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QuantStamp and Hacken both want to solve the same problem: verify computer code and offer “stamps of approval” for works carried out. QuantStamp focuses its efforts on smart contract auditing. For QuantStamp human actors are the chief problem in smart contract creation, hindering Ethereum’s wider adoption. With QuantStamp, auditors are rewarded for using their computer power to validate smart contracts on the Quantstamp network via Proof of Audit. In essence, QuantStamp tokens “mine” the QuantStamp network – the same way bitcoin miners are incentivized for validating transactions (viz. hash functions) on the bitcoin network.
Hacken concentrates on the cybersecurity realm and wants to use the “immutable ledger” of the blockchain to record and timestamp bug fixes thereby lending credibility to the smart contract creator. Hacken does not specifically verify Solidity code. Rather, Hacken wants to use smart contracts to power its escrow agreements between ethical hackers and contract creators. Both ICO’s want to challenge the status quo, and unsettle the multi-billion dollar software auditing arena. Their success largely depends on whether or not both companies can pivot against the rising tide of competition, and whether a blue ocean of untapped opportunity can be exploited in a timely and cost-effective fashion.
