Top 10 Blockchain Auditing and Smart Contract Firms in 2023

 

A smart contract audit is a way to ensure security and stability in the deployment of protocols. With the recent decline in investors due to bugs in the blockchain industry, it is now more than necessary to ensure the effectiveness of smart contracts being deployed for various use cases.

These days, investors are more concerned about the security and information they derive from the crypto space - they check if the smart contract was audited by a reputable company before putting their hard-earned money to work with such given information. We have learned the hard way to understand that a smart contract that has been audited by a reputable firm is like a green signal to showcase the security and stability of that protocol.

This is why you should seek the advice of experts to know what is necessary to undertake if you plan to use the assistance of a smart contract firm - as most firms can be trustworthy more than others in terms of security and stability. So, what are the best blockchain auditing firms? 

This article will list the Top 10 in the industry so you can make the right decision - whether you are planning to deploy an application or protocol, or you just want to invest in Crypto, whichever way you incline to undertake, this post has got you covered.

Continue reading to learn more.

What is a Smart Contract?

A smart contract can be regarded as a digital document that is written or programmed in a blockchain to ensure all protocols deployed correspond to any transaction on the smart contract. Smart contract was started on the Ethereum blockchain before other blockchains like Binance Smart Chain made their way into a smart contract.

With a smart contract the developers can automate almost any digital contractual agreement with the right set of parameters, (this means the smart contract does everything in the background without any mistake of human monitoring). They are tamper-proof, secure, and transparent, but there are some associated risks involved in smart contracts - which is why we are writing this blog post.

Why is Smart Contracts Auditing Important?

Smart contracts auditing is important because - once it has been audited there's no going back. Looking for the best company is not enough to guarantee success, but a step to ensure all peripherals to facilitate effective protocols are working. A small bug can destroy an entire protocol, and once it is hacked, all funds inside are gone.

A recent report by Chainalysis revealed how about $3.8 billion was stolen from De-Fi protocols in 2022 due to errors in smart contracts. 

Bugs can also happen as a result of errors coming from the person or team writing the smart contract, and since it is a new concept in the crypto space, only a few dedicated developers have experience in writing smart contracts. These days, anyone can write a smart contract and then deploy it without making sure it is working as expected or have a third party take a second look at it.

So, it is more than important to audit a smart contract, it pays to hire an experienced firm to analyze your smart contract to ensure that it is free from errors and bugs that may cost you additional money or even wipe out the funds in the smart contract.

How To Choose The Right Smart Contract Firm?

There are a couple of things to keep in mind when searching for third parties to help in auditing your smart contract - this is because not all firms work the same way. Some have been in the business for so long and they have the best programmers and experts in the industry. Additionally, it is also important to consider your requirements when searching for smart contract auditing firms, as most of them audit only SC in the Ethereum blockchain, and only a few of them operate in the Binance Smart Chain or Solana.

In this case, you might want to choose your auditing firm depending on how potent and efficient you want it to be to avoid further issues. Another thing is the cost of money to be spent on the audit - hiring a professional firm will certainly cost money on your side if you want potent work, and since these firms are expensive, you might want to consider this factor before taking a step forward.

Perceptibly, another consideration to take is how valuable that audit is to the community as well as the actual security perspective. Picking an audit firm because you want to save costs might just be a wrong decision, you should pick a firm for the love of security, stability, and the general perception of the community. So, who are the top blockchain auditing firms/companies in the world?

Top 10 Blockchain and Smart Contract Auditing Firms

In this section, we are going to be unraveling the best in the crypto industry - these companies have established themselves as professionals in auditing smart contracts and are well known in the industry, with a proven track record and delivering high-quality services to both small and large projects.

It doesn't matter the space you are into - whether NFTs or Defi or you are just getting involved in crypto, the firms listed in this blog post can get your work delivered accurately and in a perfect manner. So let's begin.

1: Certik - Leading Firm for Blockchain Security & SC Auditing

Don't be surprise about why we put Certik at the top of the leaderboard. It is probably the best firm currently that is delivering meticulous jobs in the crypto industry - Certik is a leading player in blockchain and smart contract auditing business. 

What's more? The firm was launched back in 2018 by Professors of two leading universities - Yale and Columbia University.

