LandOrc — Audited and Secured
In 2016, Ethereum chain split due to a code vulnerability exploited by an attacker that put millions of dollars of funds at risk. A “recursive call bug” allowed the attacker to drain the “DAO” democratized hedge fund worth millions of dollars in Ethereum. Those who are tech savvy will understand these words and phrases. In layman’s term it means the system can be easily hacked and your money (in crypto) could be wiped out. This clearly shows the importance of or the need for smart contract audits.
For many platforms and applications that are being built on blockchain or distributed ledger technology, “smart contracts” are a critical component. “Smart contracts” is a term used to describe computer code that automatically executes all or parts of an agreement and is stored on a blockchain-based platform. The code can either be an agreement between the parties or might complement a traditional text-based contract and execute certain provisions, such as transferring funds from Party A to Party B.
Smart contracts bare an additional risk compared to traditional text-based contract that is the possibility of being hacked or that the code or protocol simply contains an unintended programming error. Most “hacks” associated with blockchain technology are actually exploitations of an unintended coding error. They become obvious only when they are exploited. So, parties that deploy these smart contracts like LandOrc need to make sure that the risks or errors above do not occur in future. To avoid all these, the smart contracts must be audited.
In financial market audits are very important. The financial reports that are audited give confidence to the investors and business community. Similarly, when it comes to smart contract’s code in blockchain, it needs to be audited to prove that the code will work accordingly. It is extensive methodical examination and analysis of a smart contract’s code that is used to interact with a cryptocurrency or blockchain. This process is conducted to discover errors, issues and security vulnerabilities in the code in order to suggest improvements and ways to fix them. Generally, smart contract audits are necessary, because most of the contracts deal with financial assets and/or valuable items.
The recommendations made by the auditors are conveyed in advance to the project team, in our case it’s LandOrc, and their actions in response are noted in the final report. It is considered a mark of authenticity and integrity for the project. For that reason, teams are keen on getting an audit to win user confidence and raise the project’s credibility. These audits are typically carried out in several steps. The initial step is the team and the auditing group agreeing on the scope and specifications of the audit. It means that the design, purpose, architecture and other details of the smart contract are given to the auditors. Next is the testing phase, where the auditors test the individual functions (unit tests) and then larger parts (integration tests).
Automated bug detection and analysis tools are also used to look for commonly known vulnerabilities in the contracts. Finally, auditors manually inspect the code to understand the developer’s intentions and interpret the findings in that context. Finally, the report is issued with the findings and the applied fixes by the team.
Taking the above into consideration, it is important to choose one of the best leading smart contract auditors in the world. Hence, LandOrc.io has appointed an awards winning firm, ENTERSOFT (www.entersoftsecurity.com), as their smart contract auditor. The team completed all required smart contract auditing on time and LandOrc managed to fix one or two minor issues. For LandOrc, the security of their smart contract is a priority as it involves crypto investors’ investment. Feel free to check their auditors at their website. LandOrc wants to ensure a safe environment for every party involved. Each and every one of you is invited to travel together with LandOrc’s audited and secured success. Embark on their ship by getting your LORC tokens through their ongoing private sale at https://landorc.io/private-sale.html