For smart contract security and AI Systems audit to scale, founders must take security seriously. AuditOne developed its strategy for securing smart contracts based on traditional audit firms and bug bounty platforms.
AuditOne combined both approaches of the bug bounty and the traditional auditing firm with three auditors and an internal AuditOne reviewer. Auditors working independently to audit a project decrease the probability of collusion while increasing the likelihood of identifying problems others may have missed throughout the audit. While also incentivizing them to compete to identify issues on all levels with a bug bounty. The auditors share the identified issues with the project team, allowing them to fix these issues before the final report is issued.
Traditional Audits:
Process: One or two anonymous auditors review a project's codebase and report any bugs found.
Challenges:
Long Waiting Times: Traditional firms often have significant wait times before starting an audit.
High Costs: These audits are typically expensive.
Limited Availability: Projects struggle to get timely services.
Auditor Compensation: Auditors receive only a portion of the fees firms charge.
Bug Bounty / Audit competition:
Process: A group of random security experts examines the code and reports any findings, receiving rewards for their discoveries.
Challenges:
No Comprehensive Report: Bug bounties do not produce a detailed audit report, leading to concerns about audit consistency.
Inconsistent Incentives: Auditors may only be motivated to ensure part of the codebase's security.
Variable Expertise: There is no assurance that the most skilled individuals will participate in the bounty.
Large bounty sums: Projects must incentivize auditors with large bounty amounts to attract the best auditors in the space.
Our process separates us from other audit firms:
Transparent and Effective Auditing with AuditOne
At AuditOne, our goal is not merely to rubberstamp a project with a complete audit but to make the auditing process as transparent and effective as possible. We aim to reduce the risk of bugs slipping through our net by providing the best auditing strategy. Unlike traditional audit firms, most fees paid to AuditOne are distributed to the auditors, ensuring they receive fair compensation for their work.
Enhanced Auditor Pool and Compensation Structure
Traditional firms typically have one or two auditors examining the code over time. At AuditOne, we utilize a pool of three auditors and an internal AuditOne reviewer for each project. This approach ensures a more thorough code examination and incorporates a bug bounty element during the session. Auditors are rewarded based on the severity of the issues they discover. Projects pay less for less severe issues but reward auditors for finding severe issues, incentivizing them to review the codebase meticulously.
Quality Assurance and Peer Review
To ensure the highest quality of work, we conduct an independent peer review of the audit findings. After the project team fixes the identified issues, AuditOne reviews the codebase again to ensure that the developers didn't introduce new bugs during the audit before issuing the final report.
Auditor Transparency and Expertise
We perform KYC on our auditors, providing projects with confidence in the individuals performing their audits. Our auditors are not anonymous; they are the centerpiece of our organization, and you can view them on our leaderboard. All auditors are vetted thoroughly through our verification examination to ensure they meet our high standards.
Reduced Waiting Times
With a large pool of over 400+ auditors, AuditOne significantly reduces the waiting time for audits compared to traditional firms, which often take months to start. This extensive pool allows us to begin audits promptly and deliver timely results. Here is a list of our top ten auditors.
