What turns out to be a vital aspect of a smoothly functional business today is security. An attack on your enterprise can negatively impact your productivity, resources, credibility and, most importantly, profit. You might be wondering as to what makes code Security Audit a must in the ICO/IEO/STO environment. It is because majority of current threats are directed towards the software program and its vulnerabilities. This is why IEO Consulting Services and IEO launch services incorporate code Security Audit as one major aspect of the services they render towards ieo challenges and solutions. Therefore it is always commendable that you give your undivided attention to this security aspect either by directing ample priority towards it or by outsourcing the job to the best ieo development services out there. While the desired impacts of Code Security Audit could be many, some of the most desirable ones are as follows
Credibility Challenges Solution
Be it an ICO, STO or IEO, the project naturally comes with development of blockchain, Coin/Token and Dashboard. Analysing the code and functionality of these three components is always a must. It will ensure that each part is secure and any vulnerability is solved. It will go a long way in solving IEO credibility challenges since it will boost the confidence of investors with regards to the process and funds stored. Investors and traders have one preference in common, that is, to invest in tokens and coins which possess zero vulnerability.
Mention may also be made that an audit enables you to showcase that your product licenses are up-to-date and the code steer clear of copyright infringement. The incorporation of a high-quality code will furnish you with the proof required to scale up potential bids from buyers and therefore enhance the company’s valuation. As it provides buyers a chance to have their questions answered regarding their purchase they will find value in a manual audit. As such it gives rise to transparency and buyers can determine how much of the codebase was done by in-house developers, how much is from a third party, what methodologists did the developers employ to write the code. It allows buyers to be aware, if any, of security vulnerabilities or functional loopholes that can attract hacking or leakage of trade secrets/data.
Liability Exposure Minimization
Code Security Audit scans your blockchain platform and makes for a fully functional product that is bug-free, thereby minimizing and obliterating a potential future hacking event once your blockchain platform moves into the market. Hackers on the prowl will target vulnerabilities and functional gaps, and a successful hacking event could prove detrimental to your company since it will result in significant loss of capital and depletion of customers’ trust.
Customers’ trust is everything. How far you go with your project will be determined by the level of trust you have with your customers. Losing a bulk of capital is one thing, losing your customers’ trust is another. But both have the potential to deal a heavy blow to your project. Code vulnerabilities have the potential to sabotage your blockchain venture and cost billions of losses. This is where the importance of a code security audit comes into play. A code security audit can secure your system by carrying out verification, identification of failure spots and weak cryptography. The technical team in action will audit the entire code against rigid security protocols and thereby thwart future liability.
A proper audit of smart contract codes will help you avoid hacks that have the potential to cost your company a loss in terms of millions. A hacking is the last thing you want to experience because the damage that a hacking will deal to your company will go beyond loss of money. The years of efforts that went into building your brand reputation would go wasted. With reputation gone everything is gone. Indeed there is no doubt you are navigating an anonymous digital world, but a thorough code audit will see you through. This is to say that prioritizing code security will always pay off.
With code security audit in place, vital processes like payments and reviews become all the more secure and reliable. It will help facilitate smooth transactions, reduces time that Exchanges take to review the cryptocurrency for listing, secure customers’ data and digital assets. Verifying the source code for vulnerabilities and running a full-fledged audit ensure that all security vulnerabilities and problems that will later give customers a bad experience are taken care of and solved before the IEO project begins. It will go on to help customers experience a safe blockchain ecosystem that is hacker-resistant and bug-free.
Risk Factors Mitigation
Companies are susceptible to attacks during token sale offering. This phase tends to attract the worst of malicious attacks. What is worrisome is that there can be several types of attacks and all pose a potential of causing delays of sales and theft of funds. Almost every day stories of IEOs gone wrong are making headlines. News articles are redundant with stories along these lines. But with an effective code security auditor in place you can obliterate all risk factors. Moreover, it will boost confidence of token buyers who tend to have a healthy interest in audit reports. Therefore, with an audit report you can expect a significant impact on your token sale.
Whatever it is that is being said and raved about, at the end of the day it all boils down to choosing the right security auditor. It is mandatory that you avail the most professional audit services out there and proceed with the most secure digital deals. An event of hack will make the community lose trust on your brand. In the meantime, when it comes to software it is all about the source code that determines success. Take note that some auditors are more firmly established than others in terms of reputations, which means quality of service will differ going from one auditor to another. There are those that pride themselves in undertaking intensive source code audits and there are those that succeed in mathematically proving immunity against some of the most challenging vulnerabilities. It should be your top priority to make sure that your project receives the most satisfactory audit. Since top-notch security is at the heart of every successful project it is mandatory that you give the most attention. Security enables you to feel confident about your project; the same goes with your investors, and hence it is the bridge that takes you to apparatus functionality, project execution and success.