One of the fast-developing industries in NFT and DeFi spaces is Smart Contract auditing. It is mainly demanded in different crypto startups. Nevertheless, there are not a lot of companies delivering those services, which is why sometimes it can be tricky to choose one of these companies. Let’s analyze the concept of smart contact and study the best auditing companies in this sphere.
What Is a Smart Contract?
A smart contract is a computer protocol that allows transactions and controls their execution using mathematical algorithms. This digital agreement, programmed on the blockchain, became famous by Ethereum but later appeared in other blockchains. With the help of Smart contracts, any digital agreement can be automated, and it is protected from fraud, safe, and transparent. However, it can’t be denied that using smart contacts may also contain some risks.
Why Audit Smart Contracts?
With the advent of decentralized finance (DeFi), the need for security audits is increasing as it comes with the risk of being hacked.
Smart contract audits, done both manually and automatically, study smart contract codes to find all the types of security issues so that the project is safe for public use.
It can be compared to testing if a new plane is safe before opening it to the people.
Here are some of the reasons why an auditing company should be hired:
- Detection of system defects.
- The professionals will guarantee your budget’s safety.
- To verify the address of your wallet and check for typos.
- Detect any code errors and ensure safe use of the password in transfers.
Due to the growing need, several audit companies have emerged whose task is to ensure the security of smart contracts. Let’s analyze top companies.
Top Smart Contract Auditing Firms
Certik is one of the top blockchain security companies. The company was established by professors from Yale and Columbia University in 2018, and its primary goal is to protect the cyber sector.
According to the website, the Certik team completed over 1,800 audits worldwide using known protocols. Binance, OKEx, and Huobi are on the list of top crypto exchanges protected by Certik. Binance Accelerator Fund, for instance, utilizes Certik audits to guarantee the security of the significant platforms it invests in.
Certik also functions with around 100 blockchains and DeFi protocols. These contain but are not restricted to Tera, Binance, Shapeshift, Blockstack, and Bancor. Certik also audited Binance Smart Chain smart contracts.
Certik carries out a comprehensive security assessment of your smart contract and code, and it then identifies vulnerabilities and comes up with recommendations. You can request a quote at Certik.io, and once you have submitted it, the team will reach out for the audit to begin or start.
After conducting a thorough security check of the smart contract and code, Certik determines its weak points and makes suggestions. You can contact them by going to Certik.io, and after submitting a quote, their team will contact you to discuss the details.
The mission of Chainsulting, a top security audit company, is to guarantee protection for smart contracts and the integrity of code. Except for audits, they also suggest consulting and software development services. This blockchain consulting and development company was established in 2017. You can find these services:
- Digital assets consulting and Distributed ledger technology (DLT)
- Smart contract audits
- Security and possibility research
- Blockchain technology development and decentralized applications architecture.
Chainsulting differs from competitors in that it uses a new strategy for auditing. It conducts leading smart contract security audits that help detect vulnerabilities. This type of new strategy helps to prevent any DeFi hack.
The company conducts audit code for the latest blockchain tools, such as Algorand, Ethereum, Binance Smart Chain, and Solana. This helps them reduce risk and instill trust and clarity. They also check and guarantee smart contracts DAI, 1Inch, POA Network, Unicrypt, and other Defi projects and cryptocurrencies.
Chainsulting ensures $100 billion worth of user accounts locked in numerous DeFi protocols. The team of a leading audit firm counts on their vast specialized understanding of blockchain. This is done to deliver high-quality audit solutions tailored to the changing business needs of clients.
OpenZeppelin is an open-source platform for developing secure decentralized applications (dApps). The framework includes the tools needed to create and automate Web3 applications. Furthermore, businesses of any size can use OpenZeppelin’s audit services to find the best practices in the industry.
This open-source platform creates protected dApps. The platform comprises all the necessary tools for developing and automating Web3 apps. Moreover, businesses of all sizes can use OpenZeppelin’s audit services to discover the industry’s most valuable techniques.
OpenZeppelon’s clients include leading companies such as the Ethereum Foundation and Coinbase. It provides safety, trustworthiness, and risk control for Ethereum projects, thus accomplishing its mission. It conducts security audits and executes security measures to keep dApps secure. The team also provides the best techniques containing records and suggestions for improving system defects after determining likely issues in the code.
The OpenZeppelin Defender
OpenZeppelin Defender is a web application created by OpenZeppelin. This platform attaches and automates smart contract functions. With the help of Defender, you can cooperate with your team, determine various workflows, deal with agreements, and execute financial transactions. The user-friendly UI, delivered by the platform, helps transmit transactions and create automated scripts.
It currently supports around 3,000 public projects. The Solidity programming language is used by the developers to make multiple-using contracts in the library, containing ERC-20 connected OpenZeppelin contracts. For the KYC verification of the DeFi project, SOLIDProof will seek to identify clients and evaluate the essence of their actions. They will also confirm if customers have fair sources of budgets and estimate any risks associated with those.
Exio.TechExio.Tech is also at the top of companies that provide extensive blockchain security services. We are a company that helps DeFi and FinTech startups elevate their value by providing consulting, product design, software development, QA, and smart contract auditing services.
Leaning on the fundamentals of its accumulated experience, our smart contract auditors conduct security analysis on your business smart contracts to find out existing and possible risks, discover spaghetti codes and fix them and plan how to improve your smart contracts overall.
How to Choose a Smart Contract Auditor
It is necessary to follow some points before choosing a smart contract auditor.
The first thing to remember is that auditing companies are not equally experienced. Some campaigners have been in this field for a long time, so they have more skills and benefits. Therefore, try to analyze the market and choose the one with much more experience.
The second point you ought to pay attention to is your need. Although most smart contracts are audited on Ethereum, there are companies that support chains like Solana or Binance. Having this, try to determine your auditing company counting on how detailed you like it to be.
The third thing is the price of the service. You should be ready for high costs if you want to hire talented and experienced people to audit your smart contract. So, choose an auditing company according to your funding.
The decentralized finance (DeFi) sphere is quickly growing. The DeFi market capitalization surpasses $100 billion in only 2021. Lately, a series of high-profile DeFi hacks has prompted some to refer to the fledgling cryptocurrency sector as the “Wild Wes.” This year happened, some of the most major cryptocurrency thefts in history. Heists on dozens of leading DeFi protocols are getting more and more sophisticated. Therefore, this emphasizes the demand for the project’s allies to reach higher security criteria. Thus, with the help of smart auditing companies, you can protect your income from hacks and get more income.
Reach us if you need any consultation or have any questions concerning smart contract auditing; our experts are ready to provide you with any useful information.