Quantstamp Quantstamp stands as the groundbreaking protocol using smart contracts for security audits, elevating Ethereum's technological capabilities to safeguard user assets. smart contracts are secure.
Who Is Behind Quantstamp?
Quantstamp's team boasts a lineup of seasoned professionals in software testing, boasting over 500 citations on Google Scholar. Among them are Ph.D. holders with rich industry expertise. Co-founder and CEO Richard Ma brings a wealth of knowledge in business operations and algorithmic trading. Co-founder and CTO Steven Stewart has a background in smart contract development and work with the Canadian Department of National Defense. Edward Zulkoski, a senior security engineer, is actively engaged in smart contract development and research on SMT and SAT solvers. Vajih Montaghami, another senior security engineer, excels in software verification, scalable systems, and security infrastructure.
Moreover, the team includes Prit Sheth leading the backend engineering, Leonardo Passos as a senior developer, community manager Krishna Sriram, graphics and UX designer Anna Kao, community manager Jared Harril, Alex Murashkin as a senior software engineer, and Kacper Bak also as a senior software engineer. They're currently seeking blockchain engineers and anticipate introducing two Ph.D.-level security engineers with extensive experience soon.
What Does Quantstamp Do?
Quantstamp serves as an auditing network that connects investors, users, and developers through a scalable and transparent proof-of-audit process. The network performs automated assessments on smart contract vulnerabilities and incentivizes bug identification by rewarding contributors, ensuring the network's optimal functionality.
Which Challenges Does Quantstamp Aim to Overcome?
The Quantstamp team acknowledges that while blockchain networks present inherent security, there remains a shortfall in smart contract security. The whitepaper cites incidents where hackers exploited vulnerabilities to steal $30 million and $55 million, demonstrating scenarios Quantstamp aims to prevent.
Their sentiment is that the current methods for smart contract validation are inadequate and that security consulting firms' reliance on human auditors introduces error risks and escalates costs. Given the growing number of smart contracts and the shortage of qualified auditors, this leads to burgeoning expenses.
Quantstamp addresses these issues by developing a scalable and affordable system for auditing smart contracts, thus eliminating the need for human auditors.
What Are the Standout Features of Quantstamp?
The Quantstamp protocol comprises two core components. Firstly, there's the software verification system, fully automated and upgradable, tasked with scrutinizing Solidity programs for sophisticated threats. Secondly, there’s an automated reward system compensating humans who identify smart contract flaws, bridging the gap from human auditors to software-driven inspections.
Quantstamp emphasizes cost-effectiveness to ensure companies are eager to utilize its services, thereby securing their smart contracts. Its scalable design is crafted to support any Ethereum project, positioning Quantstamp as a fundamental player in Ethereum’s mainstream adoption. The audit protocol is fortified against tampering, addressing vulnerabilities associated with centralized audits.
Essential Insights into Quantstamp Tokens
QSP tokens, an ERC20 variety on Ethereum, are purchased with ETH during the token sale. The pre-sale is unrestricted for individuals, and its proceeds fund hiring efforts. After the main sale, leftover tokens will be destroyed, and the founding team's tokens adhere to a three-year vesting schedule.
The token distribution allocates 65% during the salem 20% to the team and advisors, 10% to core activities reserve, and 5% to community development. As for the proceeds, 50% propels product development, 30% assists marketing and community initiatives, 15% caters to administrative needs, and 5% fortifies security.
How Are QSP Tokens Used?
QSP tokens serve as the currency for verification services and as rewards for those ensuring contract security. Contributors to verification software receive QSP, running Quantstamp validation nodes garners QSP, and bug detectors earn bounties in QSP. Contract creators pay in QSP for completing verifications.
How to Buy Quantstamp QSP
QSP cannot be purchased with fiat directly. First, you'll need to obtain a cryptocurrency like Bitcoin or Ethereum, easily accessible through Coinbase via bank transfer or card payment. Then, exchangers like Binance can be used to trade your cryptocurrency for QSP.
Register at Coinbase
New to cryptocurrencies? Coinbase is a recommended starting point, notable for its user-friendly interface and US government regulation, marking it a safe and reputable choice. Through Coinbase, Bitcoin, Litecoin, and Ethereum can be conveniently bought with cards or bank transfers, though card transactions incur higher fees.
Account verification is obligatory at signup due to strict financial regulations. Ensure accuracy when providing your personal information. our link to signup A bonus incentive is available, offering $10 in Bitcoin when you secure $100 in cryptocurrency for the first time.
To initiate the process, access the “Sign up” page and fill out the registration form with your name, email, and chosen password.
Purchase Ethereum
For this guidance, we will be acquiring Ethereum to swap for your desired crypto due to its lower transaction fees and quicker transfer times compared to Bitcoin. On Coinbase, navigate to \"Buy/Sell,\" select \"Ethereum,\" decide on your payment method, and specify your purchase amount, either in USD or Ether.
After transaction confirmation, especially for card payments that may require card provider verification, your account will receive the purchased Ethereum.
Purchase QSP at Binance or Kucoin
You can now send your Ether over to Binance Consult our detailed guide for further instructions on purchasing QSP. review of Binance here Explore how to register and engage with exchange trading.
You can also find QSP on other cryptocurrency platforms. Kucoin Exchange , take a look at our guide here to find out how to use this exchange.
What Does the Roadmap Look Like?
Quantstamp's roadmap highlights: by January 2018, a validation node—an enhanced Ethereum node—completion; February will focus on the fifth semi-automated audit utilizing the software’s V1, feeding data to the node for proof comparisons; March introduces the token holder governance system alongside testing and refining economic incentives.
From April, the test network runs post-validation, opening the gateway to academic review. The May hackathon kicks off an effort toward smart contract insurance development, progressing to a July token holder vote for V1 mainnet release come August—springboarding September’s onset into distributed SAT consensus and BFT for V2 mainnet. By October, alpha smart contract insurance integrates with mainnet contracts.
Conclusion
Many initially overlooked the pressing need for Quantstamp’s solution, yet its impact is undeniable. The security lacuna for smart contracts stands to be addressed effectively, thanks to Quantstamp's proficient team and groundbreaking technology. The strategic incentives, paired with industry experience, equip Quantstamp to ensure smart contract reliability.
