What is a smart contract audit and why should you care?

The Studyum Stud Token smart contract. Audited and approved by Certik.

The Studyum team has had a hectic month as we’ve been running several projects in parallel. Behind the scenes of our IDO pre-sale fundraise, our technical team invited Certik, a leading blockchain security consultancy, to implement a security audit. The project was a comprehensive examination of our Stud Token smart contracts to review standard compliance and fund security. So why does it matter?

The Stud Token smart contract

There’s no doubt about it; blockchain will change the world, and we intend to be a part of that revolution. However, the prospect of hacks is something that all blockchain applications must take seriously from the very beginning. Is blockchain secure? Well, yes, but then it’s not quite as simple as that.

Major cryptocurrencies like Bitcoin and Ethereum are safe because they are powered and secured by numerous validators. However, just because blockchains are protected, one should never assume that the applications running on them are. A secure blockchain does not equal a secure blockchain application.

Such applications interact with the blockchain through smart contracts. For example, Studyum has an ERC20 token that acts as a utility token executed as a smart contract on the Ethereum network. As with any software, inferior code can lead to vulnerabilities in security. Since blockchain applications (including ours) regularly control financial assets, from our perspective, developing a technical strategy to remove any vulnerabilities is a no-brainer.

The best way to ensure high-grade security is through a detailed audit of the smart contracts by independent and proven experts.

How a smart contract audit works

Smart contract security auditing analyzes and corrects code errors and security vulnerabilities in a blockchain application. A professional audit by a leading security auditing firm like Certik typically involves the following:

  1. Agree to specification
  2. Run tests
  3. Run automated symbolic execution tools
  4. Manual analysis of the code
  5. Generate a report

The Certik x Studyum audit report

We’re not going to dive into the exhaustive detail of this process here. Suffice to say that Certik independently applied multiple engineers to code review, with the results compared afterward to ensure the highest levels of diligence. After a battery of tests, automated analysis, and manual analysis, the auditing team shared a report with Studyum’s project team.

In their first audit of June 5th, Certik expressed concerns regarding some of our centralized operations. We immediately addressed this feedback by decentralizing the governance of the entire token to improve transparency and trust. Our second sprint phase of works enabled Certik to mark all issues as resolved.

Therefore, Studyum is Certik approved.

The trusted Stud token smart contract

Passing the Certik audit process with no significant findings (or issues) means the Stud Token smart contract has a high level of reliability and that our community members’ funds are safe and properly managed.

Unsurprisingly, we take our tech stack development very seriously. As Studyum grows, we will continually invest in best-in-class technical resources and solutions. That is a guarantee.

For anyone interested, you can review our Certik audit report here.

Written by Martin O'Toole

--

--

--

This page is currently under maintence. Please bear with us.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Why Now is the Time for the Travel Industry to Embrace Blockchain Loyalty Schemes

Staking, Is It Any good

⛓Blockchain breakdown ⛓

PowerPool x AAVE: ASSY index collaboration

Trade Race Manager 2: Play-2-Earn Scaling with Blockchain Technology

DARFchain (DEX: DARF) Successfully Implements its Distributed ERP System Encompassing Odoo…

Creator invests and provides technical support for an NFT Marketplace Project!

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Studyum

Studyum

This page is currently under maintence. Please bear with us.

More from Medium

Satoshi’s Treasure Update — play2own, balloons and an NFT trophy worth 10.000 ENJ

Foundational Things About Blockchain & Crypto World

BTC Market Update 01–04–2022

How to Stake Solar | Solana based token