Some crypto firms have become well known for their audit services. However, contacting them will require the transfer of important information, so you should choose your blockchain audit company carefully. So, let’s move to the best smart contract auditing firms you can trust!
Top-7 Smart Contract Auditing Companies
Hacken is a leading cybersecurity consulting company headquartered in Estonia, focusing on blockchain development and security. Hacken Cybersecurity Services is part of the Hacken Group, including CER.live, HackenAI, and HackenProof. Hacken brings together thousands of pros hackers worldwide to detect vulnerabilities and provide the best security audits. They specialize in finding and eliminating security weaknesses in various technological products, such as websites, mobile applications, and blockchain systems, and smart contracts take a special place in this list.
#2 ConsenSys Diligence
ConsenSys Diligence is another new smart contract auditing firm specializing in auditing on multiple blockchain platforms and is one of the largest blockchain software companies founded by Ethereum co-founder Joseph Lubin. As part of ConsenSys Diligence, the company offers audit services for Ethereum contracts. It also provides an automated service that checks Ethereum Virtual Machine (EVM) contracts for common errors. It aims to provide verification services for programming languages, virtual machines, and consensus protocols.
CertiK is a firm for auditing smart contracts with a wide client base. Among them is PancakeSwap, the largest automated market maker (AMM) in the BSC network. CertiK has also audited most of the projects supported by Binance smart chain Labs. Besides, the company maintains a rating of proven projects, giving each a safety rating. In addition to Ethereum, CertiK also audits BSC and Polygon projects.
This blockchain security company does pretty good smart contract audits and suggests recommendations when they detect vulnerabilities and security issues. The company has at least two different audit teams working on the same project independently. This maximizes efficiency. In addition, it also checks the results at the final stage.
Chainsulting is a German distributed ledger technology (DLT) and digital asset company. It is one of the best smart contract auditors founded in 2017 by its managing directors, Florian Prochka and Yannick Heinze. Its services include development, consulting, smart contract security auditing, and blockchain consulting and research.
The German company SolidProof specializes in auditing contracts and provides best blockchain solutions. Hundreds of satisfied customers have already been able to appreciate the high quality and security of the services. Specialists draw up individual reports and security analysis discovering vulnerabilities and classifying them by severity. Moreover, the company uses the best auditing and KYC well-known protocols to create reliable DeFi projects. Furthermore, this smart contract auditor carefully checks all parties to the contract and establishes the legality of the sources of their assets. The company also uses the DSGVO regulation and protects data from unauthorized access.
Quantstamp is a security validation protocol for smart contracts that improve security within the crypto world. The benefits of a security protocol include automation, trust, control, and the ability to solve complex problems in a distributed network. The protocol consists of two parts:
- An automated and upgradeable software runtime verification system that validates Solidity programs;
- An automatic reward system that rewards participants for finding errors in smart contracts.
After completing the contract, project developers submit the smart contract codes to the security audit report. The report categorizes issues based on a severity system from 1 to 10; 1 is a minor warning, 10 is a significant vulnerability. Currently, the cost of auditing the smart contracts starts at $5,000 and takes at least a week. Quantstamp aims to bring the price down to $10 for every audit delivered within minutes of audit submission.
OpenZeppelin audits blockchain security and open source tools. The company also occupies one of the leading positions among smart contract auditing companies. In 2021, it launched a new app that will help prevent exploits in the DeFi hacking space. Besides, it helps manage the operations of smart contracts. OpenZeppelin blockchain security firm also stated that all of its activities aim to reduce DeFi attacks and contribute to distributed ledger technology.
How To Choose The Best Smart Contract Auditor
Of course, not all auditing firms are created equal. The quickest way to filter out the best smart contract auditors that you shouldn’t waste your time on is to look at their portfolios. But, first, you or your team will need to do some research. The main task will be to check whether any of the crypto projects verified by the company have been exploited. The popularity of audited projects will also be an essential factor, as their success means that the auditor has done an excellent job. It is because protocols with a vast amount of liquidity are sure to attract the attention of hackers. So, if you see an amazing portfolio, that’s a good indicator that this auditor is worth your time. So, once you’ve picked the firm you like, the next tip is to evaluate the quality of the reports.
The hallmark of a good report is a detailed description of all vulnerabilities found and suggestions for correcting them. A good team also pays close attention to code audits. As a result, their reports are detailed and precise. If you find that audit reports are superficial, this is a sign of a superficial attitude to work.
