Quantstamp Joins Ethereum Community Fund

Quantstamp is proud to announce that we are joining the Ethereum Community Fund alongside OmiseGo, Golem, Raiden, Cosmos, Global Brain, and more great projects. Vitalik Buterin is also an advisor of the Ethereum Community Fund.

The Ethereum Community Fund was founded in order to facilitate the mainstream adoption of Ethereum. The Ethereum Community Fund seeks to improve infrastructure and facilitate the creation of new innovative applications by issuing grants to developers and researchers.

Quantstamp joined the Ethereum Community Fund because we see Ethereum as a public good. Unlike other technologies, Ethereum has the potential to enhance the autonomy of end-users and increase the value for the end-user by removing intermediaries. Blockchain technology has already given people the ability to control their own money and, in the near future, other Ethereum projects are likely to improve society in other unforeseen ways.

During the early days of the internet in 1994, developers didn’t know that use cases like Twitter, Youtube or Wikipedia would eventually exist; however, those involved at the time knew that something big was on the horizon. We envision blockchain technology having an even greater impact on society than the internet.

Quantstamp is very optimistic about the future of blockchain technology, but in order for this public good to succeed, we need to invest in infrastructure. In 2017, ICOs raised 5.6 billion USD but very little of that money went into developing infrastructure such as developer tools, UX, privacy, researching the quantum computing threat and scalability.

Scalability in particular is critical to the success of Ethereum. Last year, Crytpokitties alone clogged the network for weeks. In 2018, more dapps are going live and Ethereum will struggle to achieve mainstream adoption if 2 or 3 successful dapps freeze the network.

In December 2017, Cryptokitties caused pending transactions to skyrocket. Average gas prices also increased during this time.

This is why we are very excited to be a part of the Ethereum Community Fund. Quantstamp focuses on smart contract security because it is a necessary precursor to secure the mainstream adoption of smart contracts. Through the Ethereum Community Fund, we now have a new avenue in which to facilitate the success of blockchain technology. We are looking forward to working closely with our fellow industry leaders in order to find solutions that bring us closer to a decentralized future.