Audit Company
Coinsult
Coinsult is a new but experienced auditor. The company has performed over 400 audits in about a year. Coinsult specializes in token analysis and offers additional services as well as promotion to its clients.
DSA presents a unique series of reports on the smart contract and blockchain app auditor market. This report is published for the first time and is not affiliated with any specific vendor. The DSA expert team has performed an in-depth analysis of the blockchain security providers in the market. For that, a methodology was developed, and specific criteria were selected. The data provided in the report are actual for February 2023.
Contents
The main criteria for auditor review
1
Trustworthiness
At this point, we analyze the team, key players, as well as the experience of the company in the field.
2
Media Presence
In this paragraph, we analyze the social networks of the project, the engagement rate, and media publications.
3
Speed and service
In this paragraph, we analyze the speed of the audit as well as the speed of the team's response to the request.
4
Expertise
At this point, we analyze the company's experience with different networks, technological advancements, as well as additional services.
5
Price
In this paragraph, we analyze prices and additional services (We send the same sample contract to every auditor), sales, promo offers, bonuses, discounts, and legal transparency.
6
Quality
In this paragraph, we analyze audit quality, report analysis, and user experience.
Categories and sub-categories
6 categories are present in the review and each may be divided into sub-categories. Each category is evaluated to receive from 1 to 10 points. The same rule applies to each sub-category and the arithmetic mean value of the sub-categories will become a result of the main category. The main result will be calculated in the same manner.
Trustworthiness
- Team members' separate experiences in the field
- Current team’s experience in the field
- Company experience (years of service, date of the first audit)
Media Presence
- Social media (engagement rate, further – ER)
- Media publications
Speed
- Audit speed
- First response speed (from a real person)
- Follow-up response speed
Expertise
- What blockchains does the company audit (rare chains and language get an additional point)
- Technological advancements (developments, tools, automated tools)
- Services (KYC, Incident research, marketing)
Price
- Prices and additional services (We send the same sample contract to every auditor)
- Sales, promo offers, bonuses, discounts
- Legal transparency
Quality
- Audit quality, report analysis
- User experience
Detailed analysis
6 categories are present in the review and each may be divided into sub-categories. Each category is evaluated to receive from 1 to 10 points. Same rule applies to each sub-category and the arithmetic mean value of the sub-categories will become a result of the main category. The main result will be calculated in the same manner.
Trustworthiness
Average score 1,7/10
1
Team members' separate experiences in the field
4 people are listed as the leadership team on the company’s website. All have 10+ years of experience however, instead of their photos there are drawn profile pictures and there is no proof of the stated experience and professional background.
2
Current team’s experience in the field
The information on the company’s website states that the team members have previously worked in well-known companies such as Samsung, HP, Oracle, etc. This information is not confirmed by any data.
3
Company experience (years of service, date of the first audit)
According to the company’s GitHub page, the first audit was released on February 21, 2022. Since then, the company has audited over 400 projects. The company’s experience is vast, judging not by years of service, but by the number of completed audits. The number is easily confirmed by the company’s GitHub page. All audited projects are listed there and new ones are being added regularly.
Media presence
Average score 4,3/10
1
Social Media
The company’s Twitter page maintains a normal engagement rating, compared to other similar accounts. Posts containing audit and partnership announcements are added regularly.
The company’s Telegram channel contains announcements identical to the ones on Twitter. Telegram posts gain large numbers of views considering a relatively small number of subscribers.
The company’s Telegram channel contains announcements identical to the ones on Twitter. Telegram posts gain large numbers of views considering a relatively small number of subscribers.
2
Media publications
The company was briefly mentioned in several articles in Bitcoinist, Cointelegraph, cryptonews dedicated to the tokens and projects audited or provided KYC by Coinsult. We failed to locate any publications dedicated to the auditing company such as interviews with the leadership team, market research, etc.
Speed
Average score 8/10
1
Audit Speed
An audit takes approximately a week, which is an average speed among similar companies.
2
First response speed
After contacting the manager via Telegram, we received a response within an hour.
3
Follow-up response speed
After providing additional information regarding our test project, we received a response within a day.
Expertise
Average score 2,16/10
1
What blockchains does the company audit
Officially, the company works with the following chains:
Ethereum, Polygon, Binance Smart Chain, xDai
Ethereum, Polygon, Binance Smart Chain, xDai
2
Technological advancements
None were located
3
Services
Aside from audits, the company provides KYC and Smart Contract development services.
Prices and additional services
Average score 5/10
1
Audit prices, affordability
The price for the test audit is $3 000. This is an average price on the market, compared to similar companies. The price is affordable to the majority of project owners.
2
Sales, promo offers, bonuses, discounts
No discounts were offered during our communication with the manager.
In addition to the audit report, clients receive:
In addition to the audit report, clients receive:
- YouTube video
- A Call in the project’s Telegram group
- A Tweet in the company’s Twitter Account
- 3 days promotion on the company’s Website
3
Legal transparency
The company accepts only stablecoins.
Quality
Average score 6,6/10
1
Audit quality, report analysis
- Issue description (thoroughness, code examples): YES
- Project description and contracts (what do they do): YES
- Conclusions (automatically generated vs written by specialists): NO
- Recommendations: NO
- Manual audits (a large number of automatically generated audits is a disadvantage): YES
2
User Experience
Audit prices can be requested directly from the manager via Telegram. There is no contact form on the website. Direct contact with the manager, foregoing any forms is a convenient way for potential clients to get all the answers.
Final Score
Considering the results presented in every category, the following points have been assigned:
1,7/10 Trustworthiness
4,3/10 Media presence
8/10 Speed
2,16/10 Expertise
5/10 Prices and additional services
6,6/10 Quality
The Final Score:
4,62/10
4,62/10
This is the analytic report in a series of reports on the smart contract and blockchain apps auditor market. Presented to you by DSA, it’s guaranteed impartial and factual information on the most well-known, new, and obscure players.
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