Cosmos Smart Contract: Who Does The Audits?

Blockchain technology occupies an important place in the modern world. And Cosmos technology will be even more popular in the future. It is developing rapidly, and many are investing in this cryptocurrency, seeing great prospects.

Cosmos is a decentralized network of parallel independent blockchains powered by BFT. It is an ecosystem of blockchains that can scale and interact with each other. Before Cosmos, blockchains were difficult to build and could only process a small number of transactions per second because they couldn’t interact. Cosmos solves these problems.

Cosmos ecosystem: What is Cosmos

Cosmos is scalable, modular, and compatible with other Cosmos blockchains in the Go programming language. Microsoft created it as an efficient distributed ledger exchange that does not require a central server. Cosmos uses an SDK to create blockchains. With Cosmos, you can write your blockchain, test it on the testnet, launch it on the mainnet, and connect to other Cosmos blockchains.

Key benefits of Cosmos

  • Cosmos makes blockchains easy to develop and powerful with Tendermint BFT
  • It allows blockchains to transfer value to each other via Peg-Zones and IBC while maintaining their sovereignty.
  • It allows blockchain applications to scale to many users (with vertical solutions and horizontal scalability) 
  •  The Cosmos ecosystem is built on adaptable, modular, and interchangeable tools.

Cosmos Network & Cosmos smart contracts

Cosmos provides various tools to efficiently create smart contracts on any blockchain compatible with the entire Cosmos ecosystem. For example, you can create smart contracts for Cosmos blockchains using Agoric Swingset, CosmWasm, and Ethermint.

  • CosmWasm is a WASM-based smart contract module that allows you to create smart contracts using Rust.
  • Agoric Swingset allows you to test any smart contracts created using ETRP on different blockchain setup ecosystems. You can use a tool to create secure JavaScript smart contracts.
  • Ethermint is an Ethereum virtual machine implemented as a Cosmos SDK model allows to create and deploy Proof-of-stake blockchains that support Ethereum smart contracts.

The Cosmos Network is evolving as an ecosystem for connected applications, using Tendermine consensus algorithms, hubs, and the InterBlockchain communications protocol to communicate with the blockchain.

Who is behind Cosmos crypto?

Cosmos was developed as a result of collaboration between different teams. The main sources and funding came from a partnership between TSI and the Swiss Interchain Foundation. in 2014 Developer J. Kwon and E. Buchman founded Cosmos Network and created the consensus algorithm.

Cosmos Smart Contract audit

Cyber ​​audits conducted by reliable companies leave no chance for hackers to get to users’ private data. Cosmos is an ever-growing ecosystem of interconnected blockchains with a million addresses. to date, approximately 260 projects and 80 coins totaling $14 billion use Cosmos. Vulnerabilities, bugs, and critical flaws in smart contract code can cost a company and its customers dearly. And hackers are becoming more active, and more and more hacks and exploits are taking place, leading to millions of losses. Crypto-audit companies can significantly reduce risks by identifying and eliminating vulnerabilities in smart contracts in time.

Auditing is a serious process and should be performed by professional developers.

During the audit, the following nuances are considered:

  1. Using the send and call primitives – carries a high risk and should be checked in detail.
  2. Safe math – it is better to play safe and perform proven operations. You should use a secure math library or perform pre-checks of any math operation.
  3. Using Static Bitcoin Fees
  4. Add preconditions to important functions – Some functions could use more precondition checks. It helps prevent critical errors due to user input processing or programming errors.
  5. Using the latest version of Solidity
  6. Key Generation Scheme

So, auditing is essential to ensure security.

Cosmos Smart Contract audit companies

There are a number of companies that conduct Cosmos Smart Contract audits. They are known for their successful projects and have managed to win the trust of customers.

Cosmos smart contract audit firm Hacken

It is a leading security consulting company that focuses on blockchain security. Among the company’s services for clients: blockchain security, Audit of the Ethereum contract, blockchain protocol, Solana contract, Cosmos smart contract audit, Rust smart contract security, and more. The company offers Penetration Testing Services, Android Penetration Testing, Security Assessment, Threat Modeling, Cloud Security Assessment, etc.

Quantstamp

The company is one of the leaders in Web3 security. The firm’s mission is to protect more than $200 billion in digital asset risk from hackers and to secure the decentralized internet.

Trail of Bits

Since 2012, the firm has been helping to protect targeted organizations and products worldwide. The company combines cutting-edge security research with real-world hacker thinking to harden code and mitigate risks. The services that the company provides: analysis of the security system, technologies, infrastructure and identification of vulnerabilities. The company’s experts provide customized tools and fix system vulnerabilities. All this is aimed at ensuring the security of the software.

OpenZeppelin

The company provides customers with security products to automate, create, and operate decentralized applications. Customers trust the experience of the developers of the company, which cares about security and conducting a quality audit.

Certik 

It is one of the pioneers in the field of blockchain security. The company’s mission is to secure the world of web3. It is one of the fastest growing and most trusted blockchain security companies. The firm has secured more than $310 billion of digital assets and worked with more than 3,700 corporate clients.

Conclusion

Cosmos Smart Contract Audit is extremely important to ensure the security of transactions and user data. Therefore, you can entrust a smart contract audit only to trusted companies that have proven their high professionalism. You should carefully study the portfolio and choose the best companies with experience in this field. The company will investigate all vulnerabilities, errors in the code, and so on and provide a cosmos smart contract audit report. It is better to take care of security in advance than to suffer later from the consequences that are caused by hacks.

FAQ

Does Cosmos have smart contracts?

Yes. In Cosmos, every smart contract or application is a blockchain. Therefore, they can ensure smooth operation. Using a reusable cryptocurrencies system, it is possible to build smart contracts using Solidity using a Cosmos Blockchain. It can include ETH20 ERC20 tokens. It is also possible to deploy a blockchain with similar smart contracts to the blockchain Ethereum. 

Will Cosmos replace Ethereum?

The Cosmos Group has no intention of replacing Ethereum or developing technologies to facilitate its replacement. Instead, it provides free blockchain development platforms built for development teams on the web and allows you to build blockchain projects yourself.

What blockchain does Cosmos run on?

Cosmos Hub runs on its ATOM cryptocurrency. The emission of the ATOM token is approximately 10% per year, and there are 277 million coins in circulation today.

How much does cosmos smart contract audit cost?

The cost can range from $10,000 to $70,000. Sometimes the price reaches even higher values.