In their white paper, Quantstamp references multiple instances where tens of millions of dollars have been hacked and stolen due to the bugs associated with auditing smart contracts. Currently, a lot of companies are attempting to address this issue by implementing human consultant companies to audit their smart contracts. However, Quantstamp doesn’t see this as a viable long term solution due to the high demand and margin for human error at stake. The rising demand for smart contract auditing will ultimately also lead to a higher cost for the service, which many companies simply will not be able to afford, there is also a shortage of experts in the field at the current time.
Essentially, the company aims to long term develop a system that can securely audit smart contracts without the need for human interference. The company describes itself as the first protocol for secure smart contract auditing services.
Who is Quantstamp?
Before we can go into the inner workings of the company, it pays to take a look at who is behind Quantstamp to understand their goals. Quantstamp was founded by Richard Ma and Steven Stewart, they have a team of experts with years of experience in the crypto and tech industry, many of whom have Ph.D.s. They also boat almost 500 citations on Google Scholar, and their founders say their experience lies in the development of smart contracts, strategy operations, business, and strategy operations.
What is Quantstamp?
So, now that we have some information about the founders of the company and their strengths, we have a better understanding of what they will be doing in the future. But what is Quantstamp’s current operations like? Well, Quantstamp, in simple terms, is an auditing system. With scalability and transparency at the forefront of their minds, their system audits smart contracts. Within their network are investors and users, and then there are developers. A reward system is specifically set up for developers to help identify any possible bugs in the system, enabling them to improve daily and build a more secure protocol. Their smart contracts are also public record.
How does Quantstamp work? Key Features:
The idea behind the Quantstamp protocol is to use human developers to identify bugs in smart contracts while using an automated system to audit smart contracts and catch hacker attacks. The goal of using this kind of system, for the time being, is to optimize the automated system to near perfection, eliminating the need for human auditing. This way, the issue of limited experts in the field or an increasing demand won’t hike up prices in the future and halt the scalability. Quantstamp is not keeping this protocol to themselves, in fat, a lot of companies are taking advantage of this tech, and it will likely soon be seen in many Ethereum projects in the future. The system is decentralized and eliminates the inherent dangers of centralized auditing. This added security is very attractive to many companies as the system is currently one of the most secure on the market for this particular service.
The Quantstamp Token
Quantstamp tokens are also known as QSP. They are used by the platform as a payment form for smart contract verification services and are the token used to reward developers who provide such services. They are also used to reward software developers’ contributions to the platform. ‘Bounty hunters’ are those who check the software for bugs and help improve upon the existing system, they also receive QSP token for their work. During the crowd sale of the token, around 5% goes toward the development of the community, 20% to the team of advisors, and 50% towards developing the product itself, this shows that the priority of the company is to continue perfecting the verification system in the hopes that one day it will be able to operate with minimal human interference. The rest of the tokens are distributed among marketing and general administration.
The Quantstamp price prediction for 2020 to 2025 is that QSP will likely rise within the next year, and make a steady decline after it peaks. This makes the coin a good short term investment, but it may pay to be cautious.
Quantstamp Wallet and Where to Buy it
QSP can be bought at multiple different crypto exchanges, but cannot be purchased using fiat currencies like USD and Euro. You will have to first purchase either Bitcoin or Ethereum and then use those to purchase your Quantstamp tokens. After purchasing your QSP, you’ll need a wallet to keep your coins safe.
It always pays to keep your coins in cold storage, i.e. a hardware wallet, this is because online wallets always hold the danger of being hacked, no matter how small. Although, if you’re planning on holding smaller amounts, its usually to use an online wallet. Here are a few of our favorite Quantstamp wallets to get you started:
Ledger: The ledger wallet is one of the cheapest hardware wallets on the market. Hardware wallets are especially great if you’re focused on security. With top of the line security systems in place, this is the wallet for you if you are investing in only a couple of different types of cryptocurrencies.
Trezor: This is another hardware wallet. It is a smaller sized device which can be connected to your PC via USB cord. A private seed key is made up of a 24-word phrase and is generated completely offline. It has protections in place to fight against physical theft as well as virtual.
Exodus: To give you a range of different types of wallet, we have included Exodus in this list. This is a software wallet with good security and can be used to store multiple different cryptocurrencies. It can be accessed from both mobile and desktop which makes it a more convenient option than the previous hardware wallets.
Quantstamp is a promising crypto project that is likely going to continue growing. It is a great platform for people who can identify bugs and want to get compensated. The verification process for smart contracts is currently outdated and not very efficient, and Quantstamp is well on the way to solving this problem, while creating a scalable platform with a flourishing community. Not only will this project be beneficial for the creators and founders but the community as a whole in the long run. Their token (QSP) is predicted to make a sharp incline over the next year, making it a very promising short term investment for many investors.
What do you think about Quantstamp? Let us know.