As the saying goes, you never get a second chance to make a first impression. In business, making a positive first impression is just as important as aiming to gain trust in your company or product. Running a software development company with a blockchain focus for 15 years, I’ve seen many promising projects that were falling short and quickly losing audience trust. Quite often, the reason for that lies in project security and cyberattacks. Interestingly, blockchain projects are prone to hacks despite being known for their security. In the first quarter of 2022 alone, the DeFi market lost more than $1.6 billion due to exploits. Some protocols were hacked due to inefficient logic, while others were due to a simple code error. For example, a blockchain startup MonoX Finance lost $31 million after a hacker attack that occurred because of a bug in the software the service uses to draft smart contracts. Smart contracts are often the targets of attacks due to the large sums of money transferred through them. Therefore, it is highly recommended to perform a thorough, smart contract audit if you’re launching a blockchain project.
Full story : The Importance Of Smart Contract Audits And Best Security Practices.
