How Can Security Audits Prevent the Crypto Industry Crisis? | Twitter

The fall of a trusted centralized giant in 

the industry has raised serious questions about the standard of security in blockchain projects. 

Even though centralized players are trying their best to gain back the trust of their users, there is no safe adobe for crypto investors. The only thing that can bring back trust within the industry is third-party security audit certifications from unbiased and transparent auditors. 

To make the crypto community aware of the ideal security standards and know whether security audits would be an adequate measure to prevent the exploitation of loopholes, CoinGabbar has hosted a Twitter session with CredShields with the theme - How Can Security Audits Prevent the Crypto Industry Crisis? 

This Twitter session was attended by Mr. Shashank, C0-Founder & CEO, CredShields, and Mr. Indranil, Co-Founder & CTO, CredShields, and moderated by CMA Sudeep Saxena, Co-Founder, CoinGabbar.

What are Security Audits?

Security audits in blockchain technology is checking whether the security mechanism developed by the organization to safeguard their private keys is strong enough to not be broken into. It ensures that the private keys of the organizations are stored in air-gaped systems.

Security audits are not only about making your smart contracts ‘bullet-proof’ but also educating all the stakeholders including the employees about the significance of any breached security practice. Most of the thefts that we have witnessed even in the most robust systems were nothing more than the exploits of employee device vulnerabilities. 

However, most companies are conducting mere code audits, which are not sufficient in the age of Web 3.0. Organizations should go for an overall audit of their internal safety, employee training, and testing of their safety mechanisms.

What is CredShields?

Both the Co-Founders of CredShields took their chances to speak about their product in-depth and explain their vision for the future of blockchain tech. According to Shashank, CredShields is a smart contract auditor that enables blockchain projects to remove all the culpabilities in their code before deploying it on the blockchain network. 

However, if we look at the metrics, more than 40% of blockchain vulnerabilities that were exploited had nothing to do with the smart contract code. Those were the loopholes either on the front end of the software or the cases of leaked private keys. 

When CredShields entered the market we noticed that no one in the industry was working towards automating the audits and this was how their product SolidityScan was born. Today, they are transforming Web 3.0 security and have 140+ vulnerability patterns to spot and rectify the code of their customers. 

How Can Security Audits Deal With Internal Sabotage?

The internal security of an organization is less about vulnerabilities and more about compliance. To ensure that your organization is safe and secure from any internal sabotage, you have to maintain strict compliance and limited access to authority for your employees. The lowest possible privilege should be provided to the employees to ensure that it cannot be exploited.

Security audits cover only external security while robust structural compliance makes sure that you are secured internally against any form of sabotage. 

How CredShields Can Secure Web 3.0 Projects?

CredShields try to comprehend the concepts behind the projects and their value propositions and understand what they are trying to build. We also take a look at their future plans of monetization and how they are going to execute them. 

The best thing about Web 3.0 development is that the entire code of the project is available to anyone. CredShields start with auditing the complete code of the projects and reporting the vulnerabilities to the team. Apart from that CredShields also take care of the front-end security and their GitHub repositories. 

Once the security audit is completed, CredShields gives a reporting time of three months to the organization to fill up the gaps and apply their patches. Once that is done, CredShields move forward with insisting to organize bug bounty programs and assist the organizations to successfully conduct them. CredShields ensures that the project is tested multiple times by industry experts. 

CredShields continue to collaborate with the projects in executing their quarterly audits and eventually become a part of their production process. Once CredShields is entirely into a project it ensures that nothing goes into production without our internal audits. 

Things that Users Must Keep in Mind

Shashank and Indranil from CredShields shared their industry insights by highlighting some of the common things that users must keep in their minds while using interactive technologies to safeguard their digital assets. 

• If you are looking out to use a newer product make sure to know who are the founders and if they are trustable

• Find out the invested entities in the project if you are planning to interact with the project’s smart contract

• Learn more about the auditors who audited their smart contracts. Keep in mind that a self-audit is no better than no audit. 

• If the value proposition of the project is too good to be true, it is highly likely that the project could be a Ponzi scheme

• If you are interacting on Web 3.0, make sure not to store your passwords and private keys in insecure browsers

• While conducting financial transactions, make sure to only use your private devices and a network that you can trust 

• If you are interacting with a smart contract, revoke all access from your wallet once the transaction is completed

• Do not install insecure plugins on your browsers

• Never install untrusted files on your personal devices

• Check out the URL twice to ensure that you are on the right website

• Never enter any credential details on a website with HTTP protocol, always use only HTTPS settings in your browser

• Maintain air gaps within your devices and isolate your cryptocurrencies from your devices of common use. Hardware wallets are investments that you’d never regret

• Only click on the links that you can trust completely

How CoinGabbar is Contributing Towards an Aware Crypto Ecosystem

CoinGabbar is hosting a series of events while also participating in global forums pushing the significance of deliberate research before investing. We are also of an opinion that wise investing is one of those methods that can provide stability to the crypto market. Here are the highlights from the moderator of the session CMA Sudeep Saxena, Co-Founder CoinGabbar.

“Tokens of a project should be seen as the equity of that project and should be analyzed on the basis of its foundational strength. However, most commonly, crypto tokens are analyzed on the basis of their price modulations, rather they should be analyzed on the basis of their use case and the underlying project on which the tokens are issued.”, said Sudeep.

He further added, “At CoinGabbar we are trying to find out the use cases of the projects, already released research papers of 200 tokens highlighting the foundational values on which the project is based. This is the level of transparency that we are willing to build in the crypto ecosystem. Whosoever is invested in the crypto world can take a wise decision on the basis of the last level of transparency that we are creating.”

The Way Forward

CredShields is working towards making Web 3.0 a more secure place while working on project security with its different products. CredShields have SolidityScan which automates code auditing with its 140+ vulnerability presets. This gives the bandwidth to security experts to focus on minor details of the code rather than common vulnerabilities. 

CredShields is also working towards developing a UI on top of the blockchain networks that can track your stolen funds and know. CredShields is up to multiple other projects that they will reveal once the projects would be in their final stages. 

With the collaborative efforts of CredShields, CoinGabbar will continue to host such interesting sessions on our platform to contribute towards a safer Web 3.0.

Stay tuned with CoinGabbar on our Twitter to know about future AMA sessions with industry experts and thought leaders.