Security Analysis of your Smart Contracts using Mythx

The smart contract has been a key part to work with block-chain technologies like Ethereum, Binance, Matic, KCC, etc. In recent times we have seen that many old or new projects are moving towards blockchain to implement the business logic over block-chain. Both Ethereum and Bitcoin are two of the most famous blockchain but ethereum provided extra functionality of smart contracts using that users can implement their custom application logic over the blockchain. So for such implementation, Ethereum is most trusted by users followed by Binance, Matic, and others that also follow the same structure. Users can also create their custom tokens like ERC20, ERC721 over these networks.

Need to do the security analysis

Security is the main reason users move from a centralized approach to a decentralized one. You need to make sure smart contract has no issue but these smart contracts are written by humans and there are high chances that issues will be there. We have seen in the past where hackers exploit these bugs to steal funds like the DAO attack in June 2016 which cause a loss of $60 million and not even hacker sometime issues was there user face the bugs and platform loss millions of dollars like in case of parity wallet.

Solution

To solve these issues platform choose to do the auditing of smart contract but auditing is also done by humans that also has chances of error. So recommend method is along with audits you need to use any security analysis tool like Mythix. You can use mythix actually at the time of development. You can use these development tools like truffle where you can run scans at the time of compilation with just one single command.

Usage

First, you need to register over Mythx for an API key. Mythx provides both free versions and paid versions based on the tool you want to use.

Prerequisites

1. Python
2. Mythx API key

Step 1 Install Mythx CLI.

Step 2 Configure the Mythx by exporting.

Step 3 Scan contract. 

Details: Mythx provide different type of scans like quick, deep, etc. In the free version,n only a quick scan is available but it also covers most of the things. The quick scan takes up to 30 seconds for a scan. Deep scans use various algorithms to do the complete analysis of contracts. It takes up to 50 minutes with a deep scan.

Conclusion

This blog gives you a brief overview of smart contract security issues and how to avoid them. Mythx can be further integrated with other tools like Remix, Vscode, Truffle. Please go to the link below to get more details about this.

Link: https://docs.mythx.io/