I’ve followed lots of tech news and I have come to my own conclusion that there are at least four industries which will become prosperous in the near future;
- Robot & Automation
- Genetic/DNA Sequencing
- Blockchain Technology
- Cyber Security
I have been investing a lot in cryptocurrency lately and found a promising project which falls into two of the industries, blockchain and cyber security. The project is called Quantstamp. Imo, this will be among the best ICOs in 2017.
So, what is Quantstamp?
Quantstamp is a protocol used to audit the security of Ethereum smart contracts. …Why do we have to audit them? Smart contracts, if not written well (arguably), are prone to security vulnerabilities. When someone finds such holes, they may be able to steal the funds in the smart contract. This happens from time to time and has costed people lots of money (and reputation).
If you are a person who regularly follows blockchain technology just like me, you should know that security is one of the biggest issues in the industry. As Ethereum/blockchain grows, there will be more and more demand for security audits.
How it works?
QSP = QuantStamp Protocol Tokens
- Contract owners pay QSP to have their contract audited.
- Quantstamp nodes are paid in QSP by contributing computer resources to run automated-upgradable software(made by Quantstamp) to test the security.
- After the automated check, Quantstamp will set up a bounty program for security experts (aka. bug finders) who will try to manually break the smart contracts. If vulnerability is found, he/she will be rewarded in QSP.
This sounds very similar to a normal security audit (partly because I’ve omitted some details for easy understanding). Well, you are right somehow. The team has integrated the regular security audit process into the blockchain. However, there are loads of additional benefits to be gained here.
- Trustless (audit result is legit) — multiple nodes will run the same software which should give the same result. Hence, nobody can falsify the result or withhold important security vulnerabilities as the other nodes will help verifying each other.
- Cheaper — This protocol cuts all the middleman out of the business and therefore should cost you less. Also, if no security concern is found during the bounty program, contract creators do not have to pay. I had hired a big firm to perform a security audit on a web app before. The scope was limited and the cost was just really high, especially when you want to have a manual penetration test.
- Better chance of finding vulnerabilities — when you hire a firm or a team, there will be only a few people trying to break your codes. With this protocol, your project can be audited by the experts around the globe.
- Convenient — Quantstamp has put everything in one-nice package. You don’t need to manually find someone, who may or may not be trust-able, from Google to audit the code for you.
- Scalable — if successful, there will lots of nodes running which can handle millions of smart contract audits.
- Audit expense depends on QSP price (which can fluctuate significantly).
- Bounty reward has to be big enough to attract the experts.
- There are some big-name competitors in the field who can emulate/improve the protocol.
Are you in?
Quantstamp’s ICO is happening soon and their cap ($30m USD) is pretty generous in my opinion. Their team members and advisors are solid too.
Original post link: https://email@example.com/quantstamp-ico-do-not-buy-649bc89abfe8