fieldengineer

Smart contracts automatically execute processes on the blockchain based on predefined rules and conditions. Once deployed, smart contracts are immutable, which makes any security vulnerabilities costly to fix. Let’s explore some common smart contract vulnerabilities and steps to avoid them.

Attackers repeatedly call functions before the previous call finishes to drain funds. This attack is called a reentrancy attack. Use the checks-effects-interactions pattern, and avoid using call.value() function, and consider reentrancy guards to avoid this attack. Unchecked external calls involve calling untrusted contracts that fail your contract. To avoid it, limit external calls, check their return values, and use interfaces instead of hardcoding addresses. 

To exploit price changes or logic, attackers submit transactions that execute before yours. This attack is called front-running. To avoid front-running, use a commit-reveal scheme, implement slippage tolerance, or consider private transaction relays. Denial-of-Service (DoS) attacks are common, and to avoid them, implement circuit breakers and design fail-safe fallback functions. 

Lack of auditing and testing is the main reason for major smart contract security issues. That’s why it is important to build your smart contracts from reputed smart contract development company, as they regularly perform smart contract audits to make it secure and robust.