General

5 Security Tips for Writing Smart Contracts Developing

Developing a smart contract is just as hard as building an aircraft control system, says blockchain expert Mihail Sotnichek. And these words are 100 percent true: there are too many risks and weak spots that developers simply forget about. In this post, Mihail gives you five expert security tips on writing smart contracts.

Developing

Understanding smart contracts

A smart contract is a program that executes automatically when predefined conditions are met.

With the increasing popularity of smart contracts, more and more industries are adopting this protocol. Use cases can be found in industries including banking, insurance, and IoT. Figure 1 below shows the most common uses for smart contracts.

Since the terms of a smart contract agreement are written directly into the code, smart contracts can securely transfer funds or data between parties to an agreement without requiring mutual trust. The involvement of regulators and intermediaries is also unnecessary.

For this to work, however, a smart contract has to be 100 percent secure and contain zero bugs in its code. On the plus side, these contracts are implemented within blockchains and therefore possess characteristics of blockchains:

  • Distributed – Like regular transactions on a blockchain, smart contracts are validated (or blocked) by everyone in the network.
  • Immutable – By design, smart contracts are supposed to be impossible to change or tamper with after release.

In addition, smart contracts have their own advantages.

Benefits of smart contracts

Among all the possible reasons people trust smart contracts, we want to focus on the four most important.

Let’s look closer at each of these advantages:

  • Transparency – Just like regular transactions on a blockchain, smart contracts are fully visible to network users. All concerned parties can see the terms and conditions of the agreement.
  • Cost efficiency – Smart contracts remove the need for additional validation of the agreement so you don’t have to waste your money on extra fees.
  • Accuracy – The terms of the agreement are written into the code, and smart contracts follow these terms without any exceptions.
  • Trust – The main idea behind smart contracts is that they can only execute if certain circumstances are met, leaving no space for fraud and manipulation.

Bot how secure are smart contracts? Unfortunately, they’re still prone to different vulnerabilities. Some of these vulnerabilities stem from the blockchain protocol, although programming mistakes, compiler errors, protocol bugs, and hacker attacks can also cause serious damage to a smart contract’s security.

Smart contract platforms

Currently, there are several dozen blockchain networks that support smart contracts. We’ll focus on the six most popular and widely used ones:

These platforms use different programming languages, tokens, and consensus algorithms. These differences inevitably lead to various security issues and vulnerabilities. Some blockchains have already experienced significant losses due to hidden smart contract vulnerabilities or mistakes in the code of a smart contract.

ive expert tips on improving smart contract security

Since smart contracts are basically just very specific programs, the main goal of developers is to ensure the accuracy and security of their code. Here are some best practices for smart contract development.

1. Be careful with extra functionality

The rich functionality of smart contracts is one of the reasons why platforms like Ethereum and EOS are so popular. This functionality, however, often comes at the price of security, says our blockchain expert Mihail.

When working with protocols that support complex, multifunctional smart contracts, you must follow the best practices of the corresponding blockchain networks. Otherwise, you risk adding fatal vulnerabilities to your code.

2. Choose your programming language wisely

If you have a choice, pick a programming language for writing smart contracts with security in mind. Popular languages like C++ and JavaScript provide you with nearly unlimited opportunities for developing complex, highly functional contracts. And this is where the biggest danger for the security of your smart contracts hides.

Developing a smart contract is just as hard as building an aircraft control system, says blockchain expert Mihail Sotnichek. And these words are 100 percent true: there are too many risks and weak spots that developers simply forget about. In this post, Mihail gives you five expert security tips on writing smart contracts.

Understanding smart contracts

A smart contract is a program that executes automatically when predefined conditions are met.

With the increasing popularity of smart contracts, more and more industries are adopting this protocol. Use cases can be found in industries including banking, insurance, and IoT. Figure 1 below shows the most common uses for smart contracts.

Since the terms of a smart contract agreement are written directly into the code, smart contracts can securely transfer funds or data between parties to an agreement without requiring mutual trust. The involvement of regulators and intermediaries is also unnecessary.

For this to work, however, a smart contract has to be 100 percent secure and contain zero bugs in its code. On the plus side, these contracts are implemented within blockchains and therefore possess characteristics of blockchains:

  • Distributed – Like regular transactions on a blockchain, smart contracts are validated (or blocked) by everyone in the network.
  • Immutable – By design, smart contracts are supposed to be impossible to change or tamper with after release.

In addition, smart contracts have their own advantages.

Developing a smart contract is just as hard as building an aircraft control system, says blockchain expert Mihail Sotnichek. And these words are 100 percent true: there are too many risks and weak spots that developers simply forget about. In this post, Mihail gives you five expert security tips on writing smart contracts.

Understanding smart contracts

A smart contract is a program that executes automatically when predefined conditions are met.

