When choosing fascinating blockchain/crypto projects to comply with, I always follow my mantra “Focus on projects that carry value to society”. Simple sufficient, proper? Judging by the amount of effort many investors have spent making an attempt to quantify this, clearly it is a very troublesome statement to evaluate. It’s a imprecise sentence, and could be interpreted many ways. What’s value and the way can we measure it? This may very well be an article in and of itself, but I like to simply define a value adding product or project as something that solves a problem for society.
In my inaugural medium publish I want to discuss certainly one of my favourite projects, Quantstamp. I’ve been an active community member and token holder since shortly after their ICO, so subsequently lots of this post will merely be compiled information from their whitepaper, website, blogposts, and AMA’s along with my evaluation and opinion. I will try to keep this article as non-technical as possible, however it does assume you’ve a minimum of a bit of background data of the blockchain space.
Why Quantstamp? Compared to some of my other favorites, Quantstamp isn’t discussed much in the community and when it’s, there are loads of questions and FUD. In this put up I’ll focus on: a short history of relevant events, problems with smart contracts, proposed options from Quantstamp, the value mannequin of the QSP token, Quantstamp’s business strategy, and finally criticism the team has received. The aim of this article is to provide an summary of Quantstamp and demonstrate why I think it is a sleeping large in an area the place security is more essential than ever.
One of the first main smart contract hacks happenred in 2016; the notorious “DAO Hack”. There are a number of nice articles describing this hack, (see here for an example), so I won’t go into detail here. This was the occasion that will encourage Quantstamp co-founders Richard Ma and Steven Stewart to start creating multiple decentralized protocols to help safe smart contracts on a blockchain. Richard himself lost cash in 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 value of smart contract hacks to that date.
Since the DAO hack, the event has consistently been used as an argument in opposition to the usefulness of smart contracts; from bitcoin “maximalists” to blockchain skeptics. But no system is totally secure and flawless; not smart contracts, centralized applications, bitcoin, or essentially the most strong cryptography. We just make trade-offs by altering different parameters while hopefully lowering the magnitude of these trade-offs as technology evolves. It then stands to reason that we should capable of increasing the security of smart contracts while working to attenuate the impact to decentralization. Enter Quantstamp.
The more decentralized auditing protocol will allow users to easily submit code, or a contract’s address, pay in QSP tokens (with worth set by the audit nodes), and have a scan carried out by as many audit nodes as desired. The results of this scan can then be stored within the blockchain as bytecode for anybody to substantiate, or saved private to the team. The important thing right here is that the audit is completed in a decentralized method, and the code might be submitted by anybody (given the code is open sourced to the general public). The group can also be working extensively on making the UI/UX intuitive and easy for anyone to use and interpret; the importance of this cannot be understated.
I think an necessary result of this is that any common person can use this protocol to easily check if a smart contract is secure as an initial check. For example, Bob isn’t a super technical programmer, and is using a dapp for the first time. Maybe the dapp is from someone who arrange a simple 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 results in a number of red flags. If so, it could be higher to wait till the issues are addressed. If there aren’t loads of red flags, Bob feels a bit of safer and has completed just one a part of the whole due diligence process to make sure the contract is safe.
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