Smart Contract auditing has been a growing industry and is always in demand in the DeFi, crypto startups in NFT, and many other spaces. However, compared to the booming market, few blockchain security companies are now.
Why the Need to Audit Smart Contracts?
Once the smart contracts are deployed, there is no looking back. Once programmed and deployed on the blockchain, it cannot be changed. So, if there is even a minor bug, the entire protocol will break and drain the entire fund. In the last two years, we have seen billions of dollars vanish into thin air due to bugs in smart contracts.
The creator of the smart contract might very easily add a backdoor to steal the money. However, human error is usually to blame. The idea of a smart contract is relatively new and has only been around for a few years. There aren't many developers with extensive experience in this area. Billions of dollars could simply be lost due to a minor error.
Therefore, it is crucial to have each smart contract element examined.
Things to Consider When Choosing a Smart Contract Auditor
Are you someone who wants to use audit services? Then, it is mandatory to keep certain things in mind. These include:
First, not all auditing firms have experienced professionals and have tried their hands in this field for some time. Some security firms have been long-time players in this field and have the best talents, while others are not so reliable.
Second, you need to be clear about what you require. While most of the auditors have a strong command of the Ethereum foundation, a few also possess the expertise to deal with other chains like Solana or the Binance chain. Also, you must know the level of penetration testing that you want your smart contract to pass through.
The third is the audit's cost. Hiring the smartest professionals to audit and analyze your smart contract will cost a lot of money. Some of the best auditing companies bill six figures for each audit. Therefore, depending on your budget, you could choose your auditing business.
Who are the Most Reliable Blockchain Security Firms?
When it comes to going for security consulting for your code audits, these companies are considered the best ones in the blockchain ecosystem.
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Undoubtedly, there is no question about Certik being the most promising name in the smart contract auditing industry. Starting in 2018, two Columbia University and Yale University professors founded this company. Over the years, they have conducted more than 1,800 audits.
Some of the world's most significant DeFi protocols, like Huobi, Binance, OKEx, etc., rely upon this company to get their audit reports. Having had a strong reputation within the industry for years, they are primarily known for carrying out robust smart contract audits for a colossal clientele profile. The point that distinguishes them from the rest is that, in addition to performing the audit, they also suggest recommendations when they find vulnerabilities.
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They are a cybersecurity consulting firm dedicated to providing proactive and cutting-edge blockchain and crypto security solutions to make security a lifelong affair for enterprises. Using the most recent smart contract audit tools and penetration testing techniques, the company has worked with organizations of various sizes since its founding in 2020, including primary and mid-sized enterprises, non-profits, and small businesses, to provide security help. With more than 175 completed successfully, they have an excellent track record.
Clients like Ethernity, Good Dollar, Maha Dao, Poly Trade, retreeb, Sheesha Finance, and Sports Icon rely on them to support them in becoming leaders in their sectors. Additionally, they have extensive knowledge of virtualization, software attacks, blockchains, and cryptography.
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White hat hackers, Big Four employees, and cybersecurity specialists formed the Hacken ecosystem. Hacken has been developing Web 3.0 cybersecurity firms since its founding in 2017 and educating and expanding the ethical hacker community.
Clients include, but are not limited to, Solana, VeChain, Gate.io, KuCoin, FTX, Huobi, 1inch, and Avalanche. Over $10 billion in assets belonging to clients and users have been protected by Hacken.
Coingecko and Coinmarketcap recognize Hacken certification as a Web 3.0 security standard.
A smart contract security assessment, a KYC background check, pentests, and a bug bounty program are all included in the one-stop solution service package.
The company has even provided security services to non-blockchain companies like Air Asia. Not just this, but it has shown its commitment to the blockchain industry every time by organizing several security meetups.
In order to shield the user from security concerns and account compromises, Hacken has developed the HackenAI security platform. Users are quickly notified of compromised passwords and potential darknet assaults via key features like darknet monitoring. HackenAI is accessible on iPhone and Android smartphones.
