As blockchain continues to attain mainstream adoption, security remains one of the top priorities for any blockchain project. Unfortunately, the high volatility and scalability 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 in 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.
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 currently over 50 smart contract auditing companies, and after thorough research and comparison, we came up with these top 5.
Top 5 smart contract auditing companies
Here are the 5 top-performing, most reliable Smart Contract Auditing and other security-related issues companies.
Cyberscope
With over 900 projects audited and KYC services provided, Cyberscope is one of the leading information security firms in the blockchain industry. Cyberscope’s team consists of world-class cyber security experts and anti-fraud professionals that are well-versed in the latest information security best practices. The company also offers popular software tools for free to crypto investors, like Cyberscan, which performs an automated smart audit and similarity analysis for any given contract address; Safescan, which does Anti Money Laundering and KYC Analysis for any given wallet; and more.
Beosin
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
Hacken is a top cybersecurity consulting company with more focus on blockchain security. It audits Blockchain Protocols, Ethereum, EOS, TRON smart contracts.
Certik
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
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.
Final thoughts
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.
