Quantstamp: Securing Smart Contracts for Mass Adoption
Rory Piant
542

Great way to explain their use case : Quantstamp example

Suppose a developer plans to deploy a smart contract written in Solidity on Ethereum. There is

substantial risk when writing code that accesses a monetary system, and the developer must be

careful to ensure that no funds are lost due to vulnerabilities.

To minimize risk, the developer submits his code for a security audit via the Quantstamp

Ethereum smart contract directly from his wallet, with the source code in the data field, and by

sending QSP tokens. Depending on the security needs of the program, the developer can decide

how much bounty to send. Then, the smart contract receives the request, and on the next

Ethereum block validation nodes perform a set of security checks to validate the smart contract.

Upon consensus, the proof-of-audit and the report data are added to the next Ethereum block

along with the appropriate token payout. The report classifies issues based on a severity system

from 1–10; a 1 is a minor warning, a 10 is a major vulnerability. From that point on, if a serious

vulnerability is not immediately detected, the bounty remains until the specified time has

elapsed. At the end of the time period, the bounty is returned to the developer who requested the

audit.

9

Like what you read? Give madhu a round of applause.

From a quick cheer to a standing ovation, clap to show how much you enjoyed this story.