QuantStamp believes in “the future of smart contracts and are building a foundational technology to protect users and investors – with scalable proofs-of-audit.
Quantstamp is the first scalable security-audit protocol designed to find vulnerabilities in the Ethereum smart contracts.
What’s the Quantstamp project about?
Quantstamp is a security verification protocol for smart contracts that improves the security of Ethereum. The reason why this is important is because smart contracts are a fundamental part of the value propositions of many of these companies that are doing ICO’s, many of these companies are built on the value of their smart contracts. It can be safe to say that many of these companies will live and die by the quality of their overall system but specifically on the quality of their smart contracts. The overall benefits that can be derived from auditing smart contracts are the components that many who are building projects in this space speak of from automation to trust to governance, decentralized networks and solving problems that may be complex
What’s the problem & solution?
At this current time, the process of auditing smart contracts costs are prohibitively high. The costs begin at the price $5,000, not only do they take considerable cost outlays, they are also time consuming. The overall process for auditing smart contract can take at from at the minimum, a week, or more.
Quantstamp want’s to make sure that this crucial part of the process is made to be more efficient so that many current projects in the present and the future are considered to be more effective.
They are seeking to reduce the cost and time duration of the smart auditing process from the current high cost to less than $20 and audited within minutes instead of weeks.
Nuts and bolts of the Protocol
- There are two components in the protocol:
The first component is focused on removing portions of the human element from the process, helping to expedite things. This is done by the implementation of an automated software verification system that can be upgrade on a regular basis. This software is designed to go sort out Solidity programs. Solidity, by the way, is the relatively new code that is used to write smart contracts on the Ethereum blockchain, this means that there only a few developers who are able to write the code well. If the code isn’t written well, this can cause significant losses.
The second component is the integration of the human aspect, the team over at Quantstamp have designed a system where “bad actors and hackers will be rewarded for reporting flaws [because] in most cases, your smart contracts are shared and open for all to see.” White hats may report, but black hats are always seeking to see if there are backdoors and so giving them an incentive will utilize their brainpower and unique skill sets to weed out security flaws in the smart contracts. This reward system is classified under an automated bounty payout system.
The team over at Quantstamp is seeking to work on their validation node, their security library and the validation smart contracts bounty payment system.
Who’s behind it?
Richard Ma, the co-founder and CEO
Background – Algo trader at Tower Research. ECE at Cornell University.
Steven Stewart – CTO, Cofounder
Smart Contract Development, founded Many Trees, Inc a company focused on GPU in-memory databases for Machine Learning.
A host of advisors that range from Dr. Vijay Ganesh to Min Kim to Tom Graham and others who’ve worked with people like Tim Draper and are focused on the crypto space in general.
ICO & Token Allocation
Their contribution hard cap is set at $30 Million (in the public crowdsale contributors will be eligible to own 65% of the total toke supply contingent on hard cap being reached).
What’s the conversion rate? 1 ETH =5,000 QSP
ERC20 token – Confirmed
When is the crowd sale – The presale is set to take place from October 4th to Novemember 7th 2017, their crowdsale is set to take place in November 2017.
Total Supply: 1 Billion QSP
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