Smart Contract Audit & Consulting Services

Many businesses opt for smart contract development services to enhance their digital security due to the rising concerns about trust. However, even a small mistake during the creation and launching of smart contracts can result in significant financial losses. This is why conducting a security audit for smart contracts is crucial. To guarantee the security of the assets stored in a blockchain project, it is necessary to conduct an audit to examine its smart contract thoroughly.

RisingMax is a smart contract development company offering audit services with a wealth of experience in various areas such as consulting, strategy, design, and engineering, particularly in large-scale projects. Our services offer the opportunity for both users and businesses to benefit from independent audits of smart contracts and decentralized apps. If a report is signed using our private keys, it can be assured that it will be accurate and unbiased.

Why Do Businesses Need Smart Contract Auditing?

Smart contracts are susceptible to security vulnerabilities that can arise unexpectedly because of the ever-changing nature of blockchain technology and its various uses. Since these contracts are coded and executed on a blockchain, they may be vulnerable to hacking attempts. Hence, conducting security audits is paramount to identify and address any vulnerabilities in smart contracts.

During a security audit, the code of a smart contract is thoroughly examined to identify any potential vulnerabilities. Additionally, the contract's functionality is tested to ensure its proper operation. Identifying and addressing any vulnerabilities attackers may exploit before deploying the contract. While an audit cannot guarantee a contract's security, it can significantly minimize the risks.

By conducting audits of smart contracts and blockchains, it is possible to identify security flaws that malicious individuals could exploit. To protect their data and prevent attacks, businesses must identify and address any vulnerabilities.

Some Facts and Statics about the Cyber Attacks on Blockchain Projects

• In the second quarter of 2022, there were 48 major attacks in the Web3 space, resulting in losses of approximately $718.34 million. This represents a decrease of around 40% compared to the losses of $1.2 billion in the first quarter. Furthermore, these losses were about 2.42 times higher than those incurred in the first quarter of 2021, which amounted to $296.56 million.
• Since the start of the year, cross-chain bridges have experienced breaches that led to a loss of around $1.4 billion, as per data gathered by Chainalysis, a blockchain analytics company.
• The Ronin bridge, which serves as a connection for the widely popular non-fungible token game Axie Infinity, recently experienced a staggering theft of $615 million. This bridge allows players to earn money while enjoying the game. This event was the biggest one ever.

As the popularity of this trend continues, the importance of conducting audits for smart contracts is growing. This is particularly relevant as an increasing number of companies adopt blockchain technology. To ensure the security of their contracts, businesses can conduct regular audits.

Type of Smart Contract Audit Services

Interim Audit

This tool is incredibly useful for DeFi projects as it enables experts to thoroughly examine intricate modules and ensure they are optimized for gas efficiency.

Basic Security Audit

A basic audit is typically sufficient when evaluating the security of standard token contracts like ERC20 and ERC721. A single auditor can complete this audit within 48 to 72 hours.

Full Security Audit

We conduct the most comprehensive code review process, which involves automated testing and human review conducted by two experienced auditors. This meticulous approach ensures that we reach a well-informed conclusion.

Round-the-clock Audit

Our auditors will provide continuous support throughout your project, ensuring that you have a well-defined roadmap and multiple iterations. This will ensure that all new code is thoroughly tested at each step.

Smart Contract Audit Services We Provide

Smart Contract Auditing Services

We provide auditing services to ensure that your smart contracts function as intended. To identify security vulnerabilities and propose solutions, we employ industry-standard methods.

Comprehensive Audit Reports Creation

Our team comprehensively reviews your application, carefully analyzing every aspect. We then create detailed audit reports providing valuable insights into potential vulnerabilities. Once our auditors have completed a comprehensive security audit of the smart contract, they prepare an executive summary of the project and offer recommendations for mitigating any identified risks.

Enterprise Security Counseling

We offer enterprise-level IT security consulting services for the entire blockchain development lifecycle, which includes auditing, testing, and formal verification.

Threat Modeling

The main objective of updating the threat model is to pinpoint possible vulnerabilities and entry points to prevent any potential hacking attempts.

Code Analysis And Code Review

Our smart contract auditors thoroughly examine the code base, meticulously analyzing each line to identify any inefficiencies, vulnerabilities, bugs, or loopholes. Our team ensures that we provide comprehensive documentation of all our findings and offer effective solutions to address and minimize potential risks.

