When living in the age of rapid technological progress and development of the DeFi world, it is essential to be aware of emerging and existing ecosystems and cryptos. One is the Cosmos ecosystem, BTF-powered blockchain technology that creates smart contracts on Cosmos-compatible ecosystems. So, like any other ecosystem that runs smart contracts, regular smart contract audits are required to detect security vulnerabilities and ensure safe transactions.
What is Cosmos Smart Contract Audit?
Security audits by trusted crypto audit companies do not allow hackers to obtain user personal information. Cosmos offers an increasingly interconnected blockchain network that includes over 1 million addresses. In the past year, more than 200 projects and 240 tokens totaling $14 billion have been used by Cosmos. Unfortunately, vulnerability and critical errors in intelligent contract code can cost companies dearly. Hackers become more active as they exploit their networks, causing millions of losses. Crypto audit services will effectively identify and remove vulnerabilities in smart contracts early on.
What is the Process of Cosmos Smart Contract Audit?
Since Blockchain technologies are a vital element in the crypto community, Cosmo technology will also become more prevalent. Many investors see huge opportunities with this newest currency – cryptocurrencies. Cosmos is based on the BFT-based decentralized blockchain network. The blockchain ecosystem is scalable and interactable with other systems in the network. Blockchain technology was difficult to build before Cosmos because they couldn’t interact with one another. Cosmos solved the problem.
The cosmos smart contract process is similar to most auditors but may differ in methodology, time, and price. To ensure smart contract application readiness for mainnet security companies, conduct manual and automated testing. The following steps are performed to identify security vulnerabilities:
- Pre-audit preparation. Blockchain projects prepare all the documentation, code, and architecture description at this stage.
- Information gathering. Auditors perform static and dynamic analysis, deploy tools, and discuss financial issues and the required auditing scope.
- Testing. Check for smart contract code flaws by threat modeling and penetration tests.
- Cosmos smart contract audit report. A summary of work done, bugs and vulnerabilities detection, architecture, and code quality. All the defined threats are classified according to the level of severity.
- Vulnerabilities elimination. Many auditors provide consulting services to developers on how to fix bugs and improve security issues.
- Re-audit. The process of repeated checks of security and risks after fixing bugs.
Audited projects have a higher reputation among clients since they are protected and safe. So, security checks are essential for startups that only develop and are at the risk of attacks; enterprises that are more likely to become financial targets for attackers; mature companies that will feel more protected from unexpected threats.
How to choose a smart contract auditor?
A good cosmos smart contracts audit is to review the portfolio of the projects/platforms they had inspected previously. It will help you determine how many audits they performed and may also help you see which project they worked on. The size or popularity of the audited projects helps determine whether an auditing company is worthy of hiring if large projects attract more hacking attention. While all Ethereum contract audit companies will provide contract auditing, only a few auditors may have experience auditing Altchain projects.
The Best Cosmos Auditors
You should be familiar with the sharks of security when looking for leading security consulting company that may ensure blockchain security and stay afloat in your business that operates on the Cosmos ecosystem. Who are they?
Since its founding in 2017, Hacken has educated and developed ethical hackers and has become an important player in this sector. It has managed to launch the Hackenproof BugBounty program that involves more than 10000 ethical hackers worldwide. Moreover, the company may boast over 700 successful projects audited. Hacken provides not only auditing services but also consulting services, mobile/web pentesting, assessment of vulnerabilities, and others.
Founded in 2018 by Yale and Columbia professors, it claimed to perform 1,800 audits. The firm uses formal verification and AI technology for its complete Blockchain security auditing. CertiK can validate smart contracts with mathematical proof using manual and formal verification processes.
OpenZeppelin is an information security technology company whose solidity library is known as the OpenZeppelin contract. Developers could easily implement this library in an application via the OpenZeppelin native SDK. Working since 2015, the company has assisted in the protection of digital assets worth more than $10B. Moreover, they are the first who provide gamification in the security vulnerabilities detection process.
Its audits have been conducted for over 20 years and are expected to generate around $200bn in value. Their staff includes PhDs and security specialists who have worked for major tech companies, including Google, Facebook, Apple. In addition, a qualified team of security experts may perform audits in various languages.
The SlowMist team has over ten years of experience in Network Security. The company is involved in projects ranging from Binanz OKx to Huobi, Pancakeswap, and Crypto. SlowMist not only offers services like Cosmos security audits but also offers several other security services as well.
Cosmos smart contract audits ensure secure transactions and prevent data leakage. So, you should carefully choose trusty auditors with good reviews, experience, and a high reputation. Moreover, it would be best if you did not forget that many issues depend on a report’s quality, scope, and depth of auditing and indication. Since Cosmos is an ecosystem of interconnected blockchains, it is crucial to ensure top-notch security and safety.
As a rule, audit reports contain a detailed vulnerability severity classification, recommendations on their fixing, and a score of documentation, code, architecture quality, and security.
The price varies from $10,000 to $ 70,000 and even more sometimes. Everything depends on the auditing requirements and auditors.
Audits of smart contracts may help to avoid costly errors due to security breaches or data leakage, optimize code, and increase reputation among clients.