Many early-stage project teams believe audits are for after they have raised funds, while others believe in launching before they think about security. It’s easy to assume that blockchain auditing is meant for later, but the reality is that it’s so much better to get your code reviewed early.
It doesn’t matter if you have a minimum viable product or your team is small; audits will save you much time, money, and stress down the road. Read on to learn why they aren’t just for the big players and why they’re a smart investment at this phase.
They Help you Catch Problems Early.
The most challenging—and expensive—things to fix after launching are code and design. Auditing during the development stage is going to identify any issues with the structure, architecture, and logic before they are set.
For instance, an audit might show that your contract doesn’t have a failsafe for critical functions, which can be easily changed now. It’s easier and cheaper to fix a vulnerability before the launch instead of managing a crisis after and then having to redeploy contracts.
They Protect Projects From Attacks.
No matter how small or obscure your project seems to be at the moment, you are a prime target for an attack. It’s easy to target you because you’re newly deployed or less popular, meaning you tend to lack the internal reviews or community oversights that bigger projects have.
Real-world case studies like this one on permissioned platforms show that big projects are vulnerable to cryptographic tactics, so how much more are the small ones? Even minor bugs can lead to stolen funds, token devaluation, or permanent damage to your reputation, so get protected early.
They Increase Trust with Other Parties.
Getting an independent audit shows that your team cares about security and transparency, which are critical factors to investors, partners, and users. People are more likely to interact with protocols that have undergone auditing, especially when they’re doing financial transactions or locking funds.
Ecosystem partners like launchpads and DEXs need a verified report before integrating or listing new projects too. Including auditing in your documentation or pitch is going to improve your credibility while raising funds.
They are Flexible Enough to Start Small.
In case you didn’t know, it’s not necessary to have your entire codebase audited all at once. Many providers of blockchain audits offer services by layer or on Web3 for NFTs and DeFi. You can choose which parts of your smart contracts you want checked first, be it bridge code, vaults, or token logic.
As your project evolves or grows, you can widen the scope to cover other parts. This scalability ensures that even your early-stage projects get access to security reviews without burning through all of your already limited resources.
They Actually Improve Your Code.
Auditors do more than just report bugs and vulnerabilities; they also give valuable feedback on contract structure, optimization, test coverage, and best practices. This can boost the overall quality of your project, helping you develop more maintainable and secure coding patterns.
If you’re a solo developer or have a newer team, you know how useful it can be to have mentorship in this aspect. This is especially true when you do not have a dedicated engineer to evaluate your security during this stage.
Conclusion
Consider this from the perspective of an investor; you want to choose the ultimate crypto exchange to maximize your investment. You would want to pick a blockchain project that has gone through auditing, right? Rather than wait for funds or launch to get an audit, get one now.
Whether your team is ready to launch or is still in the early stages of development, we recommend getting in touch with one of our representatives at Hashlock. Let us help you understand what your project needs in terms of security and quality today.