Today I will be giving you information about an upcoming ICO, Quantsamp.
I hope you will enjoy this read, as I believe this is a major upgrade to existing smart contract companies.
I will not be going into to much detail, but give you some general information to give you an idea about what Quantstamp is about and hopefully make you interested in what they're doing.
FYI
In the following information I will be citing text from the Quantstamp whitepaper (which can be found here: https://docsend.com/view/shcsmhe). I read all of it and will report what I believe is relevant!
What is Quantstamp?
This is a short one; Quantstamp is the first smart contract security-auditing protocol. It exists of the following team members and advisors:
Which problem does it solve?
Blockchain networks are secure but smart contracts are not. In june 2016, a hacker stole $55M in Ethereum coins from the DAO due to a bug in its smart contract. This happened again in july 2017, when another hacker stole $30M from crypto companies due to a one word bug in the smart contract code in Parity multi-sig wallet.
The Quantstamp protocol solves the smart contract security problem by creating a scalable and cost-effective system to audit all smart contract on the Ethereum network. Over time, they expect every Ethereum smart contract to use the Quantstamp protocol to perform a security audit because security is essential.
This protocol that Quantstamp describes consists of two parts:
An automated and upgradeable sofware verification system that check Solidity programs. The conflict-driven distributed SAT solver requires a large amount of computing power, but will be able to catch increasingly sophisticated attacks over time.
An automated bounty payout system that rewards human participants for finding errors in smart contracts. The purpose of this system is to bridge the gap while moving towards the goal of full automation.
The Quantstamp Roadmap
Business model proposed by Quantstamp
Well-intentioned software developers need help to produce better code. As pointed out by Luu et al. there is a semantic gap rooted in a misunderstanding of how code executes in the blockchain; consequently, there is a pressing need for better tools that can assist the developer in capturing vulnerabilities prior to deployment. The current way developers test code - manually via open source code reviews and unit tests (if they are diligent) - is not sufficient to meet the needs of blockchain technology, which ideally offers perfect security. All of the above methods are very manual methods that allow for human error. There is a need for an easy process of verifying smart contracts while minimizing the chance of serious vulnerabilities slipping through the cracks. The Quantstamp protocol provides this easy interface while also helping to protect developer reputations by proving on the blockchain that they have performed this auditing.
Some technical information
The technology that performs security audits is based on cutting-edge research into verification algorithms and blockchain technology. The foundation is the Validator Node being developed by Quantstamp, a heavily modified Ethereum node containing an analytical toolkit that applies techniques from formal methods.
I hope you enjoyed the read and became interested in quantstamp (https://quantstamp.com/).
Remember everything I posted in here is taken from the whitepaper, nothing is written or owned by me.
Once again, if you became interested or want to go into more technical detail, this is the link to the whitepaper: https://docsend.com/view/shcsmhe
FYI