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Understanding the Importance of Blockchain Security Audit

Security audit for blockchain full node

By cypher shieldPublished 11 months ago 3 min read

The network, like a coin, has two sides. In the hands of the general public, it is a tool that can facilitate human life, but in the hands of some ulterior motives, it has become a tool that violates the interests of others.

The famous “ransomware” incident of network security

“Ransomware” WannaCry once swept the world, involving more than 150 countries and regions, 100,000 organizations and institutions received losses, affecting more than 300,000 computers. The global cost of computer downtime caused by the cyberattack totaled approximately $8 billion.

“Ransomware” spreads across the entire network in China in the form of program Trojans, emails, chat software, and web pages. Once a user’s files are infected, they are immediately locked by the virus, and the decryption key must be obtained before they can be cracked. The only way is to pay, and the method of “extortion” has caused a serious threat to the user’s property and information security, Blockchain full node Audit Services and caused great inconvenience to people’s lives.

Therefore, don’t think that network security is far away from us. When the security line is conquered, everyone will be affected and affected. Security problems exist in all walks of life, and the Internet is only a place where security problems are relatively concentrated.

Today, with the rapid development of science and technology, the technology called blockchain is rapidly becoming popular on the Internet, and various security incidents are regarded as “hot” topics everywhere, surpassing the “hotness” of Internet security issues.

Blockchain Security Fantasm Finance Attack

According to the detection of the Bitan supervision platform, the Fantasm Finance mortgage pool was maliciously used, and the hacker used the Ethereum privacy trading platform to mix 1,007 ETH (worth about 2.7 million US dollars). In this regard, the Bitan security team analyzed and found that this incident was mainly caused by the calculation error of the contract formula. Due to the decimal point error, the final value of _xftmOut was much larger than the original design intention of the code, resulting in millions of dollars in assets. Once evaporated.

Blockchain security is as important as Mount Tai

The importance of Blockchain Security Audit is self-evident. Once the project is attacked, it will cause huge loss to the project party and users, and the damage of this loss is irreversible. Therefore, Bitan recommends taking precautions to avoid such as The same as the above, because of a slight mistake, the loss of hundreds of millions of assets!

As an emerging technology, since the day of its birth, the security issues are like twins, accompanied by the process of technological evolution. Although any software system inevitably has bugs or security loopholes, these security problems are not only in the blockchain platform, but we cannot treat it as a “normal” thing because it is common. Security is the whole The cornerstone of the blockchain industry is the rigid demand of the blockchain industry.

If the blockchain industry wants to develop in an orderly manner, security is the first problem to be solved. How to do it?

Blockchain technology is most vulnerable to hacking in two aspects: the underlying platform of the blockchain and the smart contract of the blockchain. The smart contract has small code, low complexity and convenient attack, so the main target of hacker attack is smart contract. The main reason for these attacks is that these programs have security loopholes or logic loopholes.

In fact, these security problems can be solved by taking appropriate measures, such as conducting a strict security audit on smart contracts before they are deployed, which can effectively improve the security of smart contract programs and prevent potential Security audit for blockchain full node risks in advance.

Therefore, here, Bitan suggests that both the project party and the user should be more vigilant. And timely improve and audit the contract code.

The Bitan Audit Center is committed to the construction of a secure ecosystem for the entire life cycle of the blockchain, and will continue to assist regulators in establishing a sound blockchain supervision system; assist law enforcement agencies in cracking down on virtual currency crimes, and shoulder the responsibility of effectively maintaining social stability and protecting the property of the people The mission and responsibility of security will contribute to the construction of my country’s blockchain security cause.

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About the Creator

cypher shield

Get your smart contracts audited and certified by leading smart contract security experts. Our smart contract audit services cover functionality, vulnerabilities, and gas efficiency. Talk to a consultant now to get started.

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