Besides Lord Vitalik and our own master dev, Aaron, most everyone sucks at programming.
Bug after bug after bug…
Hack after hack after hack…
Today we’ll explore Quantstamp, a security auditing platform for smart contracts.
Let’s dig in…
Quantstamp (ticker: QSP)
Wtf is this shit?
Quantstamp is a platform for smart contract verification where developers can submit their code for review. Quantstamp is an ERC-20 token based on the Ethereum network, but plans to offer their service to other networks (NEO, Lisk, etc..) as well.
While there are not many dApp users, the development of dApps is growing quickly. Smart contracts, like any other software, are vulnerable to bugs…additionally, the rate at which dApps are being created far outweighs the amount of auditors to ensure their security.
Quantstamp has two primary users: contributors and validators.
Contributors are users who submit code to be audited. They can pay QSP to have audits done, and can also post specific bounties for their smart contracts. When submitting code to be audited, you can set specific bounties for X amount of QSP.
Validators are security experts who audit contracts, claim bounties, and can submit scripts that other validators can use to test for exploits in smart contracts. Validators are rewarded in QSP for their work.
There are validation nodes, which can run the scripts/software uploaded by validating users. Running a validation node requires significant computing power, and they are also rewarded in QSP. Those running a validation node are seen as other validators, even if it is not as hands-on.
Quantstamp also has a Proof-of-Caring scheme, which rewards community members for things like social media outreach, solving Quantstamp bounties, and more. You can submit proof of your work directly to the Quantstamp team, to get paid via airdrop from an ICO that Quantstamp has audited. As of the time of this writing, they have stopped these airdrop services…..so let’s see if/when they start that back up.
Who tf is behind this shit?
Their two co-founders are Richard Ma and Steven Stewart.
Richard Ma is the CEO and a former software engineer at Tower Research where he created financial software that handled millions of dollars. He successfully developed this with intense testing in mind (hence Quantstamp). After the DAO hack fiasco, he was inspired to start Quantstamp.
Steven Stewart is the CTO. He has a background in software engineering as well, and he founded a GPU computing startup called Many Trees Inc. They both seem to be fairly young, in their mid-to-late twenties.
All in all, mid-tier shitcoin. While the idea is cool and there is unquestionably a need for smart contract auditors, we think this may be a better business rather than a blockchain project. The vision may also be timed a bit too early, but as the dApp world progresses, they may be seen as a first-mover. We’ll see how they do.
Hope you learned some shit.
– Mike and Aaron