When selecting fascinating blockchain/crypto projects to follow, I always follow my mantra «Concentrate on projects that bring value to society». Simple enough, proper? Judging by the quantity of effort many buyers have spent making an attempt to quantify this, clearly it is a very tough statement to evaluate. It’s a vague sentence, and will be interpreted many ways. What is worth and how can we measure it? This could possibly be an article in and of itself, however I like to simply define a value adding product or project as something that solves a problem for society.
In my inaugