What is Quantstamp (QSP)?
QSP is building a technology that aims to protect users and investors with scalable proofs of audits – it represents a security verification protocol for smart contracts that improves the security of Ethereum. The way it does this is by finding vulnerabilities within the Ethereum smart contracts and fixing these in an automated, trustful way.
Currently, the cost of auditing smart contracts starts at $5,000 and takes about a week to complete. QSP is tackling this issue by trying to reduce both the price and the time needed, to about $10 and finishing the audit within minutes respectively.
The protocol QSP relies on consists of 2 parts: a software verification system and a bounty system (which rewards users for finding errors within smart contracts).
QSP was founded in June 2017 by Richard Ma and Steven Stewart. The rest of the team can be found here.
The ICO token price was 1 ETH for 5,000 QSP tokens. In their Telegram group, the QSP team indicated that they will buy back the tokens if the exchange price of QSP drops below the ICO price – an indicator that the team is confident in their project and do not expect this to happen.
Total supply is 976 million QSP with a current circulating supply of 617 million.
How does QSP work?
A developer wants to deploy a smart contract based on Ethereum. In order to minimise the risk of losing funds due to security vulnerabilities, the developer can send the code to be audited on the QSP network. Depending on the size of the audit needed, the develop can choose how much bounty to send to the network. The QSP network receives the request and on the next Ethereum block, QSP performs the validation required for the audit.
A report is then done which classifies all the risks depending on severity, with 10 being a major vulnerability and 1 being a minor one.
When requesting an audit, the developer can choose to make the report private or public, which means that it would only be accessible by the developer or by anyone with access to the public network, respectively.
How are the tokens used?
The QSP tokens would be used to pay for, receive or improve upon verification services.
Current competitors include Etherparty, Blockcat and Agrello and is a table to compare them:
Looking ahead, in January 2018 QSP is planning to build the QSP validation node, which is an automated Ethereum node followed by an academic review of the whole system in April 2018.
The release of the mainnet version 1 is due August 2018, followed by the addition of smart contract alpha product on the mainnet smart contracts in October 2018.
The QSP team have successfully audited the Request ICO which shows that the team is competent and that they have a working prototype in place. If successful, the adoption of smart contracts could be massively increased as the cost of auditing them would be much lower and more accessible to users.
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