Audit Company
QuillAudit
QuillAudits is a security company that provides smart contract audits along with a number of other services and tools. Founded in 2018, QuillAudits is a relatively old project on the market with over 700 audited projects.
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 January 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 8,4/10
1
Team members' separate experiences in the field
The leadership team consists of 2 people:
Preetam Rao - Co-Founder, CEO
Rajat Gahlot - Co-Founder
Each member of the leadership team has a vast experience of over 7 years in their respective fields.
Preetam Rao - Co-Founder, CEO
Rajat Gahlot - Co-Founder
Each member of the leadership team has a vast experience of over 7 years in their respective fields.
2
Current team’s experience in the field
Aside from the key members, the LinkedIn company page includes a list of 29 employees. The staff includes technical specialists, auditors, HR specialists, hiring specialists, and marketing experts.
3
Company experience (years of service, date of the first audit)
According to the company’s LinkedIn page, the company was founded in 2018. The first audit was completed on Jan 23, 2019. After that, the company has audited over 700 projects.
The company’s GitHub page proves the number and lists all audited projects with reports. The page is updated regularly.
The company’s GitHub page proves the number and lists all audited projects with reports. The page is updated regularly.
Media presence
Average score 9,2/10
1
Social Media
The engagement rating is high in the company’s Twitter account, but the subscriber count is low. The account is regularly updated with quality content (information about completed audits with project descriptions, new partnerships, news about hacker attacks on various projects, and security-related articles).
The company’s Telegram chat is not very active. Users seldom communicate with each other or with the admins. The administration, however, responds quickly, providing quality information. Other than that, the chat mostly contains announcements and news reposted from Twitter.
LinkedIn account has a lot of subscribers and a high engagement rating, compared to most competitors. The page is updated with company news, announcements about partnerships and other significant events.
The project’s medium page has a large number of subscribers, especially compared to other similar communities. The page is regularly updated with articles describing exploits and attacks on different projects.
There’s a convenient system of arranging topics into categories in the company’s Discord. The chat is not very active, and users rarely communicate with each other and admins. The admins respond quickly and provide quality information to their users. News and announcements are regularly posted in the chat.
New videos about security, education, and blockchain history are published regularly on the company’s YouTube channel. Approximately, these videos don’t get more than 100 views but the most popular ones can get 1000 views.
The project’s Reddit has a small number of subscribers but is updated regularly with new content. Admins respond to all the questions.
The company’s Telegram chat is not very active. Users seldom communicate with each other or with the admins. The administration, however, responds quickly, providing quality information. Other than that, the chat mostly contains announcements and news reposted from Twitter.
LinkedIn account has a lot of subscribers and a high engagement rating, compared to most competitors. The page is updated with company news, announcements about partnerships and other significant events.
The project’s medium page has a large number of subscribers, especially compared to other similar communities. The page is regularly updated with articles describing exploits and attacks on different projects.
There’s a convenient system of arranging topics into categories in the company’s Discord. The chat is not very active, and users rarely communicate with each other and admins. The admins respond quickly and provide quality information to their users. News and announcements are regularly posted in the chat.
New videos about security, education, and blockchain history are published regularly on the company’s YouTube channel. Approximately, these videos don’t get more than 100 views but the most popular ones can get 1000 views.
The project’s Reddit has a small number of subscribers but is updated regularly with new content. Admins respond to all the questions.
2
Media publications
The company’s articles show up regularly and the project is mentioned in the most popular online media. The company is often featured in Coindesk, Cointelegraph, BeInCrypto, etc.
All data is actual at the time of compiling the report in January, 2023.
Twitter - 8600 subscribers, ER 0.47%
Approximately the account receives:
19.1 likes per tweet
1.7 replies per tweet
15.5 retweets per tweet.
Telegram chat - 4100 subscribers
LinkedIn - 4800 subscribers
The average engagement rate is 0.66%.
On average 30.4 eng/post
(reactions + comments + reposts)
Medium - 530 subscribers
Discord - 1200 subscribers
YouTube - 5000 subscribers
Reddit - 5000 subscribers
Twitter - 8600 subscribers, ER 0.47%
Approximately the account receives:
19.1 likes per tweet
1.7 replies per tweet
15.5 retweets per tweet.
Telegram chat - 4100 subscribers
LinkedIn - 4800 subscribers
The average engagement rate is 0.66%.
On average 30.4 eng/post
(reactions + comments + reposts)
Medium - 530 subscribers
Discord - 1200 subscribers
YouTube - 5000 subscribers
Reddit - 5000 subscribers
Speed
Average score 8,33/10
1
Audit Speed
An audit takes approximately 18 workdays. This is relatively long compared to the company’s competitors.
2
First response speed
After being contacted via Telegram, the manager responded within 30 minutes.
3
Follow-up response speed
After being provided with the project information, the manager responded within 3 hours.
