Andrii Stepanov
Marketing Manager

The crypto industry continues to grow, and so do its security challenges. Traditional methods of ensuring security have had their merits, but as the ecosystem diversifies, innovative solutions are needed.

One such solution gaining traction is crowdsourced audits, a method that draws upon the community’s collective expertise. Here, we’ll delve into this concept and take a closer look at HackenProof, a forerunner in the space.

Defining Crowdsourced Audits

Crowdsourced audits are a shift from traditional centralized security verification methods. Instead of relying on a singular or a few experts, it taps into the collective intelligence and diverse skillsets of the community to identify vulnerabilities.

Why Crowdsourcing? In the vast and complex realm of blockchain, no single entity has a monopoly on knowledge or expertise. Crowdsourcing acknowledges this fact, leveraging varied insights and skills to ensure comprehensive security scrutiny.

How Do Crowdsourced Audits Work?

Public Accessibility of Smart Contracts:

Before any form of launch or public interaction, it is imperative that all smart contracts be made publicly available. This step is non-negotiable for several reasons:

  • Transparency: It fosters trust in the ecosystem by showcasing openness and willingness for scrutiny.
  • Wider Review: By making it available to the public, we’re inviting experts from around the world, each with unique skillsets and experiences, to review and identify vulnerabilities.

Freezing Development or Repository Forking:

To maintain a consistent codebase for auditing, we emphasize two approaches:

  • Development Freeze: This involves putting a temporary hold on any changes or additions to the code during the auditing phase.
  • Repository Forking: Alternatively, we’ll fork the last version of your repository, ensuring that the version being audited remains static, making the review process consistent and reliable.

Time Eligibility Based on LOC (Lines Of Code):

The duration of the audit is strategically determined based on the Lines Of Code (LOC). This ensures a balanced approach where more complex projects get the thorough scrutiny they deserve, while smaller projects aren’t overly prolonged.

Active Review by Bug Hunters:

During the designated auditing timeframe, bug hunters—comprising seasoned professionals and keen-eyed enthusiasts—meticulously comb through your code. Their goal? To unearth any vulnerabilities or weak points that might be exploited. If and when a vulnerability is spotted:

  • Report Submission: The bug hunter documents their findings and submits a detailed report, explaining the vulnerability, potential repercussions, and often, suggestions for remediation.

Triage Team Assessment:

Once reports are submitted, they don’t just land on your desk. First, they pass through our dedicated triage team. This team comprises seasoned professionals who:

  • Review and Validate: They ensure that the reported vulnerability is genuine and can be replicated.
  • Clarity in Communication: They refine the reports, making them clear and actionable.
  • Guidance on Remediation: They don’t just pinpoint problems. They guide you towards solutions, offering instructions and best practices to address the identified vulnerabilities.

The HackenProof Approach to Crowdsourced Audits

HackenProof’s method is robust, transparent, and ensures the utmost quality. Their process can be demystified as follows:

Before the Audit:

  • Public Availability of Smart Contracts: HackenProof advocates for all smart contracts to be publicly accessible prior to their official launch. This open availability encourages widespread scrutiny, amplifying the chances of detecting vulnerabilities.
  • Freezing Development: To ensure that the codebase under review remains consistent throughout the audit, HackenProof emphasizes the significance of freezing development or forking the last repository version. This eliminates the chances of new vulnerabilities being introduced midway through the audit.

Financial Aspects:

  • Predictable Audit Budget: Financial predictability is crucial for projects, especially in the volatile crypto space. HackenProof recognizes this and structures its audit costs to ensure there are no unexpected financial burdens.
  • Pay for Valid Issues: Instead of a blanket payment, projects pay only for valid and tangible security issues detected, ensuring cost-effectiveness and value.
  • 100% Refundable Deposit: To instill confidence in its approach and demonstrate commitment to quality, HackenProof offers a 100% refundable deposit if no vulnerabilities are detected. This not only stands as a testament to their confidence in their community of auditors but also ensures that projects get the value they’re promised.

Why Choose HackenProof for Crowdsourced Audits?

  • Cost-Effectiveness:Pay Only for Valid Issues:  HackenProof ensures you’re only charged for tangible, identified vulnerabilities, ensuring that every dollar spent translates to real security value.
  • Collaborative Approach: Their strength lies in collaboration. Partnering with over seven esteemed auditing companies means your project gets a multifaceted audit from various angles, ensuring comprehensive coverage.
  • Wide Network of Talent: HackenProof partnered with more than 7 professional auditing companies and have more than 20k security engineers on the platform.
  • KYC for Auditors: To ensure both the legitimacy and credibility of its auditors, HackenProof mandates a Know Your Customer (KYC) process, providing an additional layer of trust.
  • Qualified Access: Not everyone can review. HackenProof insists that only auditors with demonstrable skills and a proven track record gain access, safeguarding the quality of review.
  • Guard Against Multi-Account Hunters: This protection ensures that the system isn’t cheated and that there’s no dilution of audit quality due to duplicate or redundant efforts.

Supported Technologies by HackenProof

HackenProof isn’t just broad in terms of auditor base, but also in technological expertise. They specialize in a range of cutting-edge technologies vital to today’s blockchain landscape:

  • Solana
  • Rust
  • Move
  • Cairo
  • Solidity
  • Vyper

What criteria for the Qualified Auditors

For those aspiring to join the esteemed ranks of HackenProof’s auditors:

  • Spot High or Critical Issues : Demonstrating your prowess by identifying severe vulnerabilities in smart contracts or blockchain technologies on HackenProof is a significant step towards becoming an auditor.
  • Recommendations from the Certified Auditors: Obtaining endorsements from recognized blockchain auditing firms speaks volumes of one’s capability and reliability in the field.
  • HackenProof Track on HackTheBox (TBA): Completing this specially designed track will not only enhance one’s skills but also be a testament to their expertise and commitment to blockchain security.

By the end of a crowdsourced audit, you aren’t just made aware of potential threats in your system—you’re equipped with the knowledge and guidance to fortify it against future attacks. At its core, this process is a testament to the strength of community collaboration, demonstrating that when we come together, our digital futures become that much more secure.

Want to know more about a comprehensive approach to security and crowdsourced audits? Get in touch to request a demo with our team today!