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ConsenSys is a big player in the Ethereum industry. Joe Lubin, the founder of Ethereum, founded this company. Auditing smart contracts are one of their products. As a blockchain developer, you can get several services on the Ethereum ecosystem.
They have provided thorough smart contract testing, threat modeling, audits, and automated analysis for clients worldwide. Several tools were used for smart auditing contracts on the Ethereum chain.
MythX is a potent product of this company that is an automated scanner for Ethereum smart contracts.
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Since 2012, the company has expanded massively to help secure a wide range of targeted organizations and devices. To mitigate the risks associated with smart contracts and fortify the open source, they amalgamate high-end security research together with the mentality of a real-world attacker.
Some areas in which they specialize include software security, reverse engineering, cryptography, blockchain, osquery, machine learning, binary analysis, and blockchain.
They provide a vast array of software security services, including software development, smart contract audits, blockchain security audits, and more.
Crytic, Echidna, and Slither are some of their blockchain-focused solutions; AlgoVPN is another. Their clients include MakerDAO, Compound, NuCypher, and 0x Protocol.
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The OpenZeppelin team is well known for creating the OpenZeppelin Contracts and Solidity libraries. Most Solidity projects use these libraries as a tried-and-true model for deployable contracts on decentralized applications. Through the native SDK of OpenZeppelin, developers can implement this solution. In addition to development, OpenZeppelin places a lot of emphasis on audit and security services for smart contracts.
Additionally, OpenZeppelin was among the first groups to reimagine blockchain security by including gamification components to find flaws in smart contracts. One of its other products is Ethernaut, a Web3/Solidity war game that requires players to hack smart contracts to advance.
Interestingly, OpenZepplin is known to be one of the first teams who reinvented blockchain security with the help of gamification, which is responsible for recognizing different types of loopholes in smart contracts.
Slowmist is China's leading blockchain security company. They perform extensive blockchain security services that include smart contract audits, blockchain security audits, wallet security testing, and much more.
Slowmist also has a safe staking project for blockchain ecologies, which delivers real-time data on EOS, Cosmos, Vechain's growth and security patterns, and other top blockchain projects. Another interesting detail about this platform is its powerful firewall project for EOS smart contracts, named FireWall.X.
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Omniscia has a centralized staff of skilled smart contract developers and auditors who are into building and securing intricate decentralized networks and applications. Since 2017, their engineers have built and audited distributed systems that drive multimillion-dollar economies.
They provide services like security audits, code optimization, and collaborative development to big names in the industry which include Polygon, Tokemak, AllianceBlock, Fetch.ai, Olympus, Hot Cross, etc. The company has audited more than 210 blockchain projects till now, with over 855+ high severity issues discovered, and 65b+ dollars protected.
They offer thorough yet reasonably priced smart contract audits. Their skilled staff of Solidity smart contract auditors performs audits for tokens, NFTs, crowd sales, marketplaces, gaming platforms, financial protocols, and more!
To offer project teams industry-leading security advice, they combine static analysis, automated technologies, and a thorough manual review process. Over 1300+ projects now have over $10 billion in on-chain value that is being protected!
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They have a team of blockchain tech and business analytics experts with extensive knowledge of the cryptocurrency market. Their core team is renowned for its market analyses produced during the bullish market of 2017–2018 and for its technical project evaluation.
At the height of the ICO rush, they began as an audit and development company for smart contracts and then broadened their skills to include market research, exchange analytics, security, and valuation of technical projects.
Conclusion
In today’s generation, getting smart contract audits has become the new normal. With such a wide range of hacks, vulnerabilities, and exploits every now and then, the demand for this has increased exponentially. Interestingly, companies rely more on external parties for this process before deploying it. One relief is that there are so many alternatives to choose from.
Choose any of these companies as per your budget and projects, and eliminate the risks associated with your smart contracts. Visit their websites, research the projects that they have handled so far, the pricing that they quote, and more before selecting one for your business organization.
After all, who would want to lose their hard-earned digital assets?