Quantstamp: Value In Decentralized Smart Contract Safety

Quantstamp: Value In Decentralized Smart Contract Safety
When deciding on interesting blockchain/crypto projects to follow, I always follow my mantra "Focus on projects that convey worth to society". Simple enough, proper? Judging by the amount of effort many traders have spent attempting to quantify this, clearly it is a very tough statement to evaluate. It's a obscure sentence, and might be interpreted many ways. What's value and how can we measure it? This may very well be an article in and of itself, but I like to simply define a worth adding product or project as something that solves a problem for society.

In my inaugural medium post I wish to discuss one of my favorite projects, Quantstamp. I have been an active neighborhood member and token holder since shortly after their ICO, so subsequently plenty of this submit will simply be compiled info from their whitepaper, website, blogposts, and AMA’s along with my analysis and opinion. I will try to keep this article as non-technical as potential, nevertheless it does assume you could have at the least a bit of background information of the blockchain space.

Why Quantstamp? Compared to some of my different favorites, Quantstamp isn’t mentioned much in the neighborhood and when it's, there are numerous questions and FUD. In this publish I'll talk about: a quick history of relevant events, problems with smart contracts, proposed options from Quantstamp, the worth mannequin of the QSP token, Quantstamp’s enterprise strategy, and finally criticism the staff has received. The purpose of this article is to present an summary of Quantstamp and demonstrate why I think it is a sleeping big in a space where security is more essential than ever.

One of the first major smart contract hacks happenred in 2016; the infamous "DAO Hack". There are plenty of nice articles describing this hack, (see here for an example), so I won’t go into detail here. This was the event that might encourage Quantstamp co-founders Richard Ma and Steven Stewart to start creating multiple decentralized protocols to assist safe smart contracts on a blockchain. Richard himself lost cash within the hack, making it a very 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 worth of smart contract hacks to that date.

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

The more decentralized auditing protocol will permit users to simply submit code, or a contract’s address, pay in QSP tokens (with price set by the audit nodes), and have a scan performed 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 important thing right here is that the audit is accomplished in a decentralized manner, and the code may be submitted by anyone (given the code is open sourced to the general public). The team can also be working extensively on making the UI/UX intuitive and easy for anyone to use and interpret; the significance of this cannot be understated.

I think an vital results of this is that any common consumer can use this protocol to easily check if a smart contract is safe as an initial check. For instance, Bob isn’t a super technical programmer, and is using a dapp for the first time. Possibly 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 leads to a variety of red flags. In that case, it would be higher to attend till the problems are addressed. If there aren’t numerous red flags, Bob feels a bit of safer and has accomplished just one a part of the whole due diligence process to make sure the contract is safe.

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