Quantstamp: Heralding a new age of Secure Smart Contracts
Every once in awhile, something will come along and impact the world with huge changes. First, there was Bitcoin. Then, there was Ethereum with its smart contracts. And now, Quantstamp is looking to place its mark as THE protocol for securing smart contracts.
When I first came across the project via an altcoin telegram chat group, I was intrigued. One of the things that I did was joining the Quantstamp telegram chat, and the numbers I saw surprised me. Right there, for a coin which has not even completed its ICO, were 2300 members. The chat group from which I originally came across the project from only had 1500 members.
That prompted me to research the project a little more. The more I researched, the more excited I became.
Right now, in the cryptocurrency world, there are many projects based on the Ethereum blockchain. However, these projects are prone to many vulnerabilities in their codes, with the most notable exploit being the DAO hack in 2016, where $50m worth of ether were lost. Most of the projects have not been tested for code security and sturdiness, and multiple incidences of security exploits were reported one after another.
This is where Quantstamp comes in. Quoted from their official website:
“We believe in the future of smart contracts and are building a foundational technology to protect users and investors — with scalable proofs-of-audit.”
Quantstamp does this through two parts.
The first is an automated and upgradeable software verification system that checks Solidity programs, much like an Anti Virus (simplified explanation).
And the second is an innovative solution that consists of an automated bounty payout system that rewards human participants for finding errors in smart contracts, with its purpose being to bridge the gap while moving towards the goal of full automation.
Personally, I feel that this will one day become an indispensable feature in Smart Contract projects. Having these audits will give both users and investors extra security in an age where online hackers have proliferated. It is highly likely that there will be many projects that will want the credibility that a trusted audit would give. Already, Quantstamp has successfully audited a project called Request Network, which is a decentralized network for payment requests.
After reading through the Quantstamp whitepaper, which is readily available on its webpage, I am convinced that the team is nothing short of professional, with many legal details and scenarios outlined clearly and transparently for all its stakeholders to see.
At this stage, I am already very impressed.
The next step was to decide if I would want to become an investor. A look at their team showcased stellar credentials — multiple PHD holders with relevant industry experiences. The advisory board was even more impressive, with the Director of Engineering at Facebook Evan Cheng topping the list.
Next, I could see a clearly written roadmap on their website. The way forward is well thought out, with a good balance in both technological development as well as community outreach. The best products without marketing will not sell a dime, and as such I am very pleased to see that they included marketing / PR and awareness campaigns in their business development roadmap. They are also committed to participate in various notable blockchain conferences and events.
The final push needed for me to invest came when I was researching on the way they conduct their ICO. Quantstamp is issuing 1 billion of their own ERC20 token QSP. Firstly, the ICO uses ETH contributions which people are widely familiar with. Secondly, 100% of contributions go towards developing the Quantstamp protocol. Thirdly, the total contribution for the ICO is capped at $30 million. I always prefer capped ICOs to uncapped ones as this will create a scarcity in supply which will in turn drive prices up. Unsold tokens from the ICO are also burned, meaning to say there won’t be an excess supply of coins to dilute the coin price.
Last but not least, is the very unique and innovative way of conducting its presale. For the first time in cryptocurrency history, Quantstamp has used a Proof of Caring concept to select its participants and investors for its Whitelist. This is brilliant on so many levels.
Firstly, it made sure that people who invest actually know what they are investing in, weeding out bad apples who are not interested in the project and are just in for a quick profit.
Secondly, the word of mouth marketing that is rippling out from interested parties are so strong that, by the time the coin is up and running, I am sure the majority of the crypto community would have already known what Quantstamp is or have at least heard of it. As at time of writing, Quantstamp’s telegram chat already has more than 8900 members. This is almost 4x the amount of members from when I first joined the group, in the short timeframe of less than 2 weeks.
And lastly, this method of selection allows the management to handpick influential and truly interested participants for its ICO. This allows them to build a strong foundation, right from the bottom up, with talented people in various areas likely forming a strong community team for the Quantstamp project, because they will already have vested interests to do so.
I am massively excited about Quantstamp’s project. Even now, I could see the endless possibilities for it that awaits. I look forward to become a part of the new age that heralds, the age of Secure Smart Contracts.