What is Quantstamp (QSP Coin)?
QSP Coin Price
What is Quantstamp | A Quick Overview
Quantstamp is a smart contract security-auditing protocol designed to secure all smart contracts, cost-effectively, in a scalable manner.
This is an Ethereum ERC-20 based coin, that is aiming to help improve smart contract infrastructure in the fast-growing cryptocurrency and blockchain ecosystem.
The History Of QSP Coin
In June of 2017, QSP was founded by Richard Ma and Steven Stewart.
Then, after the parity wallet attack, they built a solidity static analyzer prototype just days later in July of 2017.
In November 2017 they had their token sale which was very successful and now they are conducting audits for many companies.
The Quantstamp Founders:
Richard Ma - CEO - Cofounder - Linkedin
CEO and Business Director of Quantstamp.
Also, resides as Chief Caring Officer.
Steven Stewart - CFO - Co-Founder - Linkedin
The Purpose of Quantstamp Coin
With the constant growth of cryptocurrencies, and smart contracts that their protocols rely upon, there are so many of these “contracts” being pushed into the field.
Now, the problem is that not many people know how they work.
And most of them aren’t continually getting audited to any degree that matters.
Which is where QSP comes in, as it was created to help audit smart contracts for their security and underlying technology.
This is something crucially needed in the industry.
When developers want to write a solidity based smart contract on Ethereum, there can be a significant risk since that code is accessing a monetary system.
To help ensure the validity of a smart contract, developers can submit their contract via their wallet directly to Quantstamp.
The Features of Quantstamp
Smart Contract Infrastructure Improvements
Using two different features, they aim to improve smart contract infrastructure.
First off, the protocol allows end-users to directly submit programs for verification, without the ability of manipulation by a “bad actor” who lets major bugs slip through.
Now to do this, miners are incentivized by making verification and certification of smart contracts part of the validation node software on Ethereum.
Consumer and Developer Process Improvement
By providing a higher assurance of the legitimacy of a smart contract, consumers can be sure and see that a smart contract developer had audited the code.
Using Quantstamp validator nodes which have a higher computational capacity, developers can ensure that their smart contract has been audited.
They say it won’t be flawless, but a much higher degree of assurance.
Quantstamp is made off of its technology.
Let’s break down a few of the critical areas of this smart-contract auditing technology.
How the protocol works is that “miners” are rewarded for allocating computer resources to ensuring that a smart contract is valid.
This is called “proof-of-audit” and ensures the certification of “smart contracts.”
These nodes are partners of the Etheruem network, which handle the network and transaction protocols, whereas quantstamp handles the audits and validation.
Security Audit Engine
This is an engine that takes the raw, unverified smart contract as an input, performs automated security and vulnerability check, and then produces a report.
The time this takes scales with the complexity of the code.
Quantstamp is aiming to also incorporate a bit of a different form of technology into their company.
No, this isn’t proof-of-work, proof-of-stake, or anything like that, but instead it is a way to help show that the QSP community cares.
They say “By integrating the talents of our community with the talents of our team, Quantstamp will be able to develop a better protocol and enhance its adoption.(1)”
What We Think of Quantstamp
In this ever-growing field of smart contracts, there needs to be accountability.
And I’m not talking about the accountability that many of us provide by buying or selling a coin, but the infrastructure behind that coin.
What it truly is.
Which isn’t something to take lightly. Quantstamp is the first to start a smart-contract security auditing platform via ethereum.
We don’t currently hold QSP but do like both its intentions and what they are aiming to achieve via this technology.
It is a coin we will be watching, as, over time, there will be other smart contract auditing coins, and it isn’t possible to say what will grow the most at this time.
Although, if you are a smart-contract developer on the Ethereum ERC20 platform, we do recommend that you use this service as it can help significantly.
If you liked this review and want to help support the academy donate some Quantstamp below!
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