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Are Smart Contracts the Only DeFi Sector’s Guarantee on User Safety?
The security situation within the DeFi sector has been one of the top issues for users. Many new projects and inventions make attempts to address it a priority. These projects make several attempts to provide some slight assurance of user safety to users as a result.
Among the key lines of thought is improving project anonymity. Using items like crypto tumblers may enhance the ability of masking. Another angle of improving user safety is targeting malware that carries out phishing attacks. A phishing attack is where a malware presents itself as a trusted entity to users. Afterwards, these entities trick users into opening a message or clicking on a link.
Addressing issues with smart contracts has been increasing in preference as a means of ensuring user safety. Smart contracts are transaction protocols that automatically execute actions according to the terms of a contract. Going the smart contracts way allows for addressing issues from the coding perspective.
Solves Bugging Issues
What addressing issues enjoys over other ways of ensuring user safety is solving issues with bugs and coding. A DeFi project can plug software gaps that hackers utilize to target users.
The angle enables any DeFi project development team to prevent security risks long before they occur. It also guarantees the safety of investments made by users.
Time-Proven Process of analysis
Addressing security issues via smart contracts follows the same pattern as addressing security issues with other cryptos. For cryptos and their blockchains, the first step has always been addressing coding issues. It has resulted in securing platforms currently, with most security breaches happening outside the blockchain.
The process has two approaches that differ slightly, depending on the type of coding on the Defi project. It differs if the coding is open or closed.
Under Open-source Coding For User Safety
The process works very easily for open-source coded projects. The internal development team and coders from the crypto community participate in the process.
They begin by analyzing the source code, which anyone interested can comfortably access. Both the project’s development team and the coders from the community analyze the source code. It may turn out as a coordinated effort, but it often occurs on an individual basis for community analysis.
Any bugging issues found will be flagged promptly and brought to the attention of the development team. Both sides then work on solving the bug, which the project developers implement.
Under Closed Source Coding
For DeFi projects whose source code is not open, addressing security issues may follow two paths. The development team may analyze the smart contract’s protocol and debug it. It is the first path all DeFi projects follow.
Sometimes, the team fails to solve the bugging issues completely. At such a point, it goes for the second path of contracting third parties. Many times, the third parties are audit firms that have specialized teams to carry out the audit.
The firm’s audit team starts by accessing the code of the DeFi project. The firm then assesses the smart contract protocol and the blockchain’s white paper to understand its role better.
After understanding the smart contracts for user safety, the project’s development team is then contracted or placed on standby for consultation. The firm then runs automatic and manual tests on the source code to try and find the issues. Any issues identified by the team are then communicated to the DeFi project’s team, after which both sides give and implement solutions.
Concrete Path to User Safety Success
Users can restore their trust in DeFi projects knowing these projects have addressed any problems that could arise. It is Even more preferable when the platforms acquire the services of audit firms to help with the process. People can trust the smart contracts way as a concrete path to addressing user safety.