Quantstamp – securing smart contracts

Quantstamp - Securing Smart Contracts

Quantstamp – Securing Smart Contracts

In the past couple of years, we have witnessed a huge number of companies created on the foundation of blockchains. This ingenious new technology aims to disrupt core principles of various industries, such as banking, trading, insurance, electricity production and many more. These companies tend to attract investors by selling their ideas through initial coin offerings, or ICOs. This way the company tends to collect much-needed funds meant for further development of their product. Today we’ll be taking a look at another such company called Quantstamp. It aims to change the way Ethereum smart contract are being deployed by introducing security audits to them. Interested to hear some more? Keep on reading and find out how to become a part of a revolution!

Quantstamp | How it works

Today, the biggest amount of ICOs are held on top of Ethereumblockchain network, the most popular platform for creation and deployment of so-called smart contracts. They are designed to help you exchange any kind of wealth without the need of a traditional middleman, such as broker or lawyer. Also, there is absolutely no chance of negotiations that are frequent when creating a classic contract, since smart contract is fulfilled only when all requirements are met. Smart contracts are publically announced and written down in a ledger that is broadcasted to all network participants in a form of an encrypted blockchain, thus guaranteeing its immutability and security. However, since smart contracts are actually pieces of code executed by spending Ethereum tokens, there is a possibility that some critical bugs are present which could eventually result in loss of money. That’s where Quantstamp jumps in, by creating an environment of automated and human verifiers that get paid in the form of QSP tokens. For instance, a developer that wants to test his smart contract will use his QSP tokens to call upon a security check of desired level, in order to test his code. A series of complex security checks is performed for each smart contract, and the results are encrypted and written down in a decentralized database. That way, all users of Quantstamp service will have the backup of their result which can be accessed at any time. All in all, Quanstamp acts as an advanced version of code review, and will surely bring significant changes to future development of smart contracts. Want to get involved? Keep on reading and learn how!

Quantstamp Features

Quantstamp Features

Quantstamp | ICO

As we have already mentioned, fundraising of blockchain companies is usually being done through ICOs, and this is the case with Quantstamp as well. Currently, there is an ongoing presale event aiming to collect up to 3 million dollars by selling QSP tokens. All profits will be used for salaries of engineers that will be hired to work on the project full-time. The exchange rate is set at 10 000 QSP tokens for 1 Ethereum tokens, which currently comes to approximately 0,033 dollars. Presale event ends at 7th of November, but keep in mind that getting in could result in pretty high revenues, as early backers are rewarded with up to 100% bonus.

The main token sale will take part in November, with 650 million tokens available, and expected revenue ranging between 3 and 30 million dollars. That amount is actually 65% of the total supply amount – the rest will be reserved for core activities, community development and given to founding members and team advisors. The event will last for one week, with the exchange rate of 5 thousand QSP tokens for 1 Ethereum token. After the main token sale is over, tokens will appear on major worldwide cryptocurrency exchanges, and the product development will start off immediately. Sounds promising, doesn’t it? Just wait ‘till you read about the accomplishments so far and the team behind the whole project!

Quantstamp ICO

Quantstamp ICO

Quantstamp | Accomplishments and the team

Quantstamp is the world’s first blockchain security audit project that could significantly reduce the time needed for code testing of smart contracts, and it just might become the core part of future Ethereum smart contracts. The networks is scalable so it can easily verify all Ethereum-based projects, while the proof-of-audit concept forbids any kind of results manipulation. There is already a prototype of the Quantstamp service available on the company’s Github profile. Also, they have already completed their first audit for the token sale smart contract of Request.Network, a network for secure payments. Since they plan to make a fully automated audit system in the future, without the need for human interaction, the will surely see great things happening very soon.

Quantstamp Team

Quantstamp Team

The team behind the project is more than solid, with leadership consisting of CEO Richard Ma and CTO Steven Stewart. While Ma’s previous background includes design and implementation of various automated trading systems for several companies, Stewart worked as a skilled software developer for various companies, including the Canadian Department of National Defense. There are also some skilled security engineers, as well as a designer and PR manager on board, each of them with strong references and years of experience in their fields. There are some strong names in the team of advisors as well. This especially goes for Evan Cheng, currently head of Engineering at Facebook and one of the most respected opinion makers in the world of cryptocurrencies. All in all, it’s safe to say that Quanstamp has a bright future ahead, and when it reaches its development goals, Ethereum contracts will get a much-needed security layer.

Quantstamp | Conclusion

All in all, we see a strong potential in Quanstamp, mainly because of the fact that blockchains are becoming more and more popular, and thus will surely soon become a target of hackers. Security is of outmost importance here, since many smart contracts interact with payments directly, and this is where Quantstamp technology will really shine. There is still time to participate in the creation of something truly unique, so go through the company’s official website to get additional information on how to get involved!

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Author: Ben Prescott
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