🌐Security Audits — Why Do They Matter?🌐
Most of us have heard of security audits, but what exactly are they, and do they really matter when picking an exchange? We at BXH have set out to find out!
🔐What is a smart contract audit?
A smart contract audit is the process of code review of a crypto or blockchain project — among other things — for security issues, bugs, and errors that could expose the system or its users.
💢Security audits are particularly valuable for DeFi projects that wish to handle blockchain transactions worth millions of dollars or a huge amount of players, and they usually follow a pretty straight-forward four-step process:
1. Smart contracts are provided to the audit team for analysis
2. The audit team presents their findings to the project for them to act upon
3. The project team makes changes based on the issues found
4. The audit team releases their final report, considering any new changes or outstanding errors
🔐What’s the point of a smart contract audit?
When we are talking blockchain, we are often talking large funds, and that makes these projects super attractive to hackers. It’s almost surprising how minor coding errors can lead to huge sums of money being stolen, but fact remains! A good example of this is the DAO hack on the Ethereum blockchain, which took approximatelt 60 million dollars worth of ETH and led to a hard fork of the Ethereum network.
A reliable smart contract audit ensures that all possible contract vulnerabilities are dealt with, and users’ personal information and funds are kept safe.
🔐How do I know if an audit is reliable?
While many projects will claim to have security audits, there’s always a chance you may fall on an empty promise. It’s very important to thoroughly read the audit in question yourself, as well as make sure it has been issued by a trustworthy body.
For instance, we at BXH are proud to have had our security audit conducted by no other than Smart State — a leading blockchain security & smart contract audit company. From best code practices to compliance and function visibility, our thorough audit proves once again that we are out for best practices only when it comes to our exchange!
👉You can check our audit out in greater detail here: https://smartstate.tech/reports/bxh-report-26062022.html
Stay Tuned for BXH News & Updates!🚀
