Smart Contract Vulnerability Classification and Severity Approaches

Abstract

Smart contracts have become an integral part of blockchain networks worldwide. Due to the direct impact of smart contract security on the overall network security, it is crucial to prioritize this aspect. To accurately assess the security of smart contracts, a classification of vulnerabilities and a methodology for evaluating specific vulnerabilities are necessary. In the scientific community and audit communities throughout the existence of this technology, there hasn’t been a universally acknowledged classification or assessment methodology developed. This research analyzed existing methodologies and approaches for assessing the severity of vulnerabilities in both academic environments and practical bug bounty platform cases. The analysis identified shortcomings in these approaches, potential reasons for their appearance, and concluded on their ineffectiveness. The authors formulated criteria for a new classification of smart contract vulnerabilities, covering various fields and focused on practical applicability in the audit process and it is based on the architecture and life cycle of smart contracts.