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Audit Company

TechRate

ThechRate is an audit company founded in 2020. The company has audited over 1800 projects, most of which are tokens.
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 June 2023.
Contents
1
The main criteria for auditor review
2
Categories and sub-categories
3
Detailed analysis
4
Final Score
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 6,5/10

1

Team members' separate experiences in the field

The leadership team consists of 3 people:

Zufar Gatiyatov - CO - FOUNDER
Il K - CO - FOUNDER
Alice G - CMO

The information about the team is lifted directly from the company’s website. It was possible to find any proof of experience via LinkedIn for only one team member - Zufar Gatiyatov. There is no publicly available information about the other two team members.
However, according to the website, the leadership team members have experience working in such companies as PwC, Callisto Network, and ICORating.

2
Current team’s experience in the field
Aside from the key team members, the company’s LinkedIn page lists only one employee – Sales & business development manager Aynoor J. According to the website, however, the company employs tech and business development specialists. There is no way to confirm the experience of these members, since there is no public information available.
3
Company experience (years of service, date of the first audit)
According to the disclaimer on the website, the company has been offering security services since November 2020. Since then, the company has audited over 1800 projects. These numbers are easily confirmed by the company’s GitHub page - a regularly updated repository that contains all the audit reports.

Media presence

Average score 4,55/10

1

Social Media

The Twitter account is followed by an average number of users, and the engagement rating is fairly average in comparison with the competition. New tweets are added regularly and include announcements of partnerships and audits, as well as informational tweets and news regarding security.

The telegram channel has a high number of subscribers and a high number of views, but the Engagement Rating is low compared to similar accounts. Telegram posts are similar to the company’s tweets.
2
Media publications
The company is mentioned in many publications on Yahoo Finance, in the news about audited tokens and projects. However, we have not discovered any articles, interviews, or market research from the company or about it.

Speed

Average score 6,67/10

1

Audit Speed

An audit takes roughly 2-3 days, which is fast compared to similar companies.
2
First response speed
After being contacted via TG, the manager responded within 12 hours.
3
Follow-up response speed
After being provided with the additional information, the manager responded with the quote within 3 days.

Expertise

Average score 7/10

1

What blockchains does the company audit

According to the list of audited projects, the company audits projects in the following chains:
Ethereum, BSC, Polygon, Arbitrum, Tron, Aptos, DogeChain, XDC Network, Avalanche,
Cronos, Aurora, Flare, Harmony, HECO Chain, KuCoin Community Chain, Near, SmartBCH.

As can be seen from the list, the company works with both EVM and non-EVM networks. The company has experience working with a large number of languages, frameworks, and technologies. Regarding stack technologies, the company has no shortcomings.
2
Technological advancements
The company offers its own tool DeFi Token Generator. It’s a smart tool developed for fast and safe contract creation developed by Techrate Group. It offers an easy way to build up your own solidity contract based on the latest market trends with the option of creating a customized one according to the client’s specs.
3
Services
Aside from audit services, the company offers DApp development and smart contract development on different blockchains.

Prices and additional services

Average score 4,33/10

1

Audit prices, affordability

The price for an audit of the test project is $1850. This is an average price for the market, compared to similar offers. The price is affordable for the majority of projects, including new ones.
2
Sales, promo offers, bonuses, discounts
During our communication with the manager, no discounts were offered. In addition to the audit report a client receives:
The listing option. Listing costs $200 and includes posts in company telegram and Twitter.
An additional information section on the company’s website (Logo, and links to your social media).
Access to the community of over 10 000 users.
3
Legal transparency
The company only accepts payments in cryptocurrency.

Quality

Average score 2,9/10

1

Audit quality, report analysis

  • Issue description (thoroughness, code examples): YES/NO

  • Project description and contracts (what do they do): NO

  • Conclusions (automatically generated vs written by specialists): YES/NO

  • Recommendations: NO

  • Manual audits (a large number of automatically generated audits is a disadvantage): NO
The reviewed reports showed only the issues that can be found with automated tools. As a rule, it means that a manual review did not take place.
The quality of the reports is questionable, the company seems to review simple projects, specifically tokens.

2
User Experience
Prices can be requested through a form on the website or directly through a manager in TG. Access to a manager without having to fill out any forms is a convenient option for clients who are interested in introductory information.

Final Score

Considering the results presented in every category, the following points have been assigned:
  • 6,5/10 Trustworthiness
  • 4,55/10 Media presence
  • 6,67/10 Speed
  • 7/10 Expertise
  • 4,33/10 Prices and additional services
  • 2,9/10 Quality
The Final Score:
5,33/10
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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