Expertise
Average score 9/10
1
What blockchains does the company audit
Officially, the company works with the following chains:
Ethereum Audit
Polygon(Matic) Audit
Binance Smart Chain Audit
Solana Audit
NEAR Audit
Algorand Audit
Tezos Audit
As can be seen from this list, the company works with both EVM and non-EVM projects. Aside from Solidity and Rust, the company takes on audits in NEAR, with smart contracts written in MOVE, in Algorand on TEAL, and in Tezos on OCaml.
Ethereum Audit
Polygon(Matic) Audit
Binance Smart Chain Audit
Solana Audit
NEAR Audit
Algorand Audit
Tezos Audit
As can be seen from this list, the company works with both EVM and non-EVM projects. Aside from Solidity and Rust, the company takes on audits in NEAR, with smart contracts written in MOVE, in Algorand on TEAL, and in Tezos on OCaml.
2
Technological advancements
The company offers a list of various instruments for smart contract security.
QuillCheck - a tool that helps to build a safe, fair, and beneficial crypto space by identifying possible rug pulls. It scans contracts for potential risks hidden in the smart contract, honeypots, and important information about the liquidity of the project.
QuillPlay - an ecosystem that secures smart contracts throughout their life cycle. QuillPlay allows you to create customized contracts, perform contracts audit, deploy contracts in the live environment, and monitor contracts by creating customized alerts.
QuillMonitor (In development) - A Smart contract monitoring tool to ensure the security and safety of smart contracts post-deployment. This tool allows the creation and customization of alerts and monitors transactions to identify anomalies.
QuillRelay (In development) - Cloud-based Smart contract auditing QuillRelay. Fully automated security audit tool with formal verification and embedded static and dynamic analysis capabilities to scan smart contract code and detect vulnerabilities.
QuillCheck - a tool that helps to build a safe, fair, and beneficial crypto space by identifying possible rug pulls. It scans contracts for potential risks hidden in the smart contract, honeypots, and important information about the liquidity of the project.
QuillPlay - an ecosystem that secures smart contracts throughout their life cycle. QuillPlay allows you to create customized contracts, perform contracts audit, deploy contracts in the live environment, and monitor contracts by creating customized alerts.
QuillMonitor (In development) - A Smart contract monitoring tool to ensure the security and safety of smart contracts post-deployment. This tool allows the creation and customization of alerts and monitors transactions to identify anomalies.
QuillRelay (In development) - Cloud-based Smart contract auditing QuillRelay. Fully automated security audit tool with formal verification and embedded static and dynamic analysis capabilities to scan smart contract code and detect vulnerabilities.
3
Services
Aside from audits, the company provides the following services:
KYC
DeFi Diligence
NFT Due Diligence
Blockchain Pen Testing
Rug Pull Due Diligence
KYC
DeFi Diligence
NFT Due Diligence
Blockchain Pen Testing
Rug Pull Due Diligence
Prices and additional services
Average score 7,7/10
1
Audit prices, affordability
The price for an audit of the test project is $18k. This price is higher than the prices requested by most similar companies.
2
Sales, promo offers, bonuses, discounts
No discounts were offered by the team during our communication. In addition to an audit report, clients receive:
- various marketing activities important for the project’s community such as announcements on the company’s social media, case study, PR, Twitter space /AMA sessions, etc.
The company also provides audit grants, loans for many products, vc funds, hackathons through its WAGSI grants.
- various marketing activities important for the project’s community such as announcements on the company’s social media, case study, PR, Twitter space /AMA sessions, etc.
The company also provides audit grants, loans for many products, vc funds, hackathons through its WAGSI grants.
3
Legal transparency
The company provides a legal agreement.
The payments can be transferred via a bank transaction, invoice, fiat, etc. on demand.
The payments can be transferred via a bank transaction, invoice, fiat, etc. on demand.
Quality
Average score 7,9/10
1
Audit quality, report analysis
- Issue description (thoroughness, code examples): YES
- Project description and contracts (what do they do): NO
- Conclusions (automatically generated vs written by specialists): YES
- Recommendations: YES
- Manual audits (a large number of automatically generated audits is a disadvantage): YES
2
User Experience
Audit price can be requested via a contact us form on the website or directly through a manager via Telegram or Discord.
Direct contact is a convenient solution for potential clients, especially if they require additional information.
The website form is simple, without unnecessary fields that could potentially turn a customer away.
Direct contact is a convenient solution for potential clients, especially if they require additional information.
The website form is simple, without unnecessary fields that could potentially turn a customer away.
Final Score
Considering the results presented in every category, the following points have been assigned:
8,4/10 Trustworthiness
9,2/10 Media presence
8,33/10 Speed
9/10 Expertise
7,7/10 Prices and additional services
7,9/10 Quality
The Final Score:
8,42/10
8,42/10
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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