We are taking a look at Quantstamp. Quantstamp calls itself the first scalable Blockchain based security-audit protocol. Their purpose is to find vulnerabilities in Ethereum smart contracts.
It is only rank 98 with a market cap of 336 million.
Quantstamp is a specialized network that connects developers, investors, and users through a transparent and scalable proof-of-audit. One part is an automated and upgradable software verification program that can automatically check the code in solidity programs.
The network enables automatic checks on smart contract vulnerabilities and they award verifiers that identify bugs. Quantstamp tokens allow the platform to operate in a scalable and fully decentralized fashion. It delivers computation fees for verifier nodes and essentially they give bounties for locating vulnerabilities.
It is an unique concept that doesn’t have much competetion in the blockchain space, so it has much more potential to grow by itself. This also allows for the ability for the devs to take their time and go long term to make sure everything is in good shape for when the mainnet launches.
It solves the security threats involved with Blockchain deployment. There are many, if not billions of dollars that are being transacted over code that has never been sufficiently tested. The use of the their program to check solidity programs and code requires an enormous computing power, but it will both be able to catch an increasing number of complex attacks and vulnerabilities.
There are a number of ways that Quantstamp is attempting to do this. Automation, Artificial Intelligence, formal verification and static analysis will be used to improve the security of the whole ecosystem. It’s plan in the mid to long term is to become a fundamental part of adoption for Ethereum because all cryptos need to heavily audited before they are ready for real, global use and this is the key for widespread adoption.
And it also is able to be applicable through all ethereum based coins and tokens which greatly increase the use and adoption of Quantstamp.
They have an outstanding team, backing by y-combinator, and are ready for audits to be done. For example they have already audited Request network.
Their team consists of Ex Samsung, Ex amazon, Facebook, and Apple engineers. And it looks like they are still hiring. Their roadmap is well planned out, it looks like they are in no rush and milestones are both numerous and well spaced.
While their marketing is not on par with other coins, it is fine because the devs would much prefer a steady and solid rise in adoption. Their communities are also growing and support and knowledge of the crypto is also growing.
If you’re wondering about the use of the tokens, I’ll explain that too. See, the participants use Quantstamp Protocol tokens to pay for, receive, or improve upon verification services.
There are also a variety of types of participants.
Validators receive QSP tokens for running the validation node, which is just a specialized node in the ethereum network. This is extremely beginner friendly even though it sounds complicated as validators only have to contribute their computing power for the resource-intensive program and a high level of technical expertise is not required.
There are also contributors who receive Quantstamp protocol tokens in exchange for providing software that will be able to check over solidity code and programs. These people have blockchain and security experience. Along with that, the code provided will be open source so that everything is transparent and the community can review and make sure everything is in place.
There is also a bug bounty system, where Bug finders, receive quantstamp tokens in exchange for submitting bugs that they find in smart contracts.
There are also contract creators that pay the token to get their program or contract verified.
Last but not least, holding the tokens allows you to vote. This is an aspect of the protocol that allows a smaller chance of forks and gives more decentralization to the protocol.
This technology is 100% needed and essential to ensuring Ethereum and cryptos in general succeed. It may be an essential part of the crypto space if the devs are able to pull the technical and marketing challenge.
DISCLAIMER: I AM NOT A FINANCIAL ADVISOR NOR AM I GIVING FINANCIAL ADVICE, PLEASE DO YOUR OWN DUE DILLIGENCE BEFORE INVESTING IN ANYTHING ON THIS CHANNEL/TWITTER
