Analysis of smart contracts on the blockchain

Transactions with money that we are all used to doing change as quickly as our lives change.

New words are coming into use that we didn’t even know existed:

  • Cryptocurrency
  • Blockchain
  • Smart contract

If recently it was something unknown and incomprehensible and only those who were involved in it were interested in it and it was interesting, then today we all need to get acquainted with it.

Web3 Security Audit of a smart contract is, in simple terms, checking an operation to carry out a transaction with cryptocurrency, that is, transferring money (in the form of cryptocurrency) from one owner to another.

Perhaps at first glance everything seems complicated, but in essence this is a normal technological operation for transferring money.

When plastic cards began to appear, initially many also did not understand how it all worked, but gradually everyone figured it out or understood what it was, carrying out certain operations which resulted in receiving their money from a distance.

In our case, money is cryptocurrency, which one is up to our choice and taste, and then through certain devices (in our case, blockchain), money is transferred from one owner to another.

And since everything in this operation must be without errors, otherwise you can lose money and it will not be possible to return it. This is why there is verification of smart contracts, to conduct a reliable transaction.

In another way, we can say that a smart contract is a program that should ensure the transfer of cryptocurrency from one owner to another.

On the one hand, everything is simple, but on the other hand, everything is somehow not clear and seems complicated, but in essence, this is an ordinary transfer of monetary assets.

Since the amounts transferred can be quite large and in order to protect yourself from a possible error that could lead to loss of funds, there is a check and analysis of smart contracts.

A few words about the analysis itself.

It consists of several stages:

  • static analysis (studying code before launch)
  • dynamic analysis (this is checking the operation of the application during the execution of an operation)
  • testing the operation (checking operation on test devices)
  • and finally, checking the writing of the code itself (this is an ordinary check of the correctness of writing the information on which actions will be carried out)

Did you find everything very complicated and confusing?

Perhaps, at first glance, this is true, but gradually, constantly encountering this, studying and gaining more and more experience and skills, we will get used to the new and will calmly and successfully use new methods of settlement between each other and new types and names of money and new technologies for their transfer to each other. This will bring new opportunities into our world and life, and with them new prospects for life, the use of benefits and ways of paying for them.

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