Safer Smart Contracts

Smart contracts on the Ethereum blockchain network are susceptible to security vulnerabilities. In June 2016, the DAO lost $55m to a hacker due to a bug in the smart contract. Current security audits require human software experts to go through the smart contracts manually and are expensive, slow and prone to errors.

As the Ethereum network becomes more widely adopted by mainstream companies and the number of Ethereum coins launched during ICOs increase, demand for security experts to audit the smart contracts will only increase. The losses due to security vulnerabilities in smart contracts will no doubt increase too, due to the shortage of security experts.

Quantstamp has come up with a great way to solve this acute shortage of experts in this field. They have introduced an automated system for security audits of smart contracts. The system is scalable and cost-effective.

The protocol consists of two parts:
1.) An automated and upgradable software verification system that checks Solidity programs. The conflict-driven distributed SAT solver requires a large amount of computing power, but will be able to catch increasingly sophisticated attacks over time.
2.) An automated bounty payout system that rewards human participants for finding errors in smart contracts. The purpose of this system is to bridge the gap while moving toward the goal of full automation.

Recently, Quantstamp has completed a successful Smart Contract Security Audit for the Request Network Token Sale.

My Views

I think Quantstamp has introduced a great way to solve the security issues within smart contracts. Besides the companies offering services on the Ethereum network, Ethereum Token holders and users of decentralised cryptocurrency exchanges will also benefit from safer smart contracts.

Quantstamp has a strong team with great credentials, and I believe this project can be implemented successfully.

Join Quantstamp’s Telegram to take part in their ICO today.