Your chosen auditor is critical to the success of your blockchain project. Choosing the wrong auditor means you might not identify serious flaws with your smart contract before deploying it to the public, causing significant long-term damage.
This article will explain the primary considerations for choosing the best blockchain contract audit service.
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Experience
The first thing to consider when looking for an auditor is their past work and portfolio. What projects have they successfully audited before? Were clients satisfied with the company’s audit services? Do past clients recommend them to others?
Most auditors gladly display their portfolios on their official websites. They’ll show the projects they audited in the past and sometimes link to the formal audit reports. You can then use this information for further research. Check if the projects audited by your desired company were hacked at any time. If so, research the cause of the hack and how the auditor responded.
It’s a red flag if a company audited a sizeable number of projects that got hacked later; the company might be negligent in their auditing process. One hack is not the end of the world, but an auditor with various hacked projects in its trail is not a good choice.
Read testimonials and customer reviews to see what previous clients said about the audit firm. If the reviews are overwhelmingly positive, it’s a sign that the company is good at its job.
2. Team
An auditing firm is only as good as its team. A first-rate auditor must have a team of blockchain technology and security experts to snuff out flaws and architectural inefficiencies in smart contracts. The experts should have sufficient experience in the blockchain industry, preferably in the auditing sector.
You should clearly know the identities of the people auditing your project. Anonymous or pseudonymous auditors are a red flag.
3. Methodology
What methodology does the company follow in auditing projects? Auditing firms usually explain their methodology clearly on their website. If you can’t find this information on their website, you can contact them and inquire about it. You should study and understand the chosen methodology before handing in your project for review. You don’t want a process that’ll end up frustrating your company.
For instance, auditors require clients to hand in technical documentation and lock down their codebase before proceeding with the audit. You need to be sure about the required documentation and the time frame to lock down your codebase. Knowing the methodology helps you choose the best smart contract audit service.
4. Unique approach
Blockchain projects differ from one another. For instance, the process of auditing a smart contract for a cryptocurrency exchange might be different from a contract for a blockchain-based game.
You need an auditing firm that offers a unique approach depending on the client’s needs. The firm should be flexible enough to adjust its process to fit your requirements. A good auditor should generally provide excellent customer service.
5. Pricing
It’s necessary to choose an audit firm that you can afford. There’s usually no fixed price for audits; the final bill depends on various factors, including the project scope, audit type, type of blockchain, etc.
The good news is that you can negotiate with auditing firms to get the best deal. You can discuss pricing with the sales team and agree to your desired range. The idea is to get the best audit for the best possible price.
Conclusion
We have explained the most important factors to consider when choosing a blockchain auditing service. Follow our tips, and you’ll likely select an auditor you’ll be satisfied with.