Smart contracts are now used a lot in our digital life, by helping us exchange money, shares, property, or valuable things in a transparent and conflict-free way while avoiding the services of a middleman. The aim with smart contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting.
Although smart contracts are great, they also have their own issue — Security. A smart contract is “a computerized transaction protocol that executes the terms of a contract.” A blockchain-based smart contract is visible to all users of said blockchain. However, this leads to a situation where bugs, including security holes, are visible to all but may not be able to be quickly fixed.
We need services to make it easier to secure smart contracts. Then Quantstamp — a protocol for Securing Smart Contracts — is introduced, and it has attracted lots of attention from many users.
1. Why is Quantstamp different from other ICOs?
With the rise of blockchain technology, smart contracts will become more and more popular. In any cases, there is usually big money involved, and hence security for smart contracts becomes a pressing need. And if you are still hesitant in choosing ICO with high security, Quanstamp will be your best choise.
The biggest difference between quantstamp and the rest: Quantstamp’s goal is to protect all parties involved in a smart contract by searching for vulnerabilities and weaknesses in the contract that could be potentially exploited.
Besides Quantstamp offers security audit for all Ethereum’s smart contract through their proofs-of-audit. A decentralized networks that utilizes validator nodes to achieve safe agreements in smart contracts and to verify transaction; a security library for various programing languages; an user-friendly, advanced design — All of that was developed by Quantstamp team. It is one of the best teams, comprising of graduates from veterans from top companies like IBM, Google, Amazon, Samsung, etc. Most of them already have domain ex.
2. Why should we invest in Quanstamp?
We were all reminded of the intolerance for human error within programmable money when a $30M hack surfaced in July 2017 from a one word bug stemming from the Parity multi-sig wallet.This proved that smart contract bugs and hacks are not born from incompetency, but rather from the inherent complex mechanics of programmable money.
Quantstamp is the hero we need.
The forecast for new Ethereum applications on the horizon is going exponential. Smart contract audit firms are in high demand but I don’t see how they’ll keep up with continued growth of code.
Quantstamp is getting to the root of this issue. Their plan includes a scalable and cost effective system that will eventually become fully automated and upgradeable to audit Ethereum smart contracts.
To do so, Quantstamp is incentivizing all players to participate in this audit system through the use of their QSP tokens.
• Find a bug? Earn some QSP
• Run a node to help with the computing power needed for audit? Earn some QSP
• Security expert who wants to contribute some auditing code? Earn some QSP
• ICO project that wants the coveted stamp of approval & trust? Pay some QSP
It’s a well thought out system that leverages incentives and the network effect to improve the audit automation over time. It was a big breakthrough.
The best part I love about this ICO is the Proof-of-caring concept.
Price: 1 ETH = 5,000 QSP
Tiers:
· Caring level 1 ($3M): 1 ETH = 10,000 QSP
· Caring level 2 ($4M): 1 ETH = 7,000 QSP
· Caring level 3 ($4M): 1 ETH = 6,000 QSP
It’s brilliant and it’s possibly only possible with a project as important and sought after as this. Proof-of-Care encourages active participation within the community through social media, blogs, meme generation etc. If you want to go spray paint some QuantStamp graffiti, I’m sure that works too. The point is, they want to dissuade and mitigate the ICO flipping of their platform. Of course it’ll still happen, but this is a great step forward for ICOs and I really hope future projects take notice of this idea.
To date, they’ve already accumulated over 9300 people in their telegram chat and conversation is happening at all hours of the day.
Drop into Telegram and participate. Ethereum’s ecosystem is in dire need of a service just like this, and together with the highly competent team, I feel this is the beginning of the next technological renaissance.
You can submit your proof-of caring by the day before Halloween, October 30 8:00 PM (UTC).
— Tier 1 is closing October 21st.
— Tier 2 is closing October 24th.
— Tier 3 closes on October 30th
Emails will be sent by November 9th at the latest.
They choose submissions based on quality, effort and originality.
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.
Token sale details
The public sale for Quantstamp’s (QSP) Ethereum ERC20 token will take place in November.
650,000,000 QSP will be available to the public from a total supply of 1,000,000,000 QSP.
The soft cap is $3M, hard cap $30M.
Of the remaining 350M QSP, 200M tokens will be distributed to the team and advisers on a long term vesting schedule. The other 150,000,000 are intended as a reserve and for community development.
Tokens will be distributed 7 days after the public sale. Unallocated tokens will be burnt.
Price: 5,000 QSP = 1 ETH
Presale period: 10/04/2017–11/07/2011
— Hardcap: $11,000,000
— Status: Open (as of 10/17)
— Requirement: Proof of Care
Crowdsale period: November 2017
— Hardcap: $19,000,000
— Status: Open (as of 10/17)
3. How does Quantstamp contribute to the cryptocurrency ecosystem?
Quantstamp describes itself as being the “first decentralized smart contract security-audit platform.”The basic idea of Quantstamp could also be described as a digital marriage between bounty white-hat hacking, crowdfunding and the blockchain.
Quantstamp combines two processes to get the final result of a foolproof automated auditing protocol.
Under the Quantstamp model, ERC20 tokens are awarded to white hat hackers in a bounty-based system when they perform audits via the Quantstamp framework.
Such audits feed data through the system and Quantstamp’s automated algorithm can then be cultivated further. Basically, the human based bounty audits will “teach” Quantstamp to then audit automatically.
An automatic smart contract auditing system has countless benefits, not only for us as individuals but for the entire Ethereum ecosystem. High profile Ethereum hacks where millions were lost have received high publicity, resulting in damaging the trust of the mainstream in the system.
Quantstamp is being built from the ground up to be a long living protocol. It is scalable and adaptable, and there is an example smart contract on GitHub for developers to use.
Quantstamp is a new and growing company with open positions, but they’re already staffed with some serious heavyweights. Several people on their team have PhDs, and the advisory board is full of highly experienced professionals. Quantstamp has also already completed an audit for Request Network, another ERC20 token that recently undertook an ICO.
The Ethereum ecosystem is still constantly changing, and as a rapidly growing market, chances are that Quantstamp will be looking at some competition arising soon. In either case, changes to the auditing system currently implemented in blockchain tech needs to happen in the near future if it is to enter true mainstream usage.
Conclusion:
Many thanks to CryptoBriefing for brief and objective review, which provide me helpful thought about this great project. As you can see below is their summary for rating:
