A Short Summary of why I Plan to Invest in the Quantstamp ICO
1) Purpose / Real Problem Solving.
Quantstamp actually has a very important purpose. As you know there have been multiple hacks due to poorly written contracts, each hack costing millions of dollars to be lost and even causing Ethereum to fork. They are solving a real problem unlike many ICOs out their that sound ridiculous and seem completely unnecessary.
Lets go in depth on the benefits of what Quantstamp aims to do…
Quantstamp aims to audit smart contracts in an automatic, decentralized and transparent fashion.
Benefits of automatic auditing:
- less risk of human error
- faster and cheaper than humans,
Benefits of decentralized auditing:
- If multiple parties must agree on the smart contracts security it makes it less likely a verifier who finds a bug will no disclose a bug to exploit it in the future.(Page 12 of white paper)
Benefits of transparent auditing:
- Audit Reports on the Blockchain can be helpful to prove the smart contract was audited for counterparties of the contract.
- There can be insurance (either by Quantstamp themselves or a third-party) in the very unlikely case the audit manages to miss a vulnerability.
They are also first-to-market to try to solve this problem.
Their team is phenomenal. Phd, Ex-amazon, Ex-samsung, Stanford, Waterloo, MIT, Cornell, Dartmouth, Harvard, etc… To say their team is qualified would be an understatement. Furthermore, many of their team members specialize in SAT/SMT solvers.
They are not just a white paper ICO that will lose motivation when they get their fat post-ICO check. They have already put in the work as shown in their GitHub and request network audit and when you’ve already put in the work you are less likely to throw all that away.
Their first partner/customer was Request Network. If you don’t know what they are, they are another ICO backed by Ycombinator. Ycombinator is a VC fund that has backed companies such as airbnb and coinbase. If request network trusts Quantstamp to audit their work, then in a loose indirect way Quantstamp has the support of Ycombinator in my opinion.
5) It’s a Protocol
Protocols have much more potential than apps. Read https://www.usv.com/blog/fat-protocols. In the whitepaper they also mention the QSP (Quantstamp Protocol) will be blockchain-agnostic and will support languages other than Solidity and platforms other than Ethereum in the future.
6) Longer vesting period
Quantstamp team members will have a vesting period of 3 years. Some ICOs only have a vesting period of 6 months… The longer vesting period is more proof that team is in this for the long run.
Disclaimer: This is not investment or trading advice, always do your own research