The Potential of Quantstamp
Quantstamp is a protocol for security smart contracts. It’s built to protect both users and investors by providing proofs-of-audit that are scaled to match the needs of a smart contract. I for one believe that the cryptocurrency world needs a project like this, and it’s because Quantstamp has the potential to help the entire Ethereum platform continue to develop and be opened up to more projects and businesses.
It Solves A Real Problem
Given how technology is advancing each day and how more people are adopting ICOs and smart contracts, there’s already a noticeable demand in the crypto space for audits on smart contracts. It’s an all too familiar situation; you write out your smart contract for the project and want to get another opinion on it. You seek the advice of advisors, more experienced CTOs, and other people that have run ICO projects. What you notice is that there isn’t one place that everyone can go to for help. This place exists now, and is called Quantstamp.
There’s Going to be a Lot of Future Demand
How many times have you heard someone say that something is just beginning? The reality is that more and more touch points are being established between the blockchain and businesses, and there is a global effect being felt. Beginning with businesses choosing to use Etherium to enter the blockchain, through many ICOs, ending with Decentralized Autonomous Organizations. There are entire organisations built on smart contracts. With this in mind, the amount of smart contracts affecting the economy is going to grow exponentially around the world. At the same time, it’s impossible for the amount of experts able to audit those contracts will not be able to match this growth. Thus we can expect a massive gap between supply and demand.
The Blockchain May be Safe, but Smart Contracts Aren’t
Most people remember the DAO attack; a hacking attack that saw the DAO drained of ether collected from selling tokens. The blockchain itself is quite safe, but smart contracts can have bugs and holes in them. Given that so much depends on the quality of these smart contracts, it makes a professional auditing service that can ensure security priceless.
- They Have a Proof of Concept Already
The project has already been tested with the Smart Contract Request Network. Such a thing is a rare sight in the crypto world. There aren’t many ICOs that can say they’ve been tested. However, this kind of testing is necessary for a project that you expect to be supporting long-term.
2. They Have a Solid Team
You can assess the potential a venture has to succeed by using two critical factors — the team and the idea. I already talked about the idea, so let’s look at the time. With Quantstamp you know that you’re dealing with a great team of talented individuals and experienced advisories. There are four PhDs in the core team and one of the advisors is the Director of Engineering at Facebook, who is very hands-on with the project. What’s interesting about the team is that they are proving to be adept at creating hype and positive vibes about the project as well as being skilled professionals in their respective fields. This is seen by the revolutionary “Proof of Care” mechanism, which I’ll get to now.
3. Proof of Care
The Proof of Care system is an innovative mechanism allowing for the people most involved with the Quantstamp community to be the ones that get the most tokens. This a revolution for crypto, a real breakthrough giving back the power to the community, rather than to whales with more money than sense.
4. Ethereum Has a Long Life Ahead of It
The time that Quantstamp tokens are to be issued is around the same time we’ll be at two important forks in the road — Bitcoin and Ethereum. It’s expected the market will cool down around this time, with altcoins and ICOs getting back some value. This is a period where we can assume that the size of the market will increase, meaning a sharp increase in value for Quantstamp.
Finally I believe that we should expect Ethereum to be around for a long time. Ethereum has become the most common platform around for blockchain applications, smart contract creation, and those “decentralized” apps — or dapps. Web3 will be based on that kind of technology. Ethereum is currently the second largest cryptocurrency on the market by cap: the Ethereum Foundation are setting some ambitious — but still realistic — goals. They have a bright leader and an even brighter future ahead.
These are the reasons I’ll be investing in Quantstamp. I really do believe that Quantstamp can bring about a lot of positive change in the crypto world by making smart contracts more secure. With this in mind, it’s reasonable to expect it to increase the speed at which the platform is adopted and developed.