What are the Audit Steps for ERC-20 Token?
ERC20 token audit involves several checklists like security, functionality and reliability of the token smart contract. I believe you guys are familiar with these things or not don't worry I can explain this detailly here. If you have any questions after completing this guide, our experts are here to help. Book a free appointment, and we’ll assist you with your concerns.
1. Starting the Interaction:
Initially we need to define our scope for creating erc20 tokens, Consider the factors like complexity of the smart contract, Interaction level with external systems and the criticality of the token functionality.
Fix the audit objectives, like find the security vulnerabilities, Optimize the efficiency of the smart contract,ensuring the compliance with the erc20 token standards.
Make sure you have clear communication channels and clearly define the audit team's and the client's points of contact.
Set realistic timelines and milestones for the audit, taking into account factors such as contract complexity, resource availability, and project constraints.
2. Code Review:
Check the smart contract code line by line and clearly focus on areas prone to vulnerability and security risk.
Pay particular attention to functions responsible for token transfers, allowances, and approvals, as well as any external dependencies or interactions with other contracts.
Ensure to check whether proper access controls have been put in place, validation checks were included and proper defined error handlers to revert a dangerous activity.
Identify the dependencies that are more insecure and incompatible with others more external libraries and third-party components are present or not.
3. Static Analysis:
Utilize static analysis tools and techniques to analyze the smart contract code for potential security vulnerabilities, code smells, and anti-patterns.
Conduct automated scans and code inspections to identify common issues such as integer overflows, reentrancy vulnerabilities, and unchecked function calls.
Evaluate the complexity and readability of the codebase, identifying areas that may require refactoring or optimization for better maintainability and performance.
4. Dynamic Testing:
Finally, move the smart contracts into a testing network or a sandbox more so in order to see the actual world reactions and actions.
Execute a series of possible, distinguishable or determinable test cases to leave no doubt to the execution of the contract which passes and fails to prove it immune to manipulation.
Manages contracts and results of transactions that will help in deciding different changes and indications of potential problems or threats.
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