As of 2023, the firm has already actualized over  $300+ billion of assets, audited more than 3000+ projects, and rooted out about 60,000 findings. That's not all, the firm is used by some of the leading players in DeFi protocols and big exchanges like Binance and OKX.

Certik will certainly give you the best services and even recommend areas where your smart contract needs little adjustment in the case of errors.

2: ConsenSys Diligence - Ethereum Based Smart Contract Auditing

If you are looking for a smart contract auditing firm in the Ethereum mainnet, ConsenSys is the first choice. The firm was founded by Ethereum co-founder Joe Lubin and offers almost all services on the Ethereum blockchain - smart contract auditing is just a handful of them.

Some of the services of ConsenSys include

• Smart contract testing - Your protocol will undergo a series of tests before going through the auditing stage. This way, you will get to know if that application is compatible with ConsenSys's dynamic layer including other factors.
• Auditing - Smart contract auditing Is one of the major services the firm offers - and it is one of the best in the business.
• Automated analysis -  ConsenSys deploys machine learning and computer algorithms to examine your smart contract without the need for human intervention. This will accurately identify areas that need adjustment.
• Threat modeling - ConsenSys uses threat modeling to identify and access potential threats in the protocol before going through the next stage. They are one of the big players that offer this feature alongside Certik.

3: Quanstamp - Language Based SC Auditing Firm

Quanstamp is a renowned firm known for its smart contract auditing and machine learning - which has actualized about $200 billion in assets. The firm is run and managed by a team of professionals with PhDs in cybersecurity and they have the trust of tech giants such as Apple, Google, Facebook, and the Ethereum Foundation.

Quanstamp is great for its capacity to audit smart contracts in any language design to use with blockchain applications for any given purpose. But that's not all, they have developed a Financial Backer Service for ecosystems in Layer 1 blockchains. 

Services and features include

• Scanner capabilities - Web3, smart contracts, and blockchains
• Accuracy - False positive is possible - one of the leading firms that offer such.
• Expert remediation - The firm offers expert remediation as part of their testing tools and requirements.

Quanstamp specializes in auditing smart contracts, systems, and protocols in different blockchains such as Solana, BNB chain, Cardamo Maker, Ethereum 2.0, OpenSea, and many more.

4: Hacken - Ethical Hacking & Cybersecurity Firm

Hacken is one of the leading cybersecurity and smart contract auditing firms that ensure that your application runs smoothly without errors or vulnerabilities. The company was founded in 2017 by professionals and security experts with white hat hacking backgrounds. These experts have dedicated their time and resources to educating the public on ethical hacking - which will lead to more people joining the community and countering cyber-attacks.

But that's not all, the firm was formed with the intention to offer different products - one such is the launch of the Hackenproof BugBounty platform, an initiative that has already amassed over 10,000 ethical hackers. In addition, Hacken can boost over 700 projects in their portfolio - that is around $100 billion total in assets.

Hacken's features and services

• Scanner capabilities - the ability to scan different blockchains and audit smart contracts is one of their major services and they have been dedicating their time to ensuring smooth services.
• Accuracy - false positives are available in all of their products with scalability.
• Automated analysis - just another few of these companies that use machine learning to ensure effective deployment and audit of your protocol.
• Auditing - smart contract auditing - yes, and one of the best in the industry. Hacken invests millions of dollars every year in blockchain security and ecosystem development.

5: Slowmist - Cybersecurity Firm for Blockchain-Based Application

Another great smart contract audit firm is Slowmist - well known for its security audits and smart contract testing. The firm also provides expert analysis and consultations to eliminate cyber attacks and improve blockchain-based applications.

Some of the services it provides include

• Threat modeling - Just like ConsenSys Slowmist also uses threat modeling to access areas that need urgent application examination against vulnerabilities.
• Security consultation - yes, and at the best and professional level. If you want professional recommendations, they offer this service for different blockchains.
• Bug bounties - professional blockchain audits require experts' hand. Slowmist is useful in helping developers to identify errors that are beyond their control at an affordable price.

6: Trail of Bits - Leading Firm for Web3-Based Security

You must have heard of Trail of Bits as a smart contract auditing firm - but little did you know that they are the leading security firm in web3 blockchains. Some experts refer to the company as the best in the business because they just don't audit applications but also help small and medium projects in improving smart contract security.

The firm also helps in evaluating and managing application storage with safeguards against threats and vulnerabilities that may pose risks to your protocols. Trail of Bits offers various products and services that serve different purpose including auditing, management and consultation, contract testing, and many more.

7: Sigma Prime - Ethereum-Based Auditing Firm

Sigma Prime has revolutionized smart contract interaction with applications in the Ethereum blockchain, and, no doubt, they serve as a leading firm for testing protocols based on this type of blockchain. The firm is a leading auditing company and has gained enough recommendations before coming through this list. They offer massive historical value and facilitation of application testing for web applications, cooperate networks, and cloud computing.

Based on the Ethereum 2.0 blockchain, they are classified as a leading smart contract auditing firm with a unique open-source implementation of protocols being built on the ecosystem.

Sigma Prime has secured and worked on over 2000+ projects and its client base has some of the leaders in the industry including Chainlink. So, if you have an open-source project and you want the best hand to examine it - look no further than Sigma Prime's domain blockchain.

8: Cyfrin - Web3 Smart Contract Auditing Company

Cyfrin is also a leading and popular web3 blockchain auditing firm with essentials for the goals of web3. They mostly audit applications in the web3 space, allowing developers to access advanced tools and resources to better equip them to write smart contracts. As a distinct choice for its involvement and commitment to ensuring Web3 applications are more secure, they have secured funding from various sources while working with the best hands to deliver and increase blockchain functionalities.

The company approach is to provide a comprehensive code review that involves smart contract logic test, documentation, and modeling required to enforce a full audit. Detailed insight is provided upon completion of the code review to show accuracy and transparency.

Cyfrin products and services

Though the company is a new face in smart contract auditing - started auditing smart contracts in 2023, it also goes beyond ensuring protocols' security and improving the code to make it better. Here are some of its services:

• Smart contract auditing - yes, they make sure your application is properly written and they go the extra mile to improve the quality.
• Web3 education - As a web3 company, Cyfrin provides web3 education to professionals and individual developers who want to key into the world of web3 and build protocols that will protect against cyberattacks.
• Code review - Cyfrin reviews your code to ensure effectiveness and to improve functionalities.

Overall, Cyfrin strives to remove bugs and find ways to the protocol's codebase and test suit. They have worked with leading projects including the likes of Beanstalks Wells Integration, Hyperliquid DEX, and LinksPool.

9: OpenZeppelin - Decentralized Firm for Open Source Application

We will be getting it all wrong if we fail to include OpenZeppelin in this list - as a leading provider of open source framework to build secure smart contracts in a decentralized manner. They are one of the firms that provide a complete suite of security products and audit services to build, manage, and inspect all areas of protocol development and systems for decentralized applications.

Since it is a decentralized firm, anyone including all type of developers are free to use its framework in writing, testing, and deploying decentralized applications on Ethereum and other blockchains. Developers can use it at no cost but they can upgrade to improve their smart contracts and use its Solidity Programming Language.

10: WatchPug - DeFi Smart Contract Auditing

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WatchPug is the last on this list - and a similar company like Cyfrin, although it specializes in DeFi protocols and management including testing, modeling, and deployment of applications. The choice is that it is affordable compared to the rest on this list. But that doesn't make it a small firm - as they are reliable in smart contract auditing and ensure compliance with necessary best practices to improve their services.

The team behind it are professionals in the industry with an outstanding track record in blockchain security and stability. It's a dedicated smart contract auditing company that focuses on security within the realm of the DeFi ecosystem. The benefits of auditing your smart contract with WatchPug include in-depth audits with the flexibility of a complete code review.

Conclusion

So, there you have it. The more thorough list of the best smart contract auditing firms that you might be looking for to execute your next or existing project. This list combines numerous alternatives that are not mentioned here, which are also effective in safeguarding blockchain-based applications.

Technology in the blockchain industry offers different advantages of cryptography for ensuring stability and getting rid of bugs and vulnerabilities. However, there are concerns that without proper review that requires professionals, millions of dollars are projected to be lost in the industry yearly. Effective blockchain tools and companies can help in ensuring that applications are well-established before going live.

Disclaimer: This article is not in any way in collaboration or affiliated with these companies - as you are required to carry out your research before taking the necessary steps. Claims made in this article or blog entirely do not constitute investment advice and they shouldn't be taken as one.