smart contract's</strong></a> code to identify bugs, errors, or security flaws, as well as <strong>possible fixes</strong>.</p>\n<p>Since most smart contracts handle large sums of money, the audits are essential, because a single error or vulnerability can result in significant losses. More specifically, the users and stakeholders of the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">decentralized application</strong></a> in question can be <strong>at risk of losing all of their assets</strong>.</p>\n<p>Smart contract audits are pretty complex because smart contracts frequently interact with one another. For this reason, the system checks are frequently expanded to include additional smart contracts involved in <strong>other transactions</strong>, even the ones in which a certain smart contract is not directly involved.</p>\n<p>The recommendations of the auditors are announced to the project team <strong>ahead of time</strong>, and their responses are included in the final report. Teams are eager to obtain an audit in order to gain user confidence and improve the project's credibility because it is regarded as <strong>a symbol of authenticity and integrity</strong>.&nbsp;</p>\n<p>Typically, audits are carried out in phases:</p>\n<ul>\n<li>The auditors and the team agree on the specifications (purpose, architecture, design, etc.) and the scope of the audit.</li>\n<li>The auditors perform unit tests (testing individual functions) and integration tests (testing larger parts).</li>\n<li>The auditors <strong>check for contract vulnerabilities</strong> using analysis tools and automated bug detection.</li>\n<li>The auditors examine the code manually to determine the developer's intentions and interpret the findings in that context.</li>\n<li>The team's findings and solutions are documented in <strong>the report</strong>.</li>\n</ul>\n<p><em>Why are smart contract audits so important? </em>For instance, the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum chain split in 2016 was caused by a code vulnerability exploited by an attacker. 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Crypto?","featured_image_id":6532,"status":"published","chapter_id":7,"language":"en","order":9,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-a-rug-pull-in-crypto","featured_image":{"id":6532,"uuid":"be8043fb-078c-4487-9af9-d2d9c2b574ea","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","original_path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.jpg","name":"what-is-a-rug-pull-in-crypto.o.jpg","original_name":"what-is-a-rug-pull-in-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"92.28KB"},"youtube_video":null},{"slug":"how-to-avoid-rug-pulls-in-crypto","title":"How to Spot and Avoid Rug Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto 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Analysis","slug":"crypto-analysis","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-analysis.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-analysis-101.jpg","rating":100,"sections":[{"slug":"what-is-bullish-and-bearish","title":"Bearish and Bullish Markets: Do They Matter?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":1,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-bullish-and-bearish","featured_image":null,"youtube_video":null},{"slug":"best-technical-analysis-indicators-for-crypto","title":"5 Best Crypto Technical Analysis Indicators You Must Know About","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/best-technical-analysis-indicators-for-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-candlesticks","title":"Technical Analysis: What are Candlesticks, Trendlines, and Patterns?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":3,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-candlesticks","featured_image":null,"youtube_video":null},{"slug":"how-to-track-new-crypto-coins","title":"Crypto Tracking: How to Track Your Favorite Coins & Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":709,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Soft Fork (Blockchain)?","slug":"what-is-soft-fork-blockchain","section":"S","keyword":"Soft Fork (Blockchain)","status":"published","definition":"the modifications made to a blockchain in order to add or remove functionality without initiating any fundamental structural changes.","content":"<p><strong>Soft fork</strong> refers to making modifications to a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain in order to add or remove functionality without making any fundamental structural changes.&nbsp;</p>\n<p>For <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes that decide to follow the new <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-consensus/">consensus rules, prior transactions or <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">blocks are made invalid. Though for the nodes that continue to follow the old consensus rules, new transactions and blocks are left valid. Thus, a soft fork is backward-compatible, which distinguishes it from the more well-known <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hard-fork-blockchain/">hard fork</strong></strong></a>, which terminates forward compatibility for all nodes that follow old consensus rules.</p>\n<p>One of the most important aspects of crypto soft forks is that they don't require all miners on the network to agree to run the new code, only the majority of miners need to do that. This enables network upgrades to be completed more quickly and without generating a major schism in the community.&nbsp;</p>\n<p>A soft fork could also be <strong>the result of a miner's error</strong> if old nodes break new regulations that they are unaware of. A hard fork is the only way to reverse a soft fork.</p>\n<p>The blockchains of <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin and <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum have used <strong>multiple soft forks over the years</strong> to upgrade the network, solve faults, or add functionality. This helped them avoid the more contentious hard fork option that requires compelling all miners to agree on new consensus rules, which risks dividing the network.&nbsp;</p>\n<p>An example of a soft fork would be Ethereum&rsquo;s Metropolis-Byzantium fork which functioned like an <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-operating-system-os/">operating system</strong></a> upgrade.</p>","level":"easy","meta_title":"What is Soft Fork (Blockchain)? Definition & Meaning | Crypto Wiki","meta_description":"Soft Fork (Blockchain) meaning: Soft Fork (Blockchain) - Soft Fork – the modifications made to a blockchain in order to add or remove functionality without initiating any fundamental structural changes.","meta_keywords":null,"language":"en","created_at":"2022-03-30T07:59:47.000000Z","updated_at":"2022-06-28T10:28:36.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-soft-fork-blockchain"},"prevSection":{"id":707,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Slippage?","slug":"what-is-slippage","section":"S","keyword":"Slippage","status":"published","definition":"can be defined as the gap between an order's predicted price and the price at which the order performs.","content":"<p><strong>Slippage</strong> occurs when <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrency traders submit a purchase or sell order on an exchange, expecting the order to be completed at the precise price they specified, but this does not happen.</p>\n<p>In other words, slippage is the gap between an order's predicted price and the price at which the order actually performs. The slippage percentage indicates<strong> how much the price of a certain asset has changed. </strong>The price of an asset might vary frequently because of the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-volatility/">volatility of cryptocurrencies, based on transaction <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-volume/">volume and movement.</p>\n<p>A big amount of slippage might result in traders regularly losing a lot of money. To minimize this and decrease slippage, traders should avoid fulfilling market requests and instead strive to complete <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-limit-order/">limit orders</strong></a> because these orders do not finalize for a disadvantageous price.</p>\n<p>However, if you fix your slippage allowance <strong>too low,</strong> your transaction may never be completed. In turn, you will miss the opportunity to cash out during a large price surge or decline. On the other hand, if you set it too high, you may become a subject of frontrunning.</p>\n<p>Slippage takes place when traders are forced to accept a different price than what they originally asked owing to a price fluctuation between the time the order (for <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin, as an example) enters the market and the implementation of a deal.&nbsp;</p>\n<p>This may happen in any market, including forex and stocks. Due to the high levels of <strong>price fluctuations,</strong> it is more common and much harsher in crypto markets (particularly on <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralized-exchange-dex/">decentralized exchanges</strong></a> like Uniswap). Furthermore, similar pitfalls shared by the large majority of cryptocurrencies, like poor volume and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-liquidity/">liquidity, may lead to slippage.</p>\n<p>It doesn&rsquo;t take long until slippage transforms into a frustrating slippery slope for those that have less knowledge and experience as traders. Keeping that in mind, it is crucial to have the needed information about the volatility of the trading platform as well as the particular cryptocurrency.</p>\n<p>Overall, there are two sorts of slippages:</p>\n<ul>\n<li>P<strong>ositive. </strong>On the condition that the official fulfilled price is lower than the anticipated price for a buy order, it is considered positive slippage since it gives traders a better rate than they initially expected;</li>\n<li>Negative. On the condition that the official completed price is higher than the anticipated price for a buy order, it is considered a negative slippage because it provides traders a less favorable rate than they initially tried to accomplish.</li>\n</ul>","level":"medium","meta_title":"What is Slippage? Definition & Meaning | Crypto Wiki","meta_description":"Slippage meaning: Slippage - can be defined as the gap between an order's predicted price and the price at which the order performs.","meta_keywords":null,"language":"en","created_at":"2022-03-30T05:56:04.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-slippage"},"currentChapter":"S","currentSection":"what-is-smart-contract-audit","chapterTitle":"S","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-smart-contract-audit","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter S

