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[Kerly]

1. Be ready for failure.
All significant contracts are always prone to errors. Hence, you must be ready to deal with them, and your contract must have the ability to respond to them. You can do so by:

Pausing the contract or ‘breaking the circuit’ whenever things go wrong.
Formulating an effective upgrade strategy with improvements and methods to fix bugs, loopholes, etc.
Effectively managing the money at risk by limiting the maximum usage rate and managing the total amount well.

2. Ensure careful rollouts.
Careful rollouts can help you to detect and resolve bugs before the full production phase. It can be done by:

Rolling out the contract in incremental phases with increased usage and testing in each phase.

Providing bug bounties from as early as the alpha testnet releases.
Adding tests at the discovery of every new attack vector.


3. Always keep the contracts simple.
If you make your contracts complex, you can expect more potential errors and bugs. Hence, keeping them simple is a sure shot way to reduce the chances of errors. You can keep contracts simple by implementing the following practices:

You can make sure that the contract logic is simple.
Wherever possible, use code or tools that you have already written before.
You can modularize the code to make the contracts and functions small.
Use blockchain only for those parts of your system that need decentralization.

Wherever possible, give preference to clarity over performance.


4. Stay updated and keep track of new developments.
You must always stay up to date with any new security developments or changes. You can do so by:

Regularly checking your contracts for new bugs and errors.
Being open to adopting new security techniques.
When using a tool or library, upgrade to its latest version as soon as possible.

5. Be attentive to blockchain properties.
Developers with enough programming experience can handle Ethereum programming conveniently. However, they must be aware of and attentive to certain pitfalls and blockchain properties by:

Be careful about external contract calls as they can execute malicious code and tamper with the control flow.
Keeping in mind that anyone can also view private data in smart contracts.
Understanding that attackers can maliciously call public functions as they are public.
Keeping in mind that on a blockchain, timestamps are imprecise, and miners can alter or impact the time of a transaction’s execution in a margin of several seconds.

Being aware of the block gas limits and gas costs.
Being aware of approaches to random number generation on a blockchain is mostly gameable and non-trivial.

6. Consider fundamental trade-offs.
From the point of view of software engineering, an ideal smart contract system should be modular, support upgradeable components, and reuse code without duplicating it. However, from the security architecture’s standpoint, an ideal Smart Contract Development Company may not share the same approach. Hence, when assessing the security and structure of your smart contract system, you must find a balance between these trade-offs.

There can always be vital exceptions where your software engineering and security best practices won’t align; hence, finding a balance by making an optimal mix of the properties like duplication, reuse, modular, monolithic, upgradation and rigidity is crucial.

[selina95]

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