Solana is a fast-growing smart contract platform, consistently ranked in the top three along with Ethereum and Polkadot. However, for developers writing Solana smart contracts and attackers looking to hack them, the security of these smart contracts is a burning issue.
Since smart contracts are essentially software that runs on a chain, they are called “programs” in Solana. This smart contract platform stands out for its friendly user interface, as well as a rather non-standard protocol and technological design.
Experts believe that a combination of factors led to the explosive growth of the Solana price. Let’s name the main ones:
- The general growth of the cryptocurrency market. Following bitcoin, other coins often rise in price – this is called the season of altcoins;
- Many people really see Solana as a good alternative to Ethereum, especially from a technical point of view;
- Large-scale conferences like Breakpoint, where the cream of the crypto community gathers, always stir up interest in the coin they are organized around.
3 Best Solana Smart Contract Auditing Companies
Security is one of the top priorities for every blockchain project. Smart contract auditors are blockchain professionals who analyze Solana smart contract codes to identify vulnerabilities prior to public use of the code and determine if there has been any security breach in the code. In addition, it is worth highlighting best audit companies for smart contracts :
- Hacken – is a security expert that offers security auditing and smart contract code verification. It also provides a “bug bounty” program and auditing techniques to incentivize hackers to look for vulnerabilities in contract code to get a final report. Hacken is a leading cybersecurity consulting company with a strong focus on blockchain security. The team audits blockchain protocols, Ethereum, EOS, TRONsmart contracts, and Solana smart contract audits.
- Quantstamp. A company that offers extensive audits of smart contracts. It uses static analysis to find vulnerabilities or general issues in contract code. Quantstamp has developed a decentralized security network for auditing smart contracts. With this solution, users can perform automatic security checks on smart contracts.
- Decenter. Offers a comprehensive approach to smart contract security, including static analysis, dynamic analysis, manual analysis, fake config, access controls, and fuzz testing. Decenter is a team of experienced blockchain developers with a proven track record of building complex Ethereum-based dApps and providing smart contract auditing services.
Who Develops on Solana?
Like many smart contract platforms of 2017, Solana already has a well-developed and rapidly growing DApps ecosystem, many of which fit perfectly into the DeFi niche. In addition, Solana currently includes some of the most popular applications:
Solana has taken the right direction of development towards scalability, a single-level mechanism of operation, and a popular programming language. To what extent will the project be able to stay on course, and how will this affect the stability of the system? Time will tell. In the meantime, the project looks like an interesting alternative solution and is suitable for long-term investments.
Pros and Cons of Solana Smart Contract Development
So, what are the pros and cons of building smart contracts on Solana? First, Solana implements eight key technologies critical to its existence. One is called Sealevel, which allows you to run parallel smart contracts. In many blockchain networks, every smart contract affects and changes the state of the blockchain. However, tens of thousands of contracts in Solana can be processed in parallel at runtime. This allows you to execute non-overlapping transactions simultaneously and simultaneously execute transactions that read only the same state.
Another benefit of using Solana is the extremely high data value. For example, the number of transactions per second (59,490), a new block created every 400 milliseconds, and a low cost per transaction ($0.00001). However, one downside is that while the mainnet beta has been released, most implementations are still waiting to be launched. In other words, the network does not work as advertised. This issue may be resolved in a future update.
A fast network is good, but without an influx of users and use cases, its benefits will not be realized.
Solana Smart Contracts – Security Vulnerabilities
All smart contract platforms have quirks that lead to insecure smart contracts, and Solana is no exception. A smart contract audit is necessary to identify security vulnerabilities and protection. Some of the most common vulnerabilities in Solana smart contract audit that an attacker could exploit or hack include the following:
- No ownership checks
- Lack of signature verification
- Ability to bypass access controls
- Integer overflow
- Inability to check external programs
- Missing account structure check or account data
Solana Smart Contract Security
The Solana smart contract platform has some security benefits, such as using Rust to develop smart contracts. In all areas, the protection of personal or corporate data is very important. Solana smart contract audit will never be superfluous since initially the platform already has the base and security requirements, but it is important to remember that any system can be damaged or its integrity can be compromised. For this, it will not be superfluous to use the Solana smart contracts audit.
Advantages and Disadvantages of Smart Contracts on Solana
Auditing smart contracts have many benefits. In addition, smart contracts are influenced by the automation and decentralization of agreements, including voting in elections, supply chain management insurance, and many crowd-driven philanthropic activities such as initial coin offerings, hackers, security token offerings, and many others.
