Leading Indian Cybersecurity Expert Launches Groundbreaking Web3 Security Platform

Meet the dynamic duo of co-founders, who are creating waves in the Web3 Security industry with their startup CredShields. Shashank, the CEO, holds a computer science degree from VIT and boasts nearly a decade of experience in cybersecurity. His journey began as a bug bounty hunter for giants like Google and Facebook. Over the years, Shashank has led security teams at HackerOne, Deriv, and Cobalt.io. His role at Avalanche ignited his passion for Web3. It was at VIT that he crossed paths with Indranil, now the CBO of Credshields. Indranil also started his career as a bug bounty hunter and went on to work on cybersecurity projects across the US and India, eventually joining Deloitte's cybersecurity division. He is recognized in the Security Hall of Fame by 17+ organisations, including Tesla, Samsung, Nokia, Philips, Cisco, Mailgun, and SoundCloud.

Web3 is poised to be the next tech revolution as it leverages blockchain technology to revolutionise online interactions, for creating a more equitable and innovative digital economy. Cryptocurrency market has already hit a capitalization of ~$2.5Tn, with blockchain specific solutions estimated at ~$28Bn. However, this comes with an added exposure to security threats. Web3 security hacks have resulted in a loss of ~$400Mn in the first two quarters of 2024, with the figure being around ~$1.7Bn in 2023. The Web3 industry experts have constantly raised flags about the gaps in the current Web3 security market. Manual audits tend to be expensive, time-consuming, hard to scale, and prone to human errors. The automated solutions in the market have their set of shortcomings, such as long scan times, small detector coverage, too many false positives, difficulty in integration with the process workflow, lack of real-time threat monitoring, among others. This creates a perfect opportunity for entrants such as CredShields to become the thought leaders in the industry, pushing it forward in the right direction. 

Their automated security tool, SolidityScan is a cloud-based tool designed to identify vulnerabilities in smart contracts and assist in publishing audit reports for compliance. SolidityScan engine meticulously analyses smart contract code to spot potential security vulnerabilities and assign a security score. The tool can be directly integrated into the client’s workflow, giving developers real-time updates on their security postures, along with the potential fixes. If we compare SolidityScan with similar tools in the market, its vulnerability detector coverage is ~300% higher than the competitors; the tool generates reports in under a minute, whereas the competitor tools suffer from lengthy scan times; SolidityScan VS Code plugin allows the tool engine to be integrated into any development workflow; and tool offers integration with Github, Bitbucket, Gitlab and Slack as well. SolidityScan boasts 45+ integrations and 67+ partnerships, with prominent names such as Block Scouts for Ethereum, Classic, Arbitrum, Avalanche, Optimism, Polygon, Base, among others; Avalanche Avascan, Remix IDE, Rootstock, Arthera, and others.

The product has been well received by the industry as well. Credshields boasts 7,000+ active users each month. Their tool, SolidityScan, has already conducted 800,000+ scans. Over the past six months, SolidityScan has seen a dramatic rise in usage, with a growth of over 500% in the average number of scans per month. These impressive KPIs highlight the tool’s strong market adoption and confirm its solid product-market fit.

CredShields team is constantly working on bringing new products and innovations to the market. Recently, they introduced AI Remediation for SolidityScan, which leverages the power of Artificial Intelligence to make detector coverage more comprehensive, and provide custom, code and context based solutions to the detected vulnerabilities. There are two new products in the pipeline as well - WalletTracker (advanced monitoring and security protocol for crypto wallet tracking and investigation) and Threat Monitoring (smart contract analysis tool to detect rug pull scams).

This content is produced by Naushad Modasiya.