What Security Auditing Practices Are Essential for Web3 Development?
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Web3 development auditing is more critical than in normal software, considering that deployed contracts are hard to fix once deployed and vulnerabilities can be exploited even in minutes after they've been found. An audit process should begin with the threat modeling that would include analyzing contract interaction with external calls, token transfers and upgrading procedures from day one of the audit.
Static analysis would be able to find common mistakes such as integer overflow or an unchecked external call, however, logic errors that are not covered by automated scanning will need to be analyzed manually. Testnet simulation under adversarial conditions as well as bug bounties in parallel with formal auditing provide the developers with more information on the contracts' performance beyond the sandbox environment.
The documentation of the process is equally important as the technical audit itself, considering the necessity for Web3 Development Company to have a complete audit trail of each change that was made in a deployed logic. That applies for a web3 wallet development company as well, because each signing flow and private key management process needs to be verified.
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