Smart Contracts (SC) are justifiably the latest sensation in the business world and continue to gain increased favor in the cryptocurrency community. They are one of the most promising applications, among the plethora of blockchain technologies. Why? Smart contracts are designed to perform automated commercial agreements.
Hence, many types of contractual features gain the advantage of being fully self-enforcing and self-executing. Another amazing benefit is that they enforce obligations of both parties without the added expense or appointment of a middleman. Sound almost too good to be true? Well, yes and no – when one also scrutinizes the imperfections of the technology.
Smart contracts have two noticeable blemishes that are essential to consider. The first is that smart contract cannot be edited or supplemented. They preserve the initial terms, which are recorded in computer code; to make any changes would be exceptionally complicated if not impossible at all. The second disadvantage is glaringly obvious – a lack of cybersecurity. Here, things get a little more complicated. However don’t worry though, Hacken has developed 3 simple steps which will ensure the security of your SC as well as avoid the need to make any changes.
No smart contract can be created without the skills of a computer software expert. To achieve smart contract security, this engineer has to generate a bugless code that will not be hacked by villains. As we have already mentioned, the terms of a smart contract, as well as the code, are mostly unalterable. Therefore everything should be very carefully created ‘as it should be’ right from the beginning.
When employing your engineer, you may want to ask the applicant whether they know what went wrong with The DAO and Parity hacks. A recent unspoken rule is that “code needs to be well tested, vigorous, and simple”. Without a doubt, attention to this will help protect your funds raised during an ICO, as well as during numerous deals within your decentralized system.
Whether you’ve noticed any doubt in the voice of your smart contract expert or not, there is a great necessity to order a smart contract audit. It’s an essential measure simply because an appropriately timed audit will mightily increase your smart contract security. During the auditing process, the SC is verified through a comprehensive library of known bugs. The specialist checks whether the SC corresponds to the intended logic. Furthermore, a gas analysis is performed to ensure that you aren’t spending any unnecessary fees. At the conclusion, you are provided with a detailed report of certification.
We are pleased to inform you that one of Hacken’s best services is a SC audit. Our clients include Legolas Exchange, NapoleonX, Membrana, Indorse and other (you can read about our partnerships in detail on our Medium blog). Additionally, have we mentioned our SC audit is performed by two auditors minimum?
By reaching this final step, you have done almost everything possible to protect your smart contract and thus your business. The last but not least item is cyber insurance cover. Imagine a business being down or offline for even half a day – how much commission would be lost? Cyber insurance will give this commission back to you! We know your ICO project or IT company is the work of a lifetime, it’s your baby. Why not protect it with insurance? Hacken’s Insurance is currently in the development stage, stay tuned in our Telegram group!
The DAO, Parity, Bitfinex, Enigma hacks… Unfortunately, the list goes on. But do we continue submitting to cybercrimes, and do we blindly continue on with the current vulnerabilities? In answer to this, Hacken developed the 3 simple steps. We create our products to guarantee the security of your SC and avoid the need to make any changes to it. Obviously if the founders of ICO projects are not mindful about cybersecurity, the risk of terrible consequences is growing.
Hacken cares about the crypto community and seeks to provide efficient and high-quality services. Remember, Hacken is a prevention and rescue team fighting on your side to ensure the development, innovation, and prosperity of the global IT community.
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