The world of crypto is constantly evolving, and with it, so too do the tactics of hackers and scammers. As the rise of Web3 technology brings new opportunities for profit, it also opens the door to a host of cunning attacks. Every day, these malicious players find new and creative ways to exploit the vulnerabilities of smart contracts, seeking quick and easy profits. The threat of these attacks is only growing, making it more important than ever to stay vigilant and protect yourself in the constantly-changing world of crypto.
Quality smart contract audit is imperative to every smart contract deployed on the blockchain. It aids in identifying security loopholes and coding flaws in a smart contract, preventing it from expensive exploits.
What are the Qualities of a Good Smart Contract Audit Company?
Smart contract audit plays a very important role in a project's deployment over a blockchain. Hence, it is imperative to look for a credible smart contract audit company to have trust in the audit process.
Here are a few qualities that one must look for in a smart contract audit company.
A portfolio paints the face of a company, and it is imperative to check the portfolios of the projects the company has audited in the past. It allows one to determine the size and popularity of the projects. Additionally, you can check whether or not the projects audited have been compromised. Usually, large projects catering to millions or billions worth of crypto assets are enticing targets for hackers. If these projects have not been hacked, then it is indeed good news and tells you the reliability of the audit.
- Tools and Techniques
The tools and techniques used for auditing can make all the difference in the effectiveness of the final report. When looking for a company to audit your smart contract code, choosing one that uses the best tools and methods in the industry is important. This is to make sure that no stones are left unturned and that your code is thoroughly reviewed and tested. By investing in a top-quality audit, you can have confidence that your contract is as secure as possible. One should not settle for anything but the best – choose a company that uses industry-leading tools and techniques to ensure a comprehensive and effective audit.
Smart contract audits can be quite expensive. However, they are necessary to prevent even costly exploits that can follow post deploying an unaudited code. Even a slight mistake in coding can cause a million dollars. As a result, the only way out is to choose an affordable service without sacrificing quality.
- Turn around time
An audit does halt your project's deployment for some time. A smart contract audit usually takes around 6-10 days, and sometimes more, based on the complexity of the project. However, the benefits of smart contract audits are way more than delaying a project's deployment by a few days.
- Comprehensive Audit Report
The quality of audit reports is an important consideration in examining an auditor's reliability. A comprehensive audit report contains vulnerabilities categorized based on severity and must include clear recommendations from auditors.
Top 5 Smart contract auditing companies
Security concerns have taken precedence as blockchain technology, and smart contracts grow in popularity. As a result, many smart contract security audit businesses are now operating in the market. These businesses frequently employ teams of subject matter experts with extensive knowledge of blockchain technology, smart contract development, and a range of tools and methods to properly test and validate a smart contract's security and performance.
Let's take a look at the best firms that provide smart contract audits:
Commencement Year: 2017
Projects Audited: 102+
Blockchains Supported: Ethereum
ConsenSys Diligence is a blockchain security company specializing in smart contract auditing and security consultancy. ConsenSys, a well-known blockchain technology business, founded it. Its staff of professionals has a variety of experiences in blockchain security and development.
It assists clients and helps in comprehending and resolving security flaws or problems discovered throughout the auditing process. Numerous clients have benefited from ConsenSys Diligence's assistance in ensuring the security and dependability of their contracts because of its meticulous and stringent approach to smart contract auditing.
Commencement Year: 2020
Projects Audited: 175+
Blockchains Supported: Ethereum, Solana, Polygon, BSC, Polkadot, Fantom, Celo, Tezo, NEAR, Aurora, Avalanche, Algorand, Cardano, and Flow.
ImmuneBytes is a trailblazer in the world of security, dedicated to building a safe and reliable blockchain ecosystem. Since its inception in the mid-2020s, the company has been at the forefront of protecting the crypto industry, offering top-notch smart contract auditing solutions that make it difficult for hackers to compromise apps.
What sets ImmuneBytes apart is its unmatched speed and thoroughness. With a track record of over 175 completed blockchain audits and experience working with 16 different protocols, the company has a wealth of expertise to draw on. Its clinical approach to smart contract audits has helped safeguard crypto assets worth a staggering $4.1 billion.
As the Web3 ecosystem continues to grow and evolve, ImmuneBytes remains committed to ensuring that it is secure and dependable for all.
Commencement Year: 2015
Projects Audited: 150+
Blockchains Supported: Ethereum
OpenZeppelin is a highly regarded open-source framework for developing smart contracts on the Ethereum blockchain. It offers a vast collection of modular and reusable components, making it simple for developers to create secure and reliable smart contracts.
OpenZeppelin's popularity among Ethereum developers is well-deserved, with many prominent projects in the blockchain space adopting it as their go-to resource. In addition to its comprehensive library of components, OpenZeppelin also offers a suite of security tools, such as automated testing and security audits, to help guarantee the safety of your contracts. With OpenZeppelin, you can trust that your smart contracts will be built on a solid foundation of security and reliability.
Trail of Bits
Commencement Year: 2012
Projects Audited: 500+
Blockchains Supported: Ethereum, Polkadot, Polygon, Tezos, Arbitrum
Trail of Bits is a renowned cybersecurity company founded in 2012 and headquartered in New York City. The company boasts a team of expert security researchers and consultants with extensive experience in blockchain technology and smart contract development.
Trail of Bits is known for its meticulous and thorough approach to security. The company offers a variety of smart contract auditing services, including security assessments, penetration testing, and code reviews. In addition, Trail of Bits provides support and guidance to help clients understand and address any security vulnerabilities or issues identified during the auditing process.
Commencement Year: 2017
Projects Audited: 1800+
Blockchains Supported: All
Certik is a smart contract audit company that came into existence in the year 2017. It uses formal verification to ensure the security and reliability of blockchain and smart contract systems. Formal verification is a meticulous and systematic method for determining the correctness of a system. It is commonly deployed in industries like aerospace and finance to build a higher level of the security framework. Certik wants to offer a greater level of assurance for the security and dependability of blockchain and smart contract systems by implementing this technology.
It also offers security assessments, penetration testing, and code reviews to help clients identify and address potential vulnerabilities or issues in their systems.
Even while smart contract audits are crucial, they shouldn't be seen as a panacea to stop all hacks. Instead, they ought to be seen as a component of a procedure that entails constant development. Developers should continue to put in the effort after an audit to ensure that the findings are handled and that the proper security procedures are implemented to reduce the likelihood of future vulnerabilities. Smart contracts still need to be tested by the developers to make sure they function as intended before users can trust them. Performing protocol-specific security testing is another requirement of this.