In the present age of digital transformation, more and more businesses are moving towards the deployment of smart contracts. Self-executing contracts in which the terms of the bargain between buyer and seller are immediately written into code are known as smart contracts. Smart contracts and Cryptocurrencies are powered by blockchain technology and have the potential to revolutionize how contractual agreements are made.
However, before businesses can reap the benefits of smart contracts, they need to ensure that these contracts are secure. This is where smart contract audits come in. A smart contract audit is an essential step in ensuring that your smart contract is free from vulnerabilities and errors.
The DAO hack of 2016 is a perfect example of how important it is to have your smart contracts audited. The DAO was a decentralized venture capital firm that was hacked, in part, owing to code flaws. If you’re thinking about investing in blockchain technology, you need to know about smart contract audits and why they’re so important.
In this article, we will be discussing the top 10 Smart Contract Auditing companies that offer their services in South Africa.
Why Are Smart Contract Audits Important?
As we mentioned before, smart contract audits are essential in ensuring the security of your smart contract. By having your contract audited, you can be sure that it is free from any vulnerabilities or errors that could lead to problems down the road.
Smart contracts are immutable, meaning once they’re deployed, they can’t be changed. This is one of the benefits of smart contracts- there’s no room for human error or manipulation. It is, however, also the case that if there are any mistakes in the program itself, they can’t be corrected. This is why it’s important to have your smart contract audited before deployment.
Another reason why smart contract audits are important is that they help to ensure compliance with regulatory requirements. Depending on the sector, certain rules may have to be followed. You can be confident that your smart contract fulfills all necessary criteria after it has been verified.
Who Needs To Do Smart Contract Audits?
In general, anyone who is thinking about deploying a smart contract should have it audited. This includes businesses as well as individuals. If you’re planning on using smart contracts in your business, it’s essential to have them audited by a professional company.
There are many variations of smart contract audits that may be carried out based on the demands of the customer. For example, some companies may only need an audit of the code while others may also need an audit of the business model or use case.
It’s also critical to remember that smart contract inspections should be done on a regular basis. This is because as the code is updated, new vulnerabilities may be introduced. By conducting regular audits, you can be sure that your smart contract is always secure.
What Are The Different Kinds Of Smart Contract Audits?
There are two sorts of smart contract examinations: static and dynamic. Static audits involve reviewing the code of the smart contract to look for any potential vulnerabilities. Dynamic audits, on the other hand, test the functionality of the contract in order to find any errors.
It’s generally recommended to conduct both types of audits in order to get a comprehensive overview of the security of your smart contract. However, depending on the needs of the client, one type of audit may be more appropriate than the other.
Top 10 Smart Contract Auditing Companies In South Africa
Cyberscope is the leading auditing and KYC firm in the blockchain industry. The crypto security protocol has protected over 900 crypto projects, making it the most trusted cyber security platform on all important launchpads.
Additionally, the security protocol has an experienced team of world-class cyber security experts and anti-fraud professionals that are well-equipped with the best practices.
The blockchain industry has grown immensely and is currently influencing the operation of top sectors not limited to finance, health, sports, tourism, agriculture, media and entertainment. Unfortunately, blockchain vulnerability has also increased due to this expansion. Therefore, Cyberscope has provided key features and software to protect investors and platforms.
Founded in 2018, Beosin is a leading global Web 3.0 blockchain security company co-founded by several professors from world-renowned universities. Beosin provides integrated blockchain security services and products in the global blockchain ecosystem.
With the mission of Securing Web3 Blockchain Ecosystem, there are 2,000+ smart contracts that have been audited by Beosin. As a top blockchain security company, Beosin team has accumulated over 20 years of cybersecurity experience and the audit service benefits clients such as Binance, OKX, Huobi, Uniswap, Polkadot, ONT, CRUST, QITCOIN, AELF, Pancakeswap, Kucoin, DODO, and Ankr etc,.
Hacken is a cybersecurity company that protects WEB 3.0 businesses from getting hacked and losing money and reputation. Hacken was founded in 2017 and since then the company has secured 900+ projects including cryptocurrencies, crypto exchanges, platforms, launchpads, etc. The main services provided by Hacken are smart contracts audits, pentests, and bug bounty programs.
Hacken is trusted by the biggest crypto exchanges such as FTX, KuCoin, OKX, Huobi, and Gate.io while the company’s network of partners includes CoinMarketCap, CoinGecko, VeChain, InsurAce.io, Solana Foundation, IoTex, Avalanche, Polkastarter, and >90 other reputable brands.
Hacken team has developed a transparent and detailed smart contract audit methodology. Before audit clients can view this document to be fully aware of the upcoming testing procedures and share their suggestions as well as possible concerns.
CertiK is a blockchain security company. It has pioneered cutting-edge Formal Verification technology on smart contracts and blockchain networks. Yale University and Columbia University professors founded the company in 2018. Its primary mission is to secure the cyber world.
The team has conducted over 1,800 audits globally across well-known protocols, according to its website. Binance, OKEx, and Huobi are among the top crypto exchanges CertiK has secured. The Binance Accelerator Fund, for example, uses CertiK audits to ensure the top platforms it invests in are secure.
