Visionary, Resilient, and Driven are a few adjectives that define this new-age entrepreneur, who is disrupting the Web3 and the Cybersecurity industry, with his startup called Credshields. Meet Shashank (CEO - Credshields), a Computer Science graduate from VIT. Shashank has ~10 years of experience in Cybersecurity. He started his career as a bug bounty hunter with behemoths such as Google and Facebook. He has since held leadership roles at HackerOne, Deriv, and Cobalt.io, managing security researcher teams and leading over 100 penetration tests for diverse clients. A stint as a Security Consultant at Avalanche sparked Shashank's interest in Web3. During his engineering days, he met Indranil (CBO - Credshields) at VIT. Indranil has a similar background in cybersecurity, where he started his career as a bug bounty hunter. He worked on multiple cybersecurity projects across the US and India, before finally joining Deloitte’s cybersecurity practice, where he worked with clients across the US, Canada, and Europe, among other geographies. Together, they are committed to building comprehensive Web3 security solutions such as automated security tools to detect smart contract vulnerabilities and generate smart contract audit reports; and more comprehensive manual audit solutions.
The Rise of Web3 and the Need for Security
The Web3 market is experiencing explosive growth, fueled by the recent approval of the first Ethereum spot ETF and the ever-increasing value proposition of blockchain solutions. The total cryptocurrency market capitalization now sits at a staggering ~$2.5 trillion, with Bitcoin and Ethereum leading the charge. Blockchain-specific solutions are also experiencing significant growth, reaching a valuation of ~$28 billion.
However, this nascent space faces a critical challenge: security. Web3 hacks have resulted in substantial losses, with 2024 already witnessing a staggering ~$400 million stolen (compared to ~$1.7 billion in 2023). Credshield's SolidityScan tool exemplifies the severity of this issue. SolidityScan has been instrumental in detecting vulnerabilities in several high-profile attacks, including the DEUS DAO hack (loss: $6.5 million), Orion Protocol hack (loss: $3 million), Safemoon hack (loss: $8.9 million), and TempleDAO hack (loss: $2.4 million). Explore Credshields HackHub for a more comprehensive interactive dashboard on Web3 hack statistics.
The Security Gap in Web3
Several factors contribute to Web3's security vulnerability. The market is young and lacks structure. There's a dearth of automated security tools, and manual audits are expensive and inefficient due to limited expertise. Businesses lack security frameworks and protocols, while developers often struggle with the knowledge and resources necessary to create code resistant to new attack vectors. Even established security companies haven't fully adapted to Web3, leaving new entrants without proper guidance on security protocols.
This gap presents a golden opportunity for a new market – Web3 Security Solutions.
Credshields is at the forefront of Web3 security, offering a comprehensive suite of solutions to address the growing security needs of this innovative space. Their commitment lies in building automated tools like SolidityScan, an on-demand smart contract scanner that facilitates easy scaling and cost-effective security. Credshields also offers Quickscan, a lightning-fast functionality that generates threat reports and rug pull scores in under 60 seconds. In this Web3 Security ecosystem, there are few players to begin with. If we compare Credshields offerings with their competitors, their vulnerability detector coverage is almost 2-3x as compared to the competition; Quickscan functionality to generate audit reports under 60 seconds without lengthy registration processes; they offer integrations with platforms such as Github, Bitbucket, Gitlab, and Slack; Customers also get SDK support, for easy customization and adoption into their ecosystem; and better dashboard and report customization capabilities. Solidity Scan’s VS Code Plugin can be directly integrated into the development environment, providing real-time security analysis in the workflow, and allowing developers to design robust solutions at every stage of the life cycle. Head over to the Solidity Scan website for in depth analysis of the product functionalities. Currently, Credshields is constantly innovating, and their focus now lies on further streamlining integration within the Software Development Lifecycle (SDLC) for continuous and proactive security monitoring. For a deeper dive into Solidity Scan's functionalities, visit their website.
Credshields: Shaping the Future of Web3 Security
The market for automated Web3 security tools is currently evolving, with new use cases being developed and tested. The target customers for such products/services can be broadly categorized as developers, enterprises (native Web3 enterprises and the traditional Web2 players transitioning to Web3), and individual investors (People who invest in Web3 projects, and institutional investors). Credsheids intelligence team is working on identifying key industries that are prone to seeing a Web3 adoption revolution soon. A few such sectors are banking, transactions, investment, asset management, payments, supply chain, healthcare, and entertainment. Credshields is collaborating with developers, enterprises, and industry thought leaders, to forecast the future landscape, and develop offerings to cater to this demand. Through such collaboration efforts, Credshields is pushing the Web3 Security industry in the right direction, and paving the way for new players in mainstreaming this industry.
