Comprehensive security checks are now possible at only 10% of the traditional cost. The price and report creation is 10 times faster and cheaper than traditional firms. This firm has optimized for projects that ‘want to audit contracts but have limited budgets’ or ‘wish to conduct an initial audit during the development stage.’
Bunzz, a Singapore-based Web 3.0 x AI tech startup launches Bunzz Audit, an AI-driven smart contract auditing service offering fast, cost-effective audits with actionable insights for security improvements, scanning contracts from over 100 perspectives using AI and an extensive database.
Overcoming the challenges of traditional smart contract audits in blockchain projects
Blockchain-related projects trade users’ assets on-chain, and the smart contracts governing this logic are at risk of being attacked.
As a measure, smart contract audits are conducted but users of existing major audit firms face the following challenges.
- The cost of traditional audit firms is very high from $10,000 to $1,000,000.
- Emphasis is placed on the ‘seal of approval’ from major audit firms, making the original goal of improving security a mere formality.
- Engaging an audit firm can delay product launches or token listings due to the time taken for audits.
- The accuracy of reports and the cost of communication can be unstable depending on the audit firm’s personnel.
As an approach to solve these issues, Bunzz, the smart contract development infrastructure, has researched and developed an AI-based audit service, Bunzz Audit.
In the open beta version in January 2024, Bunzz received a lot of positive feedback, and it has now officially launched Bunzz Audit as a formal version.
Visit the product page here.
The significance of using AI for smart contract audits
The tasks performed by audit firms can broadly be classified as follows.
- Comparing clients’ contracts with previously identified vulnerability patterns to detect vulnerabilities.
- Detecting vulnerabilities derived from project-specific logic or operational inconsistencies.
For the first task, vulnerabilities in smart contracts are normally checked by humans reviewing the source code.
However, due to variations in auditors’ knowledge of vulnerability patterns and their detection capabilities, oversights due to human error are a current issue.
In this regard, Bunzz Audit owns a database of previously discovered vulnerability…
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