Quantstamp Smart Contract Security Auditing Protocol
What is Quantstamp (QSP?)
Quantstamp (QSP) is the platform to review and audit the smart contracts technology. It is designed to fix the flaws with the Ethereum smart contracts. It is the first security audit protocol planned to fix vulnerabilities in the Ethereum smart contracts. In other words, Quantstamp is a company that tests the new coin before their release into the market to test the new coin for security risks and exposing bugs in their system. Quantstamp network links the users, investors, and developers in an audit system that is transparent and can also be scaled. Quantstamp networks can also perform automatic checks of the different bugs in the smart contracts.
Quantstamp uses the QSP tokens on their platform to pay for the audit, it is also used to reward the users who identify bugs in the system, and you can also invest in the company with QSP tokens as well. In Quantstamp validation nodes are run by different users, and those who run these nodes also gets the QSP tokens in return. You need to pay a certain amount of QSP tokens when users verify your smart contracts.
Quantstamp is also developing a pack of security tools. They also have skills for secure software development and in application security.
How it Works
Smart contracts are very complex and evolving with each passing day. So their mission is to help their customers with the evaluation of their strategy so they can benefit from the blockchain and smart contracts. Quantstamp protocols function in two steps. The first is the verification system that is fully automated, and it can update anytime. The Quantstamp team is always working on some updates on their networks to add in the future. And the second part is the automated payout of the bounty to reward human verifiers for finding errors in the system.
Quantstamp is a very cost-effective tool, so new companies have no problems in using its technology to enhance the security and reliability of their smart contracts. Quantstamp can verify any project that is built using Ethereum technology, and it is also scalable. As it is so cheap eventually it will become the part of Ethereum’s adoption one day, people who will build their project on Ethereum will use the services of Quantstamp to better the security of their smart contracts systems.
The Team at Quantstamp
The Quantstamp team has more than 30 members across their offices, and they are hiring more people to improve the security of their systems. The team of Quantstamp is comprised with experienced professional in software testing. Their team also includes many professionals who have done Ph.D. and has many years of experience in various fields.
Richard Ma and Steven Stewart founded Quantstamp. Richard currently serves as the CEO of the company and Steven serves as CTO of the company. The core team members include Kacper Bak, Sabrina Keum, and Mei McCullar. Kacper is the senior research engineer while Sabrina and Mei serve as a senior software engineer. The Quantstamp team also has more than eight advisors on the team. They have advisors for blockchain, security, engineering, and marketing of the product.
Quantstamp ICO and Token
The ICO of Quantstamp was directed in two phases. The presale was conducted form 7th November 2017 to 15th November 2017. In the presale, there was a bonus of up to 100%. The main crowdsale started on 17th November 2017. The main details about the ICO are listed below.
Quantstamp ICO Information
Token – QSP
Token type – ERC20 (based on Ethereum)
Token price – $0.0720 USD per QSP
ICO start date – 17th November 2017
ICO end date – 19th December 2017
Total tokens – 1 billion
Tokens for sale – 65 million
Hard cap – USD 31 million
The Quantstamp token, QSP is based on the Ethereum platform, and it is an ERC20 token. Quantstamp tokens were allocated during the ICO in the following manner.
• 65% tokens were reserved for Crowdsale
• 20% tokens were kept for the developing team and advisors
• 10% tokens were for reserve
• And 5% tokens was reserved for the community development
The cap from the crowdsale was distributed among the various departments. Let’s take a look at the fund’s allocation for Quantstamp.
• 50% of funds were reserved for the Product development
• 30% was for the marketing and community of Quantstamp
• 15% of funds were reserved for the Administrative and general uses
• 5% funds were reserved for the security purposes
Exchanges To Trade On
The Quantstamp tokens QSP can be traded on many mainstream exchanges. These exchanges allow the trading of QSP tokens with ETH, BTC or USD and you can also use fiat to trade QSP. Some of the main trading exchanges are listed below.
Quantstamp coin exchanges
With these exchanges, the trading of QSP is possible at any time. You can select your favorite exchange and start trading QSP. But you need to sign up for these websites to trade QSP, or you can use your wallets such as Metamask or EAL wallet to connect with these exchanges. The Quantstamp team is committed to bringing more exchanges on board to facilitate their users.
Roadmap to the Future
Quantstamp was founded in June 2017. They have some success in the market of crypto in the short period. They have their product released and have completed the semi-automated verification process.
They have released the V1 of their network this was tested in the April month, and it will complete the full functions in the August 2018. And they will evaluate the early performance of their protocol and will act by that to improve the features in the next update.
Their mainnet version 2 will be released in April next year. And after that, they will continue working on the security library and network development. They will also increase the team till next year. They already have offices in many countries including San Francisco, Toronto, New York, Europe, and Tokyo. They are planning to hire more staff in these locations.
Overall the Quantstamp tokens QSP are a good bet and will profit its investors in the long term. The Quantstamp technology is in the development phase. Once it is fully developed and everyone realized its potential, it will almost become necessary for future project developments of the Ehtereum based projects.