart contracts?

Accepted Answer

Smart contracts facilitate trade between anonymous and known parties since there is no need for a middleman. Smart contracts provide the benefits of security, disintermediation, transparency, and near real-time execution. They ensure the credibility of transactions and thereby promote trust between players.

Question 3

What are smart contract security risks?

Accepted Answer

They may seem like complicated systems, but all smart contracts are still computer programs or protocols with function statements and variables that are vulnerable to hacks and exploits. Many smart contracts are fraudulent in nature: unethical actors insert malicious functionality to get unauthorized access and steal money. In our practice, we have seen dozens of unique and repeated loopholes inserted in the code. Besides, some parts of the protocol can be of low quality in terms of protection. Hackers carefully study all the errors and try to capitalize on them. There is a real risk of losing hundreds, thousands, or even millions of dollars due to exploits of smart contract vulnerabilities. A full audit by a team of professionals will help protect your financial interests by identifying and removing all vulnerabilities and exploits.

Question 4

What is a smart contract audit?

Accepted Answer

The smart contract audit process consists of vulnerability assessments of smart contracts as well as identification of security flaws and network vulnerabilities. The audit team will review existing security practices that the project uses in its smart contracts. The auditing firm will also provide recommendations to the project team on security policies and better security controls designed to protect the project from new vulnerabilities.

Question 5

Why smart contract audit is important?

Accepted Answer

Smart contracts have irreversible nature: once deployed, they cannot be altered. A smart contract audit allows a project to eliminate flaws that would be exploited by malicious actors to perform unauthorized activities such as minting tokens. As a result of a smart contract audit, the auditor provides a client with a report specifying all detected vulnerabilities and their severity level. Thus, a client can prioritize eliminating critical and high-severity issues. Generally, a smart contract audit serves as the confirmation of the project’s reliability for investors and potential partners and generally allows a project to position itself as a reputable player.

Question 6

Can I conduct a smart contract audit myself?

Accepted Answer

We encourage projects to use their internal resources to review smart contracts. Internal audits can identify vulnerabilities. However, there is extra value to professional audit. A third-party auditing team offers an external call. This is the only way to receive an authoritative opinion and informed recommendations on your code from the outside. On top of that, the internal team may lack the necessary expertise or time to comprehensively review a smart contract. External audit firms have entire teams that specialize in security research and smart contract vulnerability assessment.

Question 7

How much does a smart contract audit cost?

Accepted Answer

On average, smart contract audit costs from $12,000 to $18,000. The cost of the audit, as well as duration, depends on many factors like complexity of the project, amount of code, customer’s timeline. We will be able to provide you even with the approximate figures after taking a look at your code.

Question 8

What benefits does a company get upon passing a contract audit?

Accepted Answer

Smart contract audit allows a company to detect and then eliminate vulnerabilities in a smart contract by exploiting which attackers can cause serious damage to this company and its clients. The passed audit will also serve as a confirmation of the company’s reliability for potential partners and investors.

Question 9

Will I get recommendations on how to address detected issues after an audit?

Accepted Answer

Yes, our specialists will provide you with a report containing step-by-step recommendations on how to eliminate detected issues.

Question 10

What is the duration of a smart contract audit?

Accepted Answer

The duration of a smart contract audit varies depending on the audit scope and complexity. Generally, the audit duration is specified before the process starts so that a customer knows the expected delivery date.

Question 11

Do security engineers pay attention only to security vulnerabilities?

Accepted Answer

Although the main focus during the audit is made on security flaws, our specialists will also advise a client on how to improve the code functionality for better performance.

Question 12

Why should I trust Hacken?

Accepted Answer

Hacken is a trusted blockchain security auditor with 5+ years of expertise. Hacken is a trusted member of the smart contract audit crypto community. We have worked with hundreds of famous projects including the biggest crypto exchanges, top CMC projects as well as a government.

NAME	AUDIT SCORE		PLATFORM
Binance	$32,641,000,000	ethereum binance smart chain	Avalanche Polygon +7
WhiteBIT	$747,580,000	tron ethereum	Centralized Exchange (CEX) Exchange-based Tokens +2
Huobi Token	$386,031,000	elastos ethereum +2	Harmony Centralized Exchange (CEX) +2
1INCH	$271,344,000	energi ethereum +5	Harmony Avalanche +9
Huobi BTC	$235,778,000	ethereum huobi token	Tokenized BTC Ethereum

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