Speaking about smart contract audits is about safety guarantees and product assurance. Why? Considering the year 2021, it is worth mentioning $3.2 billion that was stolen from crypto projects. So, to prevent any security gaps due to the rapid growth of the crypto industry, each participant’s key points are secure investments and data protection.
Moreover, the decentralized application is an important high-value target for cyber-attacks which contain specific threat models and attacks surface based on their underlying. With the appearance of new blockchain based-ecosystems, the need for their protection and security assurance becomes a common case as any leakage or cyber-attacks may cost a fortune to engaged investors, developers, and owners.
What is Cosmos network?
Cosmos is an expended blockchain space of interconnected services and apps. It claims to be the next kind of Internet environment with all cryptography algorithms and currencies compatibility. The native token for transaction making and network development is ATOM.
The Cosmos network uses Inter-Blockchain Communication protocol (IBC), hubs, and the Tendermint consensus algorithm to ensure a secure blockchain connection. In addition, it offers building zones that are decentralized and autonomous blockchain applications rather than count on a single chain. These zones are smart contracts of the Cosmos ecosystem. The Cosmos developers team represents a software development kit (SDK) allowing faster, cheaper, and simpler zones building, unlike other platforms like the biggest platform of decentralized finance, Ethereum. Therefore, it is worth diving deep into its infrastructure to understand the process and necessity of Cosmos audit.
- Hubs – connect zones that can function autonomously. The main hub is a Cosmos Hub. However, other habs do not necessarily cooperate but must be connected to the Cosmos Hub that keeps records of every zone state. It also allows cooperation with proof-of-work blockchains like Ethereum or Bitcoin, building bridges even with blockchains that do not support the Cosmos protocol.
- The Tendermint BFT algorithm verifies transactions’ security and builds blockchain blocks. It connects to applications using the blockchain interface protocol, which functions using the proof of stake mechanism. So, participants may earn when they stake ATOM.
- The inter-Blockchain Communication protocol allows secure communication between heterogeneous zones and connects them to Cosmos Hub. It enables users to exchange crypto and data across decentralized blockchains. In addition, it assists in building cross-chain applications.
More than 262 services and apps are currently operating in the Cossmoss network, like Binance Chain, Terra, and Cosmos Hub, managing over $69 billion of crypto assets.
Smart Contracts Cosmos Audit
Cosmos blockchain audit is essential for such a quickly growing interconnected blockchain ecosystem. Assess and detect any vulnerabilities and weaknesses in the source code, and eliminate cost losses due to scams, hacks, or exploits. So, the specialists in this field are audit companies that assist with risk mitigation and vulnerability identification.
Services of auditors are especially crucial if you launch a new startup to eradicate security gaps; mature companies to avoid unexpected security system breaches; enterprises to eliminate bugs and emphasize security issues. The full report customers get after the audited process are checked showcase all the weaknesses and advises ways to fix all the vulnerabilities.
The benefits of conducting regular audits are the following:
- Avoid costly errors. Critical security vulnerabilities might compromise the existence of the project. The greatest hacks are generally based on faulty software code.
- Increased audience trust. Audited projects are more popular among customers as it is and indicate reliability.
- Optimize your code with specialist help to ensure the flawless development and run of the project.
Has Cosmos been Audited?
Independent security audits are vital for systems operation, data, transparency protection from hackers attacks and leakages. All the investments in Cosmos crypto audit before launching the project are worth the scope of audited issues, long-term security insurance demonstrating in the executive summary all the identified threats. Cosmos went through several audits and is in anticipation of some ongoing ones.
Jepsen conducted one of the first Tendermint assessments. It was not a code review but some rigorous tests focused on software performance facing Byzantine faults and severe network partitions. In conclusion, the test conducted by Jepsen could not violate Tendermint’s distributed ledger and safety. However, there were detected some weaknesses in data loss in WAL, a fatal crash in WAL recovery, and a single node data corruption.
Audit in March 2018
The audit lasted 13 days and targeted the Thendermint cryptography layer and libraries. Of 14 detected issues, 13 were of low severity, and only one was of medium. All of them are eradicated to date.
Audit in May 2018.
One more audit in the same year lasted for 20 days and was conducted by two engineers and a project manager focused on the user interface, server security, and network interoperability with a source code. In the final report, 15 issues were listed, including eight low, four medium, and three high severity level issues.
Audit in January 2019
The audit lasted for high-quality specialists with significant experience conducted more than two weeks. It was a dedicated Cosmos SDK crypto-economic incentive structure and source code of SDK. No issues were detected in the executive summary report indicating code quality and following the best security practices.
Regarding future investments in ensuring safety guarantees of Cosmos, it is worth mentioning investments in bug bounty programs in 2018, paying $38,400 hacker rewards. The developers intend to keep investing in security services like audits and bounty programs to ensure Cosmos’s high quality and reliability.
It is a Cosmos token that was presented in 2017, and in 30 minutes, it managed to raise more than $17 million. Nowadays, in circulation, there are 237,928,231 units of crypto.
It is like a better version of Blockchain that is strong in usability, certainty, scalability, and interoperability, in addition to new tools that allow implementing projects according to the client’s requirements.
The Cosmos currency is available on most exchanges. Its value increased by 600%, achieving the top level in September 2021 of $38.78. Being a rather promising currency, it is really worth investing in.