CertiK has also serviced over 100 top-tier blockchains and DeFi protocols. They include but are not limited to Binance, Tera, Bancor, Shapeshift, and Blockstack. CertiK has also audited the smart contracts of the Binance Smart Chain, among others.
Certik carries out a comprehensive security assessment of your smart contract and code. 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.
The OpenZeppelin team is mostly known for its development of Solidity libraries known as OpenZeppelin Contracts. These libraries are used in most Solidity projects as a tested and standard template for contracts deployable on decentralized applications. Developers can integrate this solution through OpenZeppelin’s native SDK. Besides development, OpenZeppelin has a strong focus on smart contract security and audit services.
Also, OpenZeppelin was one of the first teams to reinvent blockchain security by introducing elements of gamification to identify loopholes in smart contracts. Another of its products, Ethernaut, is a Web3/Solidity war game, which entails gamers to hack smart contracts to move to the next level.
6. ConsenSys Diligence
US-based ConsenSys is one of the biggest and prominent blockchain incubators in the industry. Unlike other security firms mentioned on this list, ConsenSys dedicates its resources and technological know-how to the development of Ethereum blockchain applications and software, especially financial infrastructures. As such, its product, ConsenSys Diligence, offers security analysis for smart contracts. This audit product is at the cutting edge of sophisticated “cryptography, blockchain technology, and crypto-economic incentive analysis.”
Another of its products, MythX, is one of the most powerful automated scanners for Ethereum smart contracts. This solution provides a robust API, which developers can use to access security analytics tools.
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 the growth and security patterns of EOS, Cosmos, Vechain, and other top blockchain projects. Another interesting bit of detail about this platform is its powerful firewall project for EOS smart contracts, named FireWall.X.
Likewise, Slowmist is constantly tracking and publishing data and stats about security situation on crypto exchanges through their Blockchain Threat Intelligence (BTI) service.
Quantstamp is a blockchain security startup unveiled at YCombinator W18 Batch. The security team of Quantstamp has experience in top IT companies like Google, Facebook, and Apple. And this is evident in the platform’s wide array of blockchain security tools and services. For one, Quantstamp has developed a decentralized security network for smart contract auditing. With this solution, users can perform automated smart contract security review on a “global network of decentralized security nodes.”
Additionally, the platform provides expert security audits for clients blockchain projects and a 24/7 security monitoring software tool.
ChainSecurity is led by security experts from the renowned university ETH Zurich. The company has worked with more than 85 crypto organizations and established corporations, including yearn. finance, Maker, Compound, Rarible, Curve, Kyber network, and have helped PwC Switzerland improve its smart contract audit capabilities.
To date, the company has secured more than $17B worth of assets. ChainSecurity also developed an automated audit platform that enables projects to analyze smart contracts and protect their assets. The company’s platform performs security assessments by identifying security vulnerabilities and verifying the functional correctness of smart contracts and blockchain projects. Besides that, ChainSecurity also offers automated security analysis of Ethereum smart contracts.
10. Trail of Bits
Trail of Bits prides itself as a network of developers with the capabilities of identifying and fixing loopholes in software, devices, or codes. In other words, the solution provides an array of software security services that encompass smart contract audits, blockchain security research, software development, and so on. Over the years, Trail of Bits has developed formidable security tools for smart contracts. Some of these blockchain-focused solutions are Crytic, Slither, and Echidna.
Apart from that, Trail of Bits developed the popular AlgoVPN. As well, it has a lot of security publications on GitHub, including public reports for 0x Protocol, Compound, NuCypher, and MakerDAO, which are some of its clients.
Features To Look For When Choosing A Smart Contract Audit Company in South Africa
Now that we’ve introduced you to some of the top smart contract audit companies, let’s take a look at the features you should look for when choosing one.
It’s critical to think about your unique demands while selecting a smart contract audit firm. Do you need a comprehensive audit or just a code review? Are you looking for a company that specializes in a particular blockchain? You’ll be able to find the best business for your needs by completing these questions.
Finding the right candidate is crucial to your success, and there are several factors to consider when doing so. One of the most essential characteristics to look for is expertise. You want to go with a firm that has a lot of expertise in auditing smart contracts. This will ensure that they’re able to find all the potential vulnerabilities in your code.
It’s critical to select a business that uses cutting-edge tools and technologies. This will allow them to do a more comprehensive examination and detect any hidden flaws.
Finally, you should consider the cost. Audits of smart contracts may be costly, so you’ll want to ensure that you’re receiving a good return on your investment.
By keeping these factors in mind, you’ll be able to find the right smart contract audit company for your needs. Look for a business that offers experience, cutting-edge technology, and a fair price.
The decentralized finance (DeFi) industry is rapidly expanding. In just 2021, DeFi has a market cap of over $100 billion. Recently, a string of high-profile DeFi hacks has prompted some to refer to the young sector as the “Wild West” of cryptocurrencies. This year has seen some of the most significant cryptocurrency thefts in history. There is a growing sophistication of heists on dozens of top DeFi protocols. Hence, it highlights the need for project backers to adopt higher security standards.