One of the main benefits of auditing a smart contract is that it can help identify bugs and vulnerabilities in the code. This can prevent financial losses and ensure that the contract meets all requirements. Solana also uses the proprietary Gulf Stream protocol to reduce confirmation and lead switching times, reducing the memory load of validators in the pool of unconfirmed transactions.
One of the main disadvantages is that it can be expensive and time-consuming, especially if you use a company specializing in a smart contract to conduct a comprehensive examination.
What is Blockchain Solana?
The blockchain industry is no longer in its infancy, either in terms of the price of digital assets or their distribution. In addition, people have started joining en masse, and blockchain networks should be able to handle the additional demand. The Solana network was designed to solve all of these problems.
Solana is a third-generation blockchain that powers many DeFi solutions, including developing decentralized applications (DApps) and smart contracts. Unlike other blockchains, Solana uses a hybrid consensus algorithm that combines Proof of History (PoH) with Proof of Stake (PoS), allowing the network to complete up to 50,000 transactions per second. The developers claim that in the future, Solana will be able to achieve speeds of over 700,000 transactions per second. This characteristic makes it more convenient than the Ethereum network, which has a speed of about 15 TPS.
How does the Solana Blockchain work?
The acceleration of synchronization between nodes on the Solana blockchain makes it fast enough to compete with complex centralized systems. Other ecosystem innovations are archivers that carry out distributed data storage and optimization of transaction recording through Cloudbreak. In addition, Solana blockchain nodes are rewarded for processing transactions in the SOL utility token. Unlike other PoS chains, it has no minimum number of coins required to create a node.
Solana Team and Sponsors
The technical part of the team came, for the most part, from processor manufacturer Qualcomm, where it developed projects such as Firefox OS. The founder of Solana is Anatoly Yakovenko. Behind the developers of Solana are FTX and Alameda Research, which Sam Bankman-Fried owns. He also holds the decentralized exchange Serum on the same Solana. Several tips can ensure a seamless audit of smart contracts.
- First, you should always use the services of a reputable audit firm. This ensures that you get a thorough and accurate code review. This ensures that you get a detailed and precise code review.
- Second, you must clearly define the scope of the audit so that all areas of the code are covered.
- Finally, you should always test code before deploying it, as this will help ensure that there are no bugs or vulnerabilities in the contract.
Solana’s mission is to support all fast-growing and high-frequency blockchain applications and democratize the global financial system. Smart contracts are autonomous because they eliminate the need for third-party intermediaries. They also give trust because no one can steal or lose documents. After all, they are encrypted and stored in a shared ledger. Also, you don’t need to trust the second party you’re dealing with, and you don’t need them to trust you. Thirdly, you can save on real estate agents, consultants, assistants, etc. Finally, it is also more secure and efficient, and smart contracts can save you a lot of time because you are no longer subject to complex processes.
Smart contracts provide a framework for coordinating and enforcing agreements between network stakeholders without the need for third parties or traditional legal warranties.
Smart contract networks like Solana have always been one of the hottest topics in blockchain, especially in the Proof-of-Stake blockchain world. Unfortunately, many platforms compete with each other. While all platforms have drawbacks, we would love to see how Solana develops future smart contracts.
Many projects have already been created on the basis of Solana:
- prediction markets;
- payment networks;
- infrastructures for financial projects;
- brokerage protocols and more.
Now the SOL cryptocurrency is popular in a narrow circle. First of all, it attracts users with the speed and cheapness of transactions, but in terms of development, it has not yet been able to reach a fairly stable level. However, Solana is a project with high potential. Another feature of the SOL cryptocurrency is its suitability for automated trading using bots.
Major gaming corporations such as Ubisoft and Electronic Arts are already cooperating with Solana, which means that many projects have not yet been announced. In addition, the volume of NFT trading on Solana has surpassed the volume on the Ethereum network – all these comic book collections from DC and Marvel will be launched predominantly there.
A blockchain explorer is an indispensable tool for all network users. SolScan allows you to check where the staking assets are or find out the status of a transaction. All information in SolScan comes directly from the Solana blockchain so you can be sure of its accuracy.
Smart contract security auditing is widespread in decentralized finance (DeFi). The decision to invest in a blockchain project may be based partly on the smart contract code review results. Although many users understand the importance of auditing, most are not ready to delve into the structure of the code.
– Find the Solana address you want to view.
– Copy and paste the address of the appropriate entity into the SolScan search bar.
– You will see all available account (utility account) information. The Overview section displays the current balance, and in the tabs below, you can find the history of transactions.
You will receive an email that you are eligible to delegate stake from the Solana Foundation if your Mainnet beta validator node meets the performance criteria.
SOL uses the SPL protocol. SPL is Solana’s blockchain token standard, similar to ERC20 on Ethereum.