A smart contract is a computer protocol intended to facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts were first proposed by Nick Szabo in 1996.
Proponents of smart contracts claim that many kinds of contractual clauses may be made partially or fully self-executing, self-enforcing, or both. The aim with smart contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting.
Smart contracts have been used primarily in association with cryptocurrencies.
The real-world smart contract that gained mainstream coverage was The DAO, a decentralized autonomous organization for venture capital funding, running on Ethereum, which was launched with US$250 million in crowdfunding in May 2016 and was hacked and drained of 3,689,577 ETH three weeks later.
We are here to prevent such cyber incidents in the future.
Illustration below explains the smart contract basics on example of vehicle sale.
Potential threats and attacks on smart contracts :
|No #||Level||Cause of vulnerability||Known Attacks|
|1||Solidity||Call to the unknown||The DAO attack|
|2||Gasless send||King of the Ether Throne|
|3||Exception disorders||Rubixi, GovernMental|
|5||Reentrancy||The DAO attack|
|6||Keeping secrets||Multi-player games|
|7||EVM||Immutable bugs||Rubixi, GovernMental|
|8||Ether lost in transfer|
|9||Stack size limit||GovernMental|
|10||Blockchain||Unpredictable state||GovernMental, Dynamic libraries|
Smart contracts design and security audits
The emergence of smart contracts has led, in turn, to the emergence of new classes of vulnerabilities. Vulnerabilities in smart contracts in recent years have summed up the ecosystem of cryptocurrencies in the hundreds of millions of dollars in losses. We help identify vulnerabilities in your contracts before they are launched.
We provide smart contracts design, which comply with all cyber security standards and best Solidity programming practices in order to prevent attacks on smart contracts.
The audit report can be used both to improve the smart contract itself for the implementation of its core functions, and for publication in documents or on the website. Public reports may be of interest to potential investors to provide an external view on the security of a smart contract, ensuring their peace of mind for their investments safety.