Audit Company
SolidProof
SolidProof offers a comprehensive solution to guide and assist cryptocurrency projects. Services include Smart Contract Audits, KYC, and tailored marketing solutions for the crypto industry, targeting diverse markets.
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. Added updates in July 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 5,5/10
1
Team members' separate experiences in the field
The website doesn’t provide information about the team or a link to the LinkedIn page. However, there is a LinkedIn company page and there are three people who can be identified as the leadership team. Each has approx. 5-7 years за experience in their respective fields.
Orhan Demis - Co-Founder
Mails Nielsen - Co-Founder
Kevin Arens - CFO
Orhan Demis - Co-Founder
Mails Nielsen - Co-Founder
Kevin Arens - CFO
2
Current team’s experience in the field
Among the team members’ profiles there is no information that proves their expertise in smart contract audits.
3
Company experience (years of service, date of the first audit)
Solidproof brand under the German company Make Network. According to the LinkedIn page, the company was founded on May 30, 2020. The company has audited over 1000 projects, which proves that its experience is based on the number of audited projects rather than the time the company has existed. The company’s GitHub can prove the number of audits, since it offers a repository with the reports that’s regularly updated.
Media presence
Average score 7,5/10
1
Social Media
The company’s Twitter account has a large number of subscribers and a high engagement rating, compared to similar companies. New tweets show up regularly and contain audit and partnership announcements, crypto news, and informational posts. There is a second Twitter account dedicated for the most part to the news from partners. Since the second account mostly reposts news, there is no point in assessing the ER for it.
In the Telegram channel the news are mostly copied from Twitter so they provide the same content. They get high numbers of views with a good average viewing rate, compared to similar channels.
Facebook content is also similar to Twitter, with the same contents. There are no comments, reactions, or views under posts so assessing ER/VR is not possible.
In the Telegram channel the news are mostly copied from Twitter so they provide the same content. They get high numbers of views with a good average viewing rate, compared to similar channels.
Facebook content is also similar to Twitter, with the same contents. There are no comments, reactions, or views under posts so assessing ER/VR is not possible.
2
Media publications
The company is mentioned in articles about audited tokens/projects as well as its own dedicated articles and reviews in the media such as Yahoo.Finance, cryptonews, Crypto Reporter, Bitcoinist.
All data is actual at the time of compiling the report in February, 2023.
Twitter - 200,000 subscribers, ER 0,175%
Approximately the account receives:
223.9 likes per tweet
20.8 replies per tweet
118.1 retweets per tweet
Telegram channel - 117,000 subscribers, VR 9,8%
On average 9280 views/post
Facebook - 44,000 subscribers
Twitter - 200,000 subscribers, ER 0,175%
Approximately the account receives:
223.9 likes per tweet
20.8 replies per tweet
118.1 retweets per tweet
Telegram channel - 117,000 subscribers, VR 9,8%
On average 9280 views/post
Facebook - 44,000 subscribers
Speed
Average score 8,33/10
1
Audit Speed
An audit takes approximately 7 work days which is relatively long compared to similar companies.
During a conversation, the manager mentioned that an audit can be performed in half the time but the price will be doubled.
During a conversation, the manager mentioned that an audit can be performed in half the time but the price will be doubled.
2
First response speed
The manager responded within 15 minutes after the initial request in Telegram.
3
Follow-up response speed
After being provided with the necessary information regarding the project, the manager responded within 3 hours.
Expertise
Average score 6/10
1
What blockchains does the company audit
The company works with both EVM and non-EVM blockchains.
The priority is given to Solidity и Rust.
The priority is given to Solidity и Rust.
2
Technological advancements
None were located
3
Services
Aside from audits, the company provides KYC and a wide selection of marketing services.
Prices and additional services
Average score 7,66/10
1
Audit prices, affordability
The price for the test audit is $6.5k. This is an average price in the market, affordable for the majority of projects.
2
Sales, promo offers, bonuses, discounts
No discounts were offered during the communication with the team. In addition to an audit report, clients get:
- A design with the company’s brand for announcements(a certificate)
- An announcement about passing an audit in the auditor’s social media.
1. Tweet on the verified Twitter account
(200k followers)
2. Visibility on the website (24k visitors per month)
3. Visibility on the Telegram news channel (105k subscribers)
- A design with the company’s brand for announcements(a certificate)
- An announcement about passing an audit in the auditor’s social media.
1. Tweet on the verified Twitter account
(200k followers)
2. Visibility on the website (24k visitors per month)
3. Visibility on the Telegram news channel (105k subscribers)
3
Legal transparency
The company provides a legal contract. Payments can be sent via a bank transfer, an invoice, fiat, etc. on demand.
Quality
Average score 4,9/10
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): NO
- Recommendations: NO
- Manual audits (a large number of automatically generated audits is a disadvantage): YES
Audit reports contain conclusions copied from automated tools.
Five reviewed reports didn’t contain a single issue that was discovered by anything other than an automated tool.
These are typical reports, compiled by quickly analyzing the code by a tool.
2
User Experience
Prices can be requested via the contact form on the website or directly via Telegram,
Being able to contact the manager directly is advantageous for the potential clients with inquiries.
Being able to contact the manager directly is advantageous for the potential clients with inquiries.
Final Score
Considering the results presented in every category, the following points have been assigned:
5,5/10 Trustworthiness
7,5/10 Media presence
8,33/10 Speed
6/10 Expertise
7,66/10 Prices and additional services
4,9/10 Quality
The Final Score:
6,64/10
6,64/10
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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