Blockstead Crypto Analytics & User Data

Problem: Attackers exploit smart contracts that suffer from known vulnerabilities to steal assets, deny service, etc. There have been more than 1,427 exploits since June 2011, with a total loss amounting to $76,4b (only $5.6b have been recovered). To avoid such breaches, web3 developers have to rely on security firms to do manual audits that are slow (weeks to months per audit) and expensive ($10k to $500k per contract, depending on its size). Alternatively, the developers have to run smart contract analysis tools on their own infrastructure, which is a complex, resource-demanding, and high-maintenance task. Either way, it's super painful to perform security audits for smart contracts. Moreover, while web3 analysts (e.g., DeFi investment firms) aims to reduce customer risk by incorporating price-based analytical metrics into their risk models, such metrics do not capture the fundamentals of DeFi protocols, especially their software security. To overcome this issue, these firms often use ad-hoc heuristics or personal judgement to quantify the risk of smart contract security, resulting in highly-unreliable and biased estimates that have far-reaching consequences.

Solution: Blockstead is a patent-pending, cloud-based smart contract security auditing service. The service runs multiple static/dynamic analyzers and combine their outputs into actionable metrics using novel AI-based techniques. The service provides web3 developers and analysts access to contract audit results/reports in minutes and at a fraction of the manual audit cost.