With the increasing popularity of smart contracts, more and more industries are adopting this protocol. Use cases can be found in industries including banking, insurance, and IoT.  the most common uses for smart contracts.

Since the terms of a smart contract agreement are written directly into the code, smart contracts can securely transfer funds or data between parties to an agreement without requiring mutual trust. The involvement of regulators and intermediaries is also unnecessary.

For this to work, however, a smart contract has to be 100 percent secure and contain zero bugs in its code. On the plus side, these contracts are implemented within blockchains and therefore possess characteristics of blockchains:

  • Distributed – Like regular transactions on a blockchain, smart contracts are validated (or blocked) by everyone in the network.
  • Immutable – By design, smart contracts are supposed to be impossible to change or tamper with after release.

In addition, smart contracts have their own advantages.

Benefits of smart contracts

Among all the possible reasons people trust smart contracts, we want to focus on the four most important.

Let’s look closer at each of these advantages:

  • Transparency – Just like regular transactions on a blockchain, smart contracts are fully visible to network users. All concerned parties can see the terms and conditions of the agreement.
  • Cost efficiency – Smart contracts remove the need for additional validation of the agreement so you don’t have to waste your money on extra fees.
  • Accuracy – The terms of the agreement are written into the code, and smart contracts follow these terms without any exceptions.
  • Trust – The main idea behind smart contracts is that they can only execute if certain circumstances are met, leaving no space for fraud and manipulation.

Bot how secure are smart contracts? Unfortunately, they’re still prone to different vulnerabilities. Some of these vulnerabilities stem from the blockchain protocol, although programming mistakes, compiler errors, protocol bugs, and hacker attacks can also cause serious damage to a smart contract’s security.

Smart contract platforms

Currently, there are several dozen blockchain networks that support smart contracts. We’ll focus on the six most popular and widely used ones:

These platforms use different programming languages, tokens, and consensus algorithms. These differences inevitably lead to various security issues and vulnerabilities. Some blockchains have already experienced significant losses due to hidden smart contract vulnerabilities or mistakes in the code of a smart contract.

ive expert tips on improving smart contract security

Since smart contracts are basically just very specific programs, the main goal of developers is to ensure the accuracy and security of their code. Here are some best practices for smart contract development.

1. Be careful with extra functionality

The rich functionality of smart contracts is one of the reasons why platforms like Ethereum and EOS are so popular. This functionality, however, often comes at the price of security, says our blockchain expert Mihail.

When working with protocols that support complex, multifunctional smart contracts, you must follow the best practices of the corresponding blockchain networks. Otherwise, you risk adding fatal vulnerabilities to your code.

2. Choose your programming language wisely

If you have a choice, pick a programming language for writing smart contracts with security in mind. Popular languages like C++ and JavaScript provide you with nearly unlimited opportunities for developing complex, highly functional contracts. And this is where the biggest danger for the security of your smart contracts hides.

3. Use blockchain-specific development practices

Even though smart contracts can be classified as a type of software, they require development practices that take into account the specifics of blockchain technology. According to Mihail, the price of a development mistake in a blockchain in general (and in smart contracts in particular) is much higher than in other software solutions. In this field, you can’t just move fast and break things. Otherwise, you risk making lots of critical errors that could have been easily avoided.

4. Remember that testing and security audits are vital

Just like with other software, you can’t foresee everything when developing a smart contract. That’s why running preliminary tests is a must.

Mihail suggests using all the testing options available, from using unit tests to cover basic contract functionality to releasing your smart contract on a test network first. This way, you can significantly increase your chances of finding critical errors in your code while you’re still able to fix them.

5. Use additional testing tools

Additional testing can’t harm your smart contracts. Since each blockchain network has its own set of specific tools, we’ll give you some examples of the most popular ones for Ethereum.

Here are tools that can help you improve the security of your Ethereum smart contracts:

  • Test coverage analyzers – In Ethereum, you can use solidity-coverage for testing and code coverage of contracts written in Solidity.
  • Linters – Use specific tools to analyze your code for any potential bug, error, and suspicious construct and flag them. You can also use specific tools for running static and dynamic analysis of your contracts. In Ethereum, you can use the open-source security analyzer Mythril Classic and the Solidity linter solhint for validating both the style and security of your code.
  • Formal verification – K Framework is one of the tools you can use for formally verifying smart contracts on several platforms, including Ethereum and Cardano.
  • Symbolic execution – Tools like Manticore can be used for testing your smart contracts for any potential bugs and vulnerabilities in code logic.

Benefits of smart contracts

Among all the possible reasons people trust smart contracts, we want to focus on the four most important.