What is Smart Contract Audit?

Smart Contract Audit MEANING:
Smart Contract Audit - an in-depth investigation and analysis of the code of a smart contract to find issues, errors, and security flaws.
Medium
2 minutes

Let's find out Smart Contract Audit meaning, definition in crypto, what is Smart Contract Audit, and all other detailed facts.

A smart contract audit is a comprehensive analysis of a smart contract's code to identify bugs, errors, or security flaws, as well as possible fixes.

Since most smart contracts handle large sums of money, the audits are essential, because a single error or vulnerability can result in significant losses. More specifically, the users and stakeholders of the decentralized application in question can be at risk of losing all of their assets.

Smart contract audits are pretty complex because smart contracts frequently interact with one another. For this reason, the system checks are frequently expanded to include additional smart contracts involved in other transactions, even the ones in which a certain smart contract is not directly involved.

The recommendations of the auditors are announced to the project team ahead of time, and their responses are included in the final report. Teams are eager to obtain an audit in order to gain user confidence and improve the project's credibility because it is regarded as a symbol of authenticity and integrity. 

Typically, audits are carried out in phases:

  • The auditors and the team agree on the specifications (purpose, architecture, design, etc.) and the scope of the audit.
  • The auditors perform unit tests (testing individual functions) and integration tests (testing larger parts).
  • The auditors check for contract vulnerabilities using analysis tools and automated bug detection.
  • The auditors examine the code manually to determine the developer's intentions and interpret the findings in that context.
  • The team's findings and solutions are documented in the report.

Why are smart contract audits so important? For instance, the Ethereum chain split in 2016 was caused by a code vulnerability exploited by an attacker. The attacker was able to drain millions of dollars worth of ETH because of a simple bug. This eventually resulted in disagreements in the community and a hard fork because they couldn’t decide whether to forcibly return the assets or not.

In the booming DeFi business, where bug-filled smart contracts are frequently rushed out to suit investor demand, smart contract audits are becoming extremely vital. Harvest, bZx, Yam Finance, Eminence, and Balancer are just a few of the million-dollar hacks that have occurred in 2020 because of various bugs in smart contracts.
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