As blockchain attained mainstream adoption, security remains one of the top priorities for any blockchain project. Unfortunately, the high volatility of blockchain technology tends to divert people’s attention away from the issue of the security of assets.
The release of a smart contract code without necessary testing and auditing jeopardises both the developers and the users. Furthermore, the rise decentralized finance (DeFi) has increasingly necessitated the need for security audits as it addresses several risks, including that of hacking.
The continued development and release of untested and unaudited DeFi projects has increased the rate of system hack and cryptocurrency theft. 2021 saw some of the most high profile cryptocurrency thefts so far. In addition, there are growing attacks on DeFi protocols due to several limitations; hence, the need for project developers to adopt strict security standards.
There are currently over 50 smart contract auditing companies, and after thorough research and comparison, we came up with these top 5.
A smart contract audit is needed to identify security and functional issues and improve the security architecture. Auditors are an independent professional team with the technical know-how to analyse smart codes to find limitations and loopholes before releasing them to the public. Smart contract audits are either done manually or automatically.
What do Smart Contract Auditors do?
- They are professionals with the technical skills to analyse the security of a project and guarantee the safety of the users.
- Figure out any errors in the code and how reliable it is for funds transfer.
- To validate wallet addresses and spot typographic errors. Detecting bugs and lapses in the system. To protect the platform and its users.
There are several smart auditing companies. While all can’t be trusted to ensure the safety of a project, some have earned the right to be considered trustworthy.
Top 5 smart contract auditing companies
We have put together a list of top-performing, most reliable Smart Contract Auditing and other security-related issues companies.
Quantstamp is another blockchain security firm that has developed a decentralised security system for auditing smart contracts. Developers and users can carry out automated smart contract risk assessments with this system. In addition, the platform offers expert security audits for clients and a 24/7 security monitoring tool.
ConsenSys Diligence is dedicated to the development of Ethereum blockchain applications and software. In addition, it provides Blockchain Security and Ethereum Smart Contract Audits.
Certik approaches smart contract security by mathematically validating the safety of smart contracts. Its methods involve the combination of rigorous formal verification, static analysis, and manual reviews. In addition, employing a standard verification company’s services helps ensure that the code will always work as intended.
OpenZeppelin is popularly recognised for its development of OpenZeppelin Contracts. The contracts are used chiefly for smart contracts development and release on decentralised applications. Smart contract developers can quickly deploy this template. Apart from contract development, OpenZeppelin also offers smart contract security and audit services.
As cryptocurrency gains more popularity and adoption, the Decentralized Finance (DeFi) ecosystem is not left behind. In 2021 alone, DeFi assets reached a market capitalisation of over $100 billion. As DeFi grows, we expect more smart contract auditing companies to come into the mix.