Let’s look closer at each of these advantages:

  • Transparency – Just like regular transactions on a blockchain, smart contracts are fully visible to network users. All concerned parties can see the terms and conditions of the agreement.
  • Cost efficiency – Smart contracts remove the need for additional validation of the agreement so you don’t have to waste your money on extra fees.
  • Accuracy – The terms of the agreement are written into the code, and smart contracts follow these terms without any exceptions.
  • Trust – The main idea behind smart contracts is that they can only execute if certain circumstances are met, leaving no space for fraud and manipulation.

Bot how secure are smart contracts? Unfortunately, they’re still prone to different vulnerabilities. Some of these vulnerabilities stem from the blockchain protocol, although programming mistakes, compiler errors, protocol bugs, and hacker attacks can also cause serious damage to a smart contract’s security.

Smart contract platforms

Currently, there are several dozen blockchain networks that support smart contracts. We’ll focus on the six most popular and widely used ones:

These platforms use different programming languages, tokens, and consensus algorithms. These differences inevitably lead to various security issues and vulnerabilities. Some blockchains have already experienced significant losses due to hidden smart contract vulnerabilities or mistakes in the code of a smart contract.

Five expert tips on improving smart contract security

Since smart contracts are basically just very specific programs, the main goal of developers is to ensure the accuracy and security of their code. Here are some best practices for smart contract development.

Related:- Tips for Protecting your Social Media Privacy

1. Be careful with extra functionality

The rich functionality of smart contracts is one of the reasons why platforms like Ethereum and EOS are so popular. This functionality, however, often comes at the price of security, says our blockchain expert Mihail.

When working with protocols that support complex, multifunctional smart contracts, you must follow the best practices of the corresponding blockchain networks. Otherwise, you risk adding fatal vulnerabilities to your code.

2. Choose your programming language wisely

If you have a choice, pick a programming language for writing smart contracts with security in mind. Popular languages like C++ and JavaScript provide you with nearly unlimited opportunities for developing complex, highly functional contracts. And this is where the biggest danger for the security of your smart contracts hides.

3. Use blockchain-specific development practices

Even though smart contracts can be classified as a type of software, they require development practices that take into account the specifics of blockchain technology. According to Mihail, the price of a development mistake in a blockchain in general (and in smart contracts in particular) is much higher than in other software solutions. In this field, you can’t just move fast and break things. Otherwise, you risk making lots of critical errors that could have been easily avoided.

Developing a smart contract is just as hard as building an aircraft control system, says blockchain expert Mihail Sotnichek. And these words are 100 percent true: there are too many risks and weak spots that developers simply forget about. In this post, Mihail gives you five expert security tips on writing smart contracts.

Understanding smart contracts

A smart contract is a program that executes automatically when predefined conditions are met.

With the increasing popularity of smart contracts, more and more industries are adopting this protocol. Use cases can be found in industries including banking, insurance, and IoT. the most common uses for smart contracts.

Since the terms of a smart contract agreement are written directly into the code, smart contracts can securely transfer funds or data between parties to an agreement without requiring mutual trust. The involvement of regulators and intermediaries is also unnecessary.

For this to work, however, a smart contract has to be 100 percent secure and contain zero bugs in its code. On the plus side, these contracts are implemented within blockchains and therefore possess characteristics of blockchains:

  • Distributed – Like regular transactions on a blockchain, smart contracts are validated (or blocked) by everyone in the network.
  • Immutable – By design, smart contracts are supposed to be impossible to change or tamper with after release.

In addition, smart contracts have their own advantages.

Benefits of smart contracts

Among all the possible reasons people trust smart contracts, we want to focus on the four most important.

Let’s look closer at each of these advantages:

  • Transparency – Just like regular transactions on a blockchain, smart contracts are fully visible to network users. All concerned parties can see the terms and conditions of the agreement.
  • Cost efficiency – Smart contracts remove the need for additional validation of the agreement so you don’t have to waste your money on extra fees.
  • Accuracy – The terms of the agreement are written into the code, and smart contracts follow these terms without any exceptions.
  • Trust – The main idea behind smart contracts is that they can only execute if certain circumstances are met, leaving no space for fraud and manipulation.

Bot how secure are smart contracts? Unfortunately, they’re still prone to different vulnerabilities. Some of these vulnerabilities stem from the blockchain protocol, although programming mistakes, compiler errors, protocol bugs, and hacker attacks can also cause serious damage to a smart contract’s security.

Related:- Best 8 Cybersecurity Tips For Working Remotely

1. Be careful with extra functionality

The rich functionality of smart contracts is one of the reasons why platforms like Ethereum and EOS are so popular. This functionality, however, often comes at the price of security, says our blockchain expert Mihail.

When working with protocols that support complex, multifunctional smart contracts, you must follow the best practices of the corresponding blockchain networks. Otherwise, you risk adding fatal vulnerabilities to your code.

