Quantstamp: Worth In Decentralized Smart Contract Safety

Quantstamp: Worth In Decentralized Smart Contract Safety

When choosing fascinating blockchain/crypto projects to observe, I always observe my mantra "Concentrate on projects that convey worth to society". Simple sufficient, proper? Judging by the amount of effort many investors have spent attempting to quantify this, clearly it is a very tough assertion to evaluate. It is a vague sentence, and may be interpreted many ways. What's value and the way can we measure it? This could be an article in and of itself, however I like to easily define a price adding product or project as something that solves a problem for society.

In my inaugural medium submit I need to focus on certainly one of my favorite projects, Quantstamp. I've been an active neighborhood member and token holder since shortly after their ICO, so due to this fact plenty of this submit will simply be compiled info from their whitepaper, website, blogposts, and AMA’s together with my evaluation and opinion. I'll attempt to preserve this article as non-technical as possible, nevertheless it does assume you've no less than a bit background knowledge of the blockchain space.

Why Quantstamp? Compared to some of my other favorites, Quantstamp isn’t mentioned much locally and when it is, there are a number of questions and FUD. In this post I will focus on: a quick history of relevant events, problems with smart contracts, proposed options from Quantstamp, the worth mannequin of the QSP token, Quantstamp’s business strategy, and at last criticism the crew has received. The aim of this article is to give an summary of Quantstamp and demonstrate why I think it's a sleeping big in a space where security is more essential than ever.

One of many first major smart contract hacks occurred in 2016; the notorious "DAO Hack". There are a lot of nice articles describing this hack, (see right here for an example), so I won’t go into element here. This was the event that will encourage Quantstamp co-founders Richard Ma and Steven Stewart to begin creating a number of decentralized protocols to help secure smart contracts on a blockchain. Richard himself misplaced cash in the hack, making it a really personal sore spot in his crypto experience. Presenting at Hong Kong Blockchain week in March 2019, Richard Ma reported that there was an estimated $334 million dollars price of smart contract hacks to that date.

Because the DAO hack, the occasion has constantly been used as an argument against the usefulness of smart contracts; from bitcoin "maximalists" to blockchain skeptics. But no system is completely secure and flawless; not smart contracts, centralized applications, bitcoin, or probably the most sturdy cryptography. We just make trade-offs by altering completely different parameters while hopefully lowering the magnitude of those trade-offs as technology evolves. It then stands to reason that we should always capable of accelerating the security of smart contracts while working to reduce the impact to decentralization. Enter Quantstamp.

The more decentralized auditing protocol will permit customers to easily submit code, or a contract’s address, pay in QSP tokens (with price set by the audit nodes), and have a scan carried out by as many audit nodes as desired. The outcomes of this scan can then be stored within the blockchain as bytecode for anyone to verify, or saved private to the team. The key right here is that the audit is completed in a decentralized method, and the code could be submitted by anyone (given the code is open sourced to the public). The team can be working extensively on making the UI/UX intuitive and straightforward for anybody to make use of and interpret; the significance of this can't be understated.

I think an necessary result of this is that any common consumer can use this protocol to easily check if a smart contract is safe as an initial check. As an example, Bob isn’t a super technical programmer, and is using a dapp for the primary time. Perhaps the dapp is from someone who arrange a easy shop on the Ethereum blockchain, and the code is open sourced. Bob can then obtain that code, or submit its contract address, to see if the scan ends in loads of red flags. If so, it could be higher to attend till the problems are addressed. If there aren’t loads of red flags, Bob feels a little bit safer and has completed just one part of the entire due diligence process to make sure the contract is safe.