Smart contract is a program running on Blockchain, that enforce the terms of a contract. They use a decentralized network to execute the contract’s terms when certain conditions are met. Smart contracts can be used in variety of places, from financial contracts to supply chain management to voting systems. Smart Contract increases trust and efficiency because of its transparent and temper-proof nature.
The major weakness of a smart contract is that, it can not be changed once it is deployed in the blockchain. So, if the developer made any mistake then it can be exploited by the hackers, which can result in significant business loss. Thus, it is very important to hire a SAFU developer, who is competent to keep security in mind while writing the smart contracts.
Secure Asset Fund for Users (SAFU) was coined by the Binance initially which was created to keep user’s fund safe. Now, the term SAFU is used in web3 community as way of protecting user’s fund in the smart contract.
It is important to keep SAFU in mind while writing the smart contracts. Simply put, the smart contract should not have any bug or backdoors which puts user’s fund at risk.
It is recommended by almost all major platform to get any project to undergo a security audit to make sure the smart contract is safe and protects user’s fund.
There are billions of dollars of hacks are happening to the smart contract projects. Because the anonymous nature of the blockchain and web3 ecosystem, it is very difficult to recover the fund once it is hacked. So, to protect user’s fund, it is very important to undergo the rigorous smart contract audit.
EtherAuthority is pioneered in blockchain and smart contract security services since 2018. EtherAuthority is one of the oldest smart contract audit service provider since long time. EtherAuthority delivered audit reports to hundreds of projects and helped them secure their smart contracts. The EtherAuthority audit report you will get, will be recognized globally and will provide a sense of confidence to the community.
EtherAuthority implements industry standard smart contract development procedure which throw out most of the vulnerabilities in the smart contracts. The audit team internally performs rigorous procedures including manual as well as software analysis to identify any possible vulnerable scenarios.
The smart contract development pricing depends on code length and complexity. But most projects we did range from $1k to $5k price range. So, kindly send your requirements to us and we will provide your accurate time/budget estimation.