CredShields: Offering Credibility, Providing Protection
CredShields breaks down to Cred for 'Credibility' and Shields for 'Protection'. In this rapidly evolving world, the company is aiming to build next-gen security tools for Web 3.0. The rise in smart contract hacks, resulting in significant financial losses, has led to increased awareness and adoption of Web 3 security measures. However, due to the high demand for audits and a shortage of skilled talent, the cost of manual audits has surged.
That is where CredShields’ SolidityScan comes into the picture to address this issue. Since 2021, the entire team has been working on SolidityScan which is the flagship SAAS product of CredShields. It is an automated self-auditing platform that induces continuous security and provides users with a solution to scan, fix, analyse and finally publish a security audit report.
Interestingly, Web3 auditing firms can also benefit from SolidityScan by reducing their man-hours by 50 to 60 per cent and scaling up their businesses. Shashank, Chief Executive Officer (CEO) and Co-founder, CredShields says, “If one sees the entire shift on the blockchain, it is not very different from what already existed but making it easier. So, there will be a shift from Web 2 to Web 3. Most companies are already doing it because it solves a lot of problems like transparency and privacy.”
Rising beyond the sky
Being an early-stage startup with limited resources and talent, it witnessed growth in monthly active users by 220 per cent in the past three months and its average monthly revenue increased by 3.7 times in the past six months.
CredShields was profitable from 2021 till December 2022, building a strong team focussing on developing a strong product that delivers significant value at affordable costs. Total revenue earned by the company stands at around USD 290,000 and revenue from audit services at about USD 230,000. The revenue from the product (SolidityScan) is around USD 60,000. The company reported quarter-on-quarter (QoQ) revenue growth of 230 per cent.
“We have already demonstrated our ability to conduct superior research with minimal costs, resulting in the development of more security detectors than established organisations such as Consensys (creator of Mythx) and Trail of Bits (creator of Slither). We will continue to maintain our lead in security research,” says Indranil Roy, Co-founder and Chief Technology Officer (CTO), CredShields.
Meanwhile, talking about the organisation's vision and practical initiatives taken for scalability, sustainability and social impact, Roy adds that CredShields aims to revolutionise the concept of Web 3.0 security by enhancing transparency and promoting awareness among Web 3 developers and organisations. “Through automation, CredShields encourages the adoption of cost-effective, continuous security practices, ultimately bolstering the overall security of projects,” he asserts.
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