Quantstamp: A case for scalable, cost effective auditing for smart contracts
One of the most exciting developments in recent years is the idea of smart contracts.
Being able to execute and enforce a contract in a completely decentralised and trustless way, has many applications in today’s world.
By doing this, Smart contracts can remove the middleman present in many transactions these days, paving the way for a more efficient, transparent and cost-effective society. Really, smart contracts are a wonderful thing.
However, with this utilisation of smart contracts, any vulnerabilities can be catastrophic as the smart contract is literally (and figuratively) the law. A wrongly coded smart contract will not execute properly, or a smart contract with an inherent vulnerability can result in the exploitation of the contract by dishonest individuals.
Which brings me to the case of Quantstamp.
So…. What is Quantstamp?
Quantstamp is a scalable security platform that aims to audit and secure of smart contracts on the Ethereum blockchain in a cost-effective, decentralised and trustless manner.
Quantstamp will ensure that all audited smart contracts meet a security standard.
Quantstamp aims to automate the auditing of smart contracts in their ecosystem, in a manner similar to POW. This will increase efficiency and allow the auditing of smart contracts to be cost effective. There are also incentives for independent versifiers to scan the network for vulnerabilities
Most importantly, this security auditing will be done in a decentralised and trustless platform, where no centralised third party will have to be trusted in order for a smart contract to be securely verified.
The Quantstamp Token (QST):
The QST token is basically used in their platform, to pay for, receive, and improve verification services. QST can also be used as a bounty for the identification of any bugs in the platform/contract. Lastly, the QST can also be used to vote for upgrades to the protocol.
As the platform becomes adopted, I do see the value of these tokens increasing, as they are inherently needed for contract creators to verify and validate their smart contract’s security.
If Quantstamp is able to reach their goals, I see it as a huge leap forward in the mainstream adoption of smart contracts, which is a huge benefit to the Ethereum Network and Blockchain technology in general.
Quantstamp is aiming to raise a maximum of $30 million USD, which is reasonable for a project of this size. Their ICO is scheduled for Nov 2017.
I am very optimistic about this project.
Quantstamp is also being advised by Evan Cheng, which is a huge plus for me too. Evan Cheng also advised Chainlink (smartcontract.com), which has been extremely successful in my opinion.
About the author:
I’m a crypto enthusiast, passionate in ICOs as well as the long term future of blockchain technology. Personally I have been investing in projects for the past few months, I do plan to write more articles for interesting ICOs in the future. Do let me know what you think of my writing! Cheers.