Gas Usage Optimization

Our team will carefully analyze your smart contract to ensure users do not incur unnecessary transaction fees. We will then provide you with recommendations on how to optimize it.

Automated Security Analysis

At RisingMax, our Automated Security Analysis specialists have extensive knowledge of blockchain design, consensus procedures, and widely used programming languages like Vyper and Solidity. To ensure the smooth operation of ASA, our team consistently stays informed about the latest security standards, smart contract design patterns, and emerging technologies.

Types of Projects that Need Security Audit

We will thoroughly audit your project for both high security and performance. Our subject matter specialists will utilize innovative auditing techniques and conduct in-depth analysis. This applies to all projects, whether a DApp or NFT smart contract.

DeFi Smart Contract Audit

During our audits of smart contracts, we thoroughly examine the code for any vulnerabilities that may lead to financial losses or other complications for the DeFi project.

Token And DApps Smart Contracts Audit

To prevent financial and reputational losses, businesses must identify and resolve any issues with a decentralized application (dApp) before its launch.

NFT Smart Contract Audit

Businesses should consider conducting a comprehensive audit to ensure a secure environment for their NFT marketplace and assets. This will help instill a sense of trust and confidence among users.

Blockchain Protocols Smart Contract Audit

Professional security auditing and testing can ensure the safety of your blockchain protocol's architecture and implementation levels.

Metaverse Smart Contract Audit

By utilizing the data stored in the smart contract, we can automate the policy creation process, calculate payouts, and thoroughly verify for any potential errors with Metaverse smart contract audit.

Industries That Can Include Smart Contracts

Voting & Public Sector

Smart contracts create a secure environment that makes it harder to rig the voting process. Votes made possible by smart contracts would be ledger-protected and impossible to crack.

Furthermore, smart contracts boost voter turnout, which has historically been low because of an ineffective system that forces voters to wait in lines, present identification, and complete paperwork. Smart contracts can transfer voting online, which can expand the number of voters in a system.

Media

One of the major reasons why people are moving toward the blockchain platform is freedom of expression in the media. Usually, centralized media platforms have various restrictions on the market by state governments. However, the web3 media platforms are decentralized and do not come under government bodies. 

Process We Follow For Smart Contract Audit

A smart contract audit is conducted using a standard process, while there may be considerable variations across smart contract auditors. An example of a typical process is as follows:

Assembling Code Design

Auditors gather the code specifications and review the architecture to ensure the guaranteed integration of third-party smart contracts. This aids auditors in figuring out the project's scope and understanding its objectives.

Conduct Unit Tests

After that, auditors test cases to evaluate each smart contract function. The usage of tools by audit professionals ensures that unit test cases contain the complete code for the smart contract.

Choose An Auditing Strategy

Auditors often examine smart contracts without software because a manual audit is more effective than an automated one. This strategy effectively counters front-running attacks.

The Initial Report's Draft

Following auditing, auditors draft the code problems found and offer suggestions to the project team on correcting them. Some smart contract service providers assemble a team of experts to assist in correcting each bug.

Release The Audit's Last Report

Auditors release the final report after the bugs have been fixed, taking into account any steps taken by the project team or outside experts to address the issues raised.

Smart Contract Audit Cost Of Development

The average fee for smart contract auditing services ranges from $5,000 to $13,000, depending on the complexity of the code. However, in other circumstances, the cost may be considerably higher.

The auditing company creates a report detailing the code's potential faults and offers additional suggestions to increase security. Experts also examine contract dynamics to understand how they reflect current security trends. But why are audits of smart contracts so pricey? Smart contract audit services are quite expensive since reviewing the code row by row takes a lot of time and complexity.

Why Choose RisingMax Inc. For Smart Contract Auditing?

RisingMax Inc. has been serving and developing industries with excellence for the last 13 years and has been the leading blockchain and smart contract development company for the last 6 years. 

We have developed 100+ projects on blockchain and delivered 85+ smart contract audit services. 

We also have:

• Experienced Developers
• Dedicated Project Managers
• High-End UI/UX Designers

We Provide:

• 24*7 Customer Support
• On-Time Project Delivery
• No Hidden Cost
• 100% Transparency

Conclusion

Smart contracts make the business 100% transparent and reliable. You can contact RisingMax Inc. for the smart contract audit service for perfection and easy user access.