Why Quantstamp made me rethink Ethereum
Etherueum has great potential, but has one major flaw that threatens to derail it. Solidity, the code it is built on, is not a terribly secure language by default, and it is proving much harder to develop smart contracts which behave correctly than it first appeared, with potentially many very costly bugs which are difficult if not impossible for developers to spot. Some kind of automated auditing is absolutely required.
Some associates and myself have actually been put off developing on the Ethereum platform because of this, and we have recently been looking at alternatives.
Then Quantstamp appeared, aiming at essentially providing an automated blockchain powered validation system to complement Etherueum as well as providing a powerfully incentivised framework for skilled white hat hackers who wish to maintain the integrity and security of the ecosystem against outside attacks.
Quite frankly without such a validation system Ethereum I doubt would ever succeed if it’s aim truly is to provide the financial system infrastructure of the future. And considering how fast blockchain technology is moving right now, if Etherueum doesn’t improve on the reliability of its code it will be superseded by something else.
So anyone who like us who have begun to seriously doubt Etherueum could ever be a reliable platform on which to develop future applications this could well be the fix we need. Basically, anyone investing right now on a future powered by Ethereum will also wish to invest in Quantstamp, it’s a no brainer.