Thank you for your responses! A major difference between VirusTotal and my project is that, VirusTotal tells if a file has malicious signature in it, but does not provide information if there is vulnerability in the software while my project will be able to search DBs for vulnerabilities and tell if a vulnerability of the software was released / being sold somewhere.
And what if you have no information about a particular file in the database ? Let's assume I put a malware inside a zip file and upload only at one of the file sharing sites and share it with one person.What does your project has to offer for the "link" scanned ?
"So there is nothing new under the sun" said by the wise Ecclesiastes.
The answer is heuristical decision support with information about the past, current and probable trends. Even if the particular file isn't in any exploit DB, similar files usually occur with similar vulnerabilities. If the file is very similar to a vulnerable other file, it should be tested against the other file's vulnerabilities.