In modern realities, blockchain technology and related crypto contracts take one of the leading positions in successful and secured business management. Both local small businesses and large corporations use them. As a result, we are talking about many millions whose security transaction directly depends on protecting private and financial data within the particular blockchain. In addition to the financial side, it is also about reliability and reputation, especially for large companies.
In this review, you can learn critical features to consider when choosing an audit company. Also, you can get an insight into the best smart contract audit services in the market.
The Importance of Smart Contracts Audit
The current process consists of several stages during which security professionals use manual and automatic analysis of the code associated with a particular blockchain project.
First, any smart contract auditing company aims to prevent problems associated with inconsistencies in the smart contract code after it has been deployed on the blockchain network. Also, the activity of any blockchain security company is focused on searching for various loopholes, smart contract vulnerabilities, and so on. This careful approach is explained by the fact that you cannot make any changes to smart contract codes after deployment.
Along with the volume of funds processed using smart contracts and, in general, the popularity of DeFi protocols, the intensity of attacks on the financial sector has also increased. It requires a thorough study of potential problems by smart contract auditors.
Tips to Choose a Leading Audit Firm
Currently, the range of smart contract auditors tends to grow, which makes it challenging to pick the right one. However, four main features can help you to select the appropriate smart contract auditor.
- Audited projects. At this stage, you should learn about projects audited by a particular company. It can give you an insight into how many tasks were completed successfully, if the specific security auditing company has a good reputation, etc.
- Range of technical expertise. Currently, most of the security experts in this industry work with Ethereum smart contracts. Though, there are representatives that are experienced in operating with Solana, Polygon, BNB, and other blockchains. It is highly probable that their experts are more experienced and faced with more security vulnerabilities.
- Methods of the particular security firm. Before hiring experts, always ask them about the methodology they use for security analysis, specific workflow, etc.
- Quality of smart contract audit reports. You can learn much by the way the company the way cybersecurity company represents an audit report. It includes the description of technical details, possible vulnerability assessments, recommendations for improvement of blockchain security, and so on.
Top Smart Contract Audit Companies
Below, you can check the short list of top smart contract auditing firms in the market. They all have a wide range of successfully finished projects and gained a perfect reputation in the crypto world.
This company has more than 700 successful projects with industry leaders: Avalanche, FTX, and so on. In addition to popular Ethereum, Hacken conducts a security audit of Solana, Polygon, and other EVMs. The company has an experienced team consisting of certified blockchain professionals and members of the ethical hacker community.
Currently, it is one of the best smart contract audit companies actively involved in creating and developing the blockchain security ecosystem. In addition, the company is engaged in the development of new security products aimed at the protection of smart contracts. A feature of the company’s work is a bug bounty program that rewards blockchain users for detecting vulnerabilities, penetration testing, and more.
This smart contract auditing firm has been actively providing its services on the market since 2018. First of all, there is a highly professional crypto security team that has rich experience in the field of network security and blockchain projects. Unlike many projects, Slowmist initially focused on auditing the security of smart contracts. Subsequently, the blockchain consulting firm added software development to its track record.
Those not newbies in the crypto industry know about such top products as Vulpush, Slowmist Hacked, and MistTrack. In addition, this industry representative boasts long-term cooperation with several primary international security services. As an example, you can point to MistTrack. This tool helps track stolen assets’ transfer in the blockchain network. At the time of writing, this tool has allowed fixing critical vulnerabilities and the return of nearly $1 billion in stolen assets.
This German company has proven itself in the best way through a combination of manual and automated approaches to analyzing various blockchain and DeFi products. Each company use case is accompanied by a detailed technical report describing the problems and possible ways to resolve them.
Among the company’s most successful projects, it is worth pointing out KYC verification systems for various DeFi projects with a detailed description of the identity of clients, their scope of activity, and so on. In addition, the company is engaged in the verification of clients’ sources of income to ensure transparency and the proper level of credibility.
A unique feature of the company is the close cooperation of cybersecurity specialists with the development team. It helps achieve maximum results in the shortest time possible. Another essential feature of Solidproof has to do with how they work in collaboration with the development team. Currently, the company has hundreds of completed projects and a client base that tends to grow.
This analog of conventional contracts uses blockchain technology and is executed automatically if all conditions are met. Plus, it operates automatically without any external organization (banks and other financial organizations) approving the transaction.
While choosing an auditing firm, you should pay attention to its portfolio, used methods, and the range of supported expertise. Also, you should research and find out the number of completed projects successfully.
Using DeFi applications, users can exchange, buy, and trade their digital money. The operation of the DeFi app is based on blockchain technologies.