Besides, auditor employment can also indicate the quality of its work. The best auditors have high demand and a long backlog of orders and, in most cases, can offer you a deadline of up to three months. However, a company’s willingness to quickly conduct an audit does not always indicate its unpopularity and good reputation in the market.
What is a Smart Contract Audit?
Auditing smart contracts is an analysis of the smart contract of a blockchain technology project (Ethereum, Solana, Polygon, Near, and others), necessary to protect its assets. Smart contract audit companies analyze the contract code, then draw up a report and send it to the project. In turn, projects can make the report public. Audits are most popular in decentralized finance, as the investor’s decision to make a deposit is based on audits of the project’s smart contract. Smart contract audits include the following steps:
- Initial contact analysis,
- If a bug is found, then it is urgently reported to the developers to fix it,
- The smart contract developers are fixing the bug,
- The smart contract auditors recheck the code, and if nothing is found, they make a report.
Just one slightest error in the smart contract code can lead to huge losses. Therefore, the auditors imitate hacker attacks several times and try to hack the smart contract independently. They then write an audit report, a document that lists all of the project’s contract issues: critical, major, minor, etc. Also, it may list recommendations, possible errors in the future, and examples of excess code. Finally, the team developing smart contracts must solve all the problems within a certain time, after which the auditing firm draws up the final report.
History of Smart Contracts
Smart contracts are DeFi protocols focused on formal verification of contract enforcement in the digital field. This notion was first mentioned by Nick Szabo back in 1996. He is a living legend in the world of cryptography and cryptocurrencies. His wide range of interests, stretching from the history of the money origin, economics, and jurisprudence to cryptography and blockchain technology, makes him a unique erudite, a real encyclopedist.
In 1996, Nick, combining his academic knowledge in computer science and jurisprudence, created the concept of a smart contract. Many years later, this notion became the main functional feature of the Ethereum blockchain protocol and launched a fundamentally new way of Internet trading.
Smart contracts help millions of users securely apply their digital assets in blockchain networks. They are produced at the upper edge of blockchain platforms and are digitized versions of traditionally made contracts. These are computer algorithms that automatically control and verify data recording and ensure the fulfillment of the obligations assumed by the parties to the contract. As a result, smart contracts provide many benefits:
- Transparency of the contract. All the participants can control its execution at all stages and make sure that the counterparty has fulfilled its part of the contract;
- A smart contract provides mechanisms for enforcing the fulfillment of obligations, such as fines and sanctions;
- Safety. Today, many industry experts are confident in the security of smart contracts and therefore recommend storing documents in this way;
- No downtime. Smart contract does not require human presence to function and works autonomously 24/7. Besides, you can validate your wallet address and to see if there are any typographic errors;
- Fast transaction execution. Smart contracts feature digital format and through the program code. As a result, they are processing all tasks automatically, saving time;
- No commissions. The use of blockchain technology eliminates the possibility of human error and involves third-party participants;
- No errors. Errors often accompany the manual processing of documents. There will not be a single error in a well-designed smart contract when performing the assigned tasks. So, the question about smart contract auditing arises.
Smart contracts are widely used in real estate, logistics, banking, medicine, etc. Still, smart contract audits are growing in their popularity.
Reputable auditors have their knowledge bases about smart contract exploit and bug bounty program. Moreover, they have their learning systems for smart contract auditing, and they improve their skills through the mistakes of their colleagues and their own.
The exact cost of an audit depends on the number of smart contracts being audited. As a rule, an audit costs several thousand dollars. An audit of a large project can cost over $10,000. The Crypto Audit Companies and their reputation affect the price of thorough research and static analysis. It is also important to note that since most projects are verified through an audit, it becomes more and more difficult to judge their value, so it is crucial to read the report of the audit company yourself. Even if you do not have enough knowledge, you can read the comments and the severity of potential problems marked by the leading audit firm.
Hope this material on the best smart contract auditors will be useful for you!
We’ve selected Top Smart Contract Audit Companies. You can explore them in the article above. It also includes Hacken, OpenZeppelin, Certik, ConsenSys Diligence, and Chainsulting.
Smart contract audit services usually charge between 5,000 and 25,000 USD depending on complexity, but the price can be even higher.
Ethereum can provide an ideal platform for building smart contracts. It also has an intelligent contract language, Solidity, that can assist smart contract development.
Smart contract security audits provide a thorough analysis of the smart contracts and DeFi protocols for projects. The underlying investment is vital. All transactions on the Blockchain are definitive, and the funds won’t be recovered in the event of a theft.