Quantstamp is what puts the word "smart" into smart contracts. As we all know, code isn't perfect and mistakes can happen. Quantstamp is the answer to mitigating and getting rid of these mistakes, allowing for seamless and secure transactions to take place.
So How Does This All Work?
When it come to the blockchain it's all about transparency and decentralisation. Contracts for Ethereum run on the Ethereum blockchain, which ensures that contracts are executed exactly as they have been written. In other words, with no human interference.
However, smart contracts that are actually transferred on the Ethereum blockchain are made by people. With this, human error becomes a possibility.
For us to currently validate contracts, human experts from security companies have to validate smart contracts. Not only can errors occur, this is also a costly process. In addition, this becomes a centralized procedure for security companies, which opposes what the blockchain is trying to accomplish; decentralization.
Where Quantstamp Comes Into Play!
The objective of Quantstamp is to a create cost-effective, decentralized protocol which efficiently handles auditing of smart contracts on the Ethereum blockchain, mitigating the possibility of human error.
For a contract to be audited, nodes on the blockchain audit contracts by including them as a part of the mathematical calculation used to create new blocks. A cryptographic hash function is used to handle this mining process of the block, where the author of the contract receives a report for any potential vulnerabilities.
In addition, Quantstamp also allows black and white hat hackers to get involved with testing the integrity and security of the system. The is achieved with a bounty program, which focuses on bugs or issues that the system didn't pick up.
The team at Quantstamp is also great, where they possess a supportive and caring community. You are always sure to find vast engagement and help, no matter what trouble you may have.
If you haven't already, be sure to check out their telegram.
In conclusion, solutions for the blockchain are advancing more and more each day, where Quantstamp's main goal is to improve smart contracts on the Ethereum blockchain, by allowing better automation of auditing which resolves and mitigates human errors. This prevents humans from having to check code, allowing everything to be done automatically and saving vast amounts on costs and time.
Definitely a step in the right direction!
