Web3 is about integrity, and every startup has to prove that their product or service meets the basic principles of blockchain development. Meanwhile, every new project claims to be the next disruptive innovation and promises several amazing propositions. To be certain that these budding firms are as good as they claim, an independent and certified cryptocurrency auditor has to conduct some tests.
Blockchains are data structures that are used to store and transfer sensitive data. In fact, most decentralized networks enable the ownership and transfer of funds. Considering these factors, it is essential to ensure that the setup and processes of the information architecture are secure.
What is a Certified Cryptocurrency Auditor?
A certified cryptocurrency auditor is an independent third-party firm that reviews the network specifications and codes used to build a blockchain. The aim is to ascertain if the security and functionality of a blockchain meet the required industry standard and the claims of the developing company. The auditor begins by drawing up a plan for testing and identifying the areas that they will focus on.
An audit begins with the scrutinization of the code used for developing the blockchain. Decentralized networks are powered by lines of code that relay the commands prompted by users. Considering their importance, the auditor has to ensure that there are no defaults. To ensure that the blockchain is optimal, the auditor reviews every configuration of the system.
After assessing the code, the next step is to test every parameter reporter by the blockchain startup. This ranges from the security measures to the transaction speed and other features. It is at this point that stress testing comes into play, where the certified cryptocurrency auditor checks to see if the network can handle as much traffic as it claims.
With every possible check complete, the auditor gives a detailed report to the company. The feedback is typically comprehensive, like a thesis or research work, containing findings and possible recommendations for improvements. Meanwhile, proper blockchain auditors follow up on the projects they inspect to ensure that the developers are following the advice.
Blockchain Auditors – Options Blockchain Startups Can Choose From
There are several certified auditors blockchain start-ups can consult to inspect their projects. This is not a free service, and audits can cost between $5,000 to $1,000,000. Before making a choice, it is important to understand factors like the intricacy of the code, the type of blockchain, and the total package affect the price. While some firms simply audit, other organizations provide comprehensive security coverage.
If you are launching a new blockchain, here are some auditors to consider:
- Cyberscope
- Certik
- Trail of Bits
- OpenZeppelin
- Cyfrin
- Hacken
- Halborn
- Quantstamp
- Peckshield
What The Certified Cryptocurrency Auditor Had to Say About Tectum Blockchain
Earlier in April 2023, Tectum announced the completing of an audit of the smart contract of the T12 protocol. Cyberscope confirmed that Tectum is indeed the fastest blockchain with a speed of 1.3 million transaction per second. The cybersecurity company also affirmed that users can send Bitcoin on our network for zero gas fees.
Regarding security, the stress tests confirmed that our data architecture is indeed secure and there are no critical issues. More importantly, the blockchain bridge for transferring tokens from Ethereum’s ERC-20 to T12 is very secure and difficult to exploit. Tectum is also recommended by Nomos Labs for our very secure ecosystem
Links to the results of the audit are shown below:
Despite the affirmation of our network’s security, Tectum continues to upgrade various aspects of the blockchain. In addition, we share details of these improvements in our developers corner series. Members of our community can read the last edition to learn more.