Quantstamp ICO Review — The Protocol for Securing Smart Contracts

Summary

Project Name: Quantstamp

Token Symbol: QSP

Website: https://quantstamp.com/

Github: https://github.com/quantstamp

White Paper: https://docsend.com/view/shcsmhe

Hardcap: $30M (both presale and crowdsale)

Conversion Rate: 1 ETH = 5000 QSP

Bonus Structure: 20% / 40% / 100% (depending on the quality of your Proof of Care)

ECR20 Token: Yes

Presale Date: 10/9/17 until 11/9/17 (on a rolling basis)

Crowdsale Date: 11/15/17 until 11/22/17(Only whitelisted members can participate)

We all know that smart contracts have created a great amount of success for the cryptocurrency community; however, there has been issues with securing them. In June 2016, a hacker found a vulnerability in the DAO smart contract and was able to steal around $55M in ether. In July 2017, another hacker was able to steal approximately $30M from various companies due to a vulnerability in the smart contract code of the wallet.

These sort of vulnerabilities will continue to exist in smart contracts, due to the nature of human error during the coding process by blockchain and smart contract developers, who аrе usually nоt ѕесurіtу experts. Even if they are security experts, a small error (which may seem insignificant at the time) could be exploited, rendering the whole smart contract and funds vulnerable.

Overview

Quantstamp is a scalable and cost-effective system that audits Ethereum smart contracts, it is the Deloitte of blockchain. A project like Quantstamp is critical and will promote widespread adoption of the Ethereum network.

Team

Quanstamp has a very capable team. The CEO, Richard Ma, graduated from Cornell University with a bachelors in Electrical Computer Engineering. He worked previously as a quantitative trader, and has years of experience across different development platforms. The CTO, Steven Stewart, worked for 5 years in the Canadian Department of National Defense, he dropped out from his PhD program at Waterloo in order to focus on Quantstamp. The engineering division has excellent academia and industry experience; having previously worked at, Google, Barclays, and Microsoft; two of them are PhDs from Waterloo. The team is backed by an equally capable team of advisors, including Evan Chang, Director of Engineering at Facebook.

What does the company/project do?

The goal of the team behind Quantstamp is the establishment of a new protocol for securing smart contracts using scalable proofs-of-audit, which removes any centralization from the auditing process. This project aims to provide such a service in a cost-effective manner. Quantstamp has released a sample test on their GitHub. They have also published the report from their security audit of the recent Request ICO’s smart contract.

What is the purpose of the token?

Each participant uses Quantstamp tokens (QSP) to pay for, receive, or improve upon verification services. The protocol allows end-users to directly submit programs for verification, incentivizes miners by making the verification and certification of smart contracts part of the validation node software on Ethereum.

Why Quantstamp?

  • Quanstamp is decentralized, allowing еnd-uѕеrѕ to directly verify fіnаnсіаllу sensitive programs vіа thе Quаntѕtаmр network.
  • Quantstamp will be autоmаtеd, creating a more cost effective and time efficient solution than a human audit.
  • Quantstamp will іnсеntіvіzе human participants for finding errors in smart contracts through an automated bounty payout system.
  • Investors аnd ѕtаkеhоldеrѕ саn also аѕk projects fоr ѕесurіtу audit trаnѕраrеnсу vіа the Quаntѕtаmр protocol.

Conclusion/Recommendations

The Quantstamp protocol has the potential to become the standard audit solution for every smart contract based on Ethereum. The project has already completed a smart contract audit for Request Network, which I believe will be just one of many (in the near future). The pre-sale-registration for this project has begun, and I suggest get on board as soon as possible (before registration closes). You must submit Proof-of-Care to be eligible for the pre-sale.

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