2. Choose your programming language wisely

If you have a choice, pick a programming language for writing smart contracts with security in mind. Popular languages like C++ and JavaScript provide you with nearly unlimited opportunities for developing complex, highly functional contracts. And this is where the biggest danger for the security of your smart contracts hides.

3. Use blockchain-specific development practices

Even though smart contracts can be classified as a type of software, they require development practices that take into account the specifics of blockchain technology. According to Mihail, the price of a development mistake in a blockchain in general (and in smart contracts in particular) is much higher than in other software solutions. In this field, you can’t just move fast and break things. Otherwise, you risk making lots of critical errors that could have been easily avoided.

4. Remember that testing and security audits are vital

Just like with other software, you can’t foresee everything when developing a smart contract. That’s why running preliminary tests is a must.

Mihail suggests using all the testing options available, from using unit tests to cover basic contract functionality to releasing your smart contract on a test network first. This way, you can significantly increase your chances of finding critical errors in your code while you’re still able to fix them.

5. Use additional testing tools

Additional testing can’t harm your smart contracts. Since each blockchain network has its own set of specific tools, we’ll give you some examples of the most popular ones for Ethereum.

Here are tools that can help you improve the security of your Ethereum smart contracts:

  • Test coverage analyzers – In Ethereum, you can use solidity-coverage for testing and code coverage of contracts written in Solidity.
  • Linters – Use specific tools to analyze your code for any potential bug, error, and suspicious construct and flag them. You can also use specific tools for running static and dynamic analysis of your contracts. In Ethereum, you can use the open-source security analyzer Mythril Classic and the Solidity linter solhint for validating both the style and security of your code.
  • Formal verification – K Framework is one of the tools you can use for formally verifying smart contracts on several platforms, including Ethereum and Cardano.
  • Symbolic execution – Tools like Manticore can be used for testing your smart contracts for any potential bugs and vulnerabilities in code logic.

4. Remember that testing and security audits are vital

Just like with other software, you can’t foresee everything when developing a smart contract. That’s why running preliminary tests is a must.

Mihail suggests using all the testing options available, from using unit tests to cover basic contract functionality to releasing your smart contract on a test network first. This way, you can significantly increase your chances of finding critical errors in your code while you’re still able to fix them.

5. Use additional testing tools

Additional testing can’t harm your smart contracts. Since each blockchain network has its own set of specific tools, we’ll give you some examples of the most popular ones for Ethereum.

Here are tools that can help you improve the security of your Ethereum smart contracts:

  • Test coverage analyzers – In Ethereum, you can use solidity-coverage for testing and code coverage of contracts written in Solidity.
  • Linters – Use specific tools to analyze your code for any potential bug, error, and suspicious construct and flag them. You can also use specific tools for running static and dynamic analysis of your contracts. In Ethereum, you can use the open-source security analyzer Mythril Classic and the Solidity linter solhint for validating both the style and security of your code.
  • Formal verification – K Framework is one of the tools you can use for formally verifying smart contracts on several platforms, including Ethereum and Cardano.
  • Symbolic execution – Tools like Manticore can be used for testing your smart contracts for any potential bugs and vulnerabilities in code logic.

3. Use blockchain-specific development practices

Even though smart contracts can be classified as a type of software, they require development practices that take into account the specifics of blockchain technology. According to Mihail, the price of a development mistake in a blockchain in general (and in smart contracts in particular) is much higher than in other software solutions. In this field, you can’t just move fast and break things. Otherwise, you risk making lots of critical errors that could have been easily avoided.

4. Remember that testing and security audits are vital

Just like with other software, you can’t foresee everything when developing a smart contract. That’s why running preliminary tests is a must.

Mihail suggests using all the testing options available, from using unit tests to cover basic contract functionality to releasing your smart contract on a test network first. This way, you can significantly increase your chances of finding critical errors in your code while you’re still able to fix them.

5. Use additional testing tools

Additional testing can’t harm your smart contracts. Since each blockchain network has its own set of specific tools, we’ll give you some examples of the most popular ones for Ethereum.

Here are tools that can help you improve the security of your Ethereum smart contracts:

  • Test coverage analyzers – In Ethereum, you can use solidity-coverage for testing and code coverage of contracts written in Solidity.
  • Linters – Use specific tools to analyze your code for any potential bug, error, and suspicious construct and flag them. You can also use specific tools for running static and dynamic analysis of your contracts. In Ethereum, you can use the open-source security analyzer Mythril Classic and the Solidity linter solhint for validating both the style and security of your code.
  • Formal verification – K Framework is one of the tools you can use for formally verifying smart contracts on several platforms, including Ethereum and Cardano.
  • Symbolic execution – Tools like Manticore can be used for testing your smart contracts for any potential bugs and vulnerabilities in code logic.