Quantstamp (QSP)

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Quantstamp is making smart contracts more secure through automated software testing and a system of bug bounties, starting with Ethereum.

Joke Name

Quantstamp = Smart Bounties

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (QSP)

Coin or Token

Circulating Supply (617 million)

Total Supply (976 Million)

Market Cap Ranking

Review

Quantstamp is a security-examining protocol for smart contracts. As a dapps stage, Ethereum has demonstrated its security on numerous occasions. Be that as it may, dapps and smart contracts over Ethereum may in any case have bugs in which pernicious players can cause destruction on the network. The two most eminent models of these being the $55 million DAO hack and the $30 million Parity wallet bug. These issues not just influence the general population who’ve had their assets stolen, however they additionally lessen the believability of the whole environment.

Composing smart contracts is as of now an intense activity. Like some other PC programming, thinking of them with no bugs is close outlandish. To fan the fire, the rate at which smart contracts are being composed (evaluated 10 million before the year’s over) is outpacing the assets expected to review them. Indeed, even with hearty security examining, a little bug could get lost in an outright flood causing fiasco not far off. The white paper for Quanstamp can be viewed at https://docsend.com/view/shcsmhe (51 pages PDF)

Key Features

  • How Does Quantstamp Work?
  • How are Quantstamp Tokens Used?
  • Team Behind Quantstamp

How Does Quantstamp Work?

Software Verification

Quantstamp’s Validation Node applies review strategies from formal techniques put together by Contributors. These methods incorporate security checks, for example, concolic tests, static investigation, and representative execution and additionally mechanized thinking instruments like SAT and SMT. As a reward for submitting verification software, givers (who are fundamentally security specialists), get Quantstamp Protocol (QSP) tokens. To guarantee no terrible performers are submitting pernicious approval software, Contributors must be voted in as indicated by the administration instrument (more on this later). Running the Validation Node takes a lot of figuring power. Along these lines, Validators additionally get QSP installment for giving figuring capacity to the network. To guarantee that Validators don’t act malevolently, they should stake their QSP tokens to procure their reward.

An example is as a designer, you need to convey a smart contract on Ethereum. Thinking of you as would prefer not to stand out forever as the person who lost a large number of individuals’ cash, you have your contract examined. To do as such, you send your smart contract, with the source code in the information field, straightforwardly from your wallet to Quantstamp incorporating QSP tokens with the exchange. On the following Ethereum square, Validators perform security checks. After they achieve accord, they add the evidence of-review and report information to the following square.

Bounty Payouts

When you present your smart contract for inspecting, you likewise incorporate an arrangement of QSP tokens for bounty rewards and a due date for when Bug Finders can submit issues. The bounty due date remunerate survey is to you. In the event that the due date goes with no discovered bugs, the QSP bounty compensate is come back to you. Quantstamp doesn’t ensure impeccable code after this procedure, however they do guarantee clients that the robotized testing and crowdsourced bug-chasing significantly decrease issues.

Protocol Governance

QSP token holders control protocol, approval smart contracts, and Validation Node updates. The administration show utilizes a period secured multisig which any token holder can propose a change. The more votes a change has, the speedier it happens. Changes affirmed by all individuals happen inside 60 minutes. This time copies with each 5% of individuals that don’t vote and quadruples for each 5% that vote against it.

Proof-of-Caring

Quantstamp utilizes an in-house made Proof-of-Caring system to compensate network individuals and steadfast QSP token holders. When you present your verification, you’ll get an airdrop from an ICO that Quantstamp has reviewed. This verification comprises of holding your tokens in a wallet (not a trade) for a specific measure of time, adding to online life outreach, and additionally some other network exercises. You can discover more data about the program here.

How are Quantstamp Tokens Used?

QSP tokens are the technique for installment for verification administrations, and additionally how the individuals who give verification are compensated. Donors get QSP tokens for the software they add to check Solidity programs. The individuals who run Quantstamp approval nodes receive QSP tokens consequently, and the individuals who discover bugs additionally get their bounty as QSP. The individuals who make contracts will pay QSP tokens while having their smart contracts confirmed.

Team Behind Quantstamp?

The Quantstamp team comprises of 22 individuals and counselors with more than 500 Google Scholar references. Steven Stuart (CTO) and Richard Ma (CEO) established the team in June of 2017. Stuart worked 5 years in Canada’s cryptologic office in the Department of National Defense and already established Many Trees, a start-up that utilizations GPUs for Big Data examination and machine learning. Mama assembled generation review reconciliation and approval testing software at the Bitcoin HFT Fund. Amid his chance there, his exchanging systems had no outstanding issues and took care of a large number of dollars in venture capital. Quantstamp is a first-mover with regards to mechanizing smart contract examining. The Bounty0x venture is putting forth a bounty stage like Quantstamp’s bounty remunerates yet doesn’t have a software verification benefit. The nearest contenders to Quantstamp are the security evaluating firms as of now in the market like ConsenSys Diligence. Since the Quantstamp protocol is robotized, it should scale superior to its manual rivals.

Conclusion

Quantstamp is making smart contracts more secure through automated software testing and a system of bug bounties. Although starting with Ethereum, the team is building the protocol to be available on any DApp platform in the long run. In an industry where security is a primary concern and bugs have caused the theft of millions of dollars, Quantstamp should help to legitimize blockchain projects and ensure that large-scale smart contract hacks are a thing of the past.

Pros

  • Helping Security
  • Listed on over 10 exchanges

Cons

  • No backing (asset, profits, commodity)