- What are the advantages of hiring a crypto audit company?
- Steps for choosing a crypto audit company
- Final words
A crypto audit company can help detect any security threats and recommend steps to fix them. The cryptocurrency world continues to experience multiple exploits, and customers have become finicky about where to invest. So, choosing an experienced crypto audit firm helps foster trust with your potential customers. A crypto audit company evaluates your code to check for bugs and vulnerabilities. You must arm yourself with knowledge if you’re looking for the best digital currency firm. We guide you on the primary steps when selecting a company to audit cryptocurrency.
What are the advantages of hiring a crypto audit company?
Cryptocurrency transactions are of high value and take place on a decentralized ledger. Thus, an audit firm can determine whether your intelligent contracts are secure before you start operating. The procedure entails using complex code evaluation that identifies and removes the apps’ vulnerabilities. Here are the advantages of crypto audit:
- Discovery of problems: an experienced crypto audit company can help identify the issues with your code. The discovery allows you to take vital steps to eliminate the flaws that would endanger users’ money. A comprehensive crypto audit can uncover significant vulnerabilities with major risks.
- Foster confidence: a comprehensive crypto audit can help your start-up gain confidence in your target community. Also, a secure system will likely attract VCs and other potential investors. Remember, some investors demand that a project attain a specific level of security to attract funding.
- Provision of cybersecurity services: besides evaluating the code, some audit companies also focus on providing cybersecurity solutions like penetration testing and threat modeling.
Steps for choosing a crypto audit company
Choosing a firm to audit cryptocurrency is a critical step because the security of your digital agreement is an essential aspect of your blockchain-based business. However, selecting the right company isn’t a walk in the park. Do you keep grappling with this question: how do we audit crypto? If so, here are the pro steps to help you pick the right crypto audit company:
1. Assess the portfolio
An essential step in choosing a crypto audit firm is assessing the company’s portfolio you’re evaluating. The evaluation helps you discover the projects the company has previously handled. Also, the step can help you find out whether any project the company has dealt with has been exploited.
Furthermore, the size of the project the company has assessed can help you decide whether it can offer you the best auditing solutions. In summary, hackers like massive projects.
2. Area of specialization
In most cases, many crypto auditing firms focus on providing Ethereum auditing solutions. A few have experience in evaluating altchains, such as polygon and Solana. This is because the altchains have varying underlying structures, and some use different programming languages. So, before choosing a crypto audit company, it’s vital to ensure that it has the relevant experience and competency on your blockchain of choice. For example, suppose you require a Polygon-based crypto audit. In that case, you should check whether the company you’re evaluating has performed such audits in the past.
3. Audit methodology
True, an in-depth audit is the best. However, if your concern is ‘How long do crypto audits take?’ The in-depth audit requires much time. Also, a more profound appraisal considers the code’s quality and assesses whether it’s suitable for future upgrades.
4. Assess the quality of audit reports
A critical aspect you should assess when evaluating an audit company for hire is the quality of its audit reports. An in-depth report should capture the problem that the auditor discovered during the examination. Also, you should evaluate if the blockchain-based business has addressed the auditor’s findings. Although an audit report has a fair share of technical jargon, a professional company must display a well-structured and concise description.
5. Check the reputation of the auditor.
As blockchain technology keeps evolving, new security threats are on the rise. So, an experienced company has the latest tools and resources to help it counteract these threats. Thus, when looking for a company to audit cryptocurrency, you should check its track record. For example, you should find out whether any projects they’ve delivered have been exploited.
Also, ensure that the crypto audit company you choose has experienced crypto auditors who can deliver high-quality, innovative contract audit solutions. You’ll have peace of mind with the right team because your project is in safe hands.
6. Consider its knowledge base.
Besides writing high-quality reports, an experienced crypto audit company should educate its audiences on detecting and avoiding scams. Hackers have many ways of exploiting vulnerable apps and digital apps. So, it’s critical to inform the target group about the risks. By creating educational articles that feature the safety of crypto, the audit firm helps to equip people with knowledge about safety matters.
7. Cost of the service
The cost of crypto auditing depends on various factors, such as the project’s complexity, vulnerability level, and the auditor’s experience. Although the service comes with a high—price, it’s critical to note that matters of contract security are essential in the blockchain environment. A single mistake can have a high-reaching negative impact, as massive amounts of money can be lost. So, the best step is to spend reasonable amounts to thwart any security flaws.
8. Work with a reputable crypto nft agency.
Choosing the right crypto auditing company is daunting, especially if you’re a beginner. But you can overcome the stress if you work closely with an experienced crypto nft agency. The agency can connect you with the right crypto audit company. Also, some agencies have professional auditors who use the right tools for auditing your code.
Crypto auditing has become an essential aspect of developing a digital currency project. Many users are careful about where to invest their money. Such investors check whether a protocol is audited correctly before using it. Furthermore, crypto auditing helps to establish trust in your target community. Here, we’ve deep-dived into the steps to help you choose the crypto audit company. There’s much to learn from evaluating the portfolio, choosing a crypto nft agency, and checking the area of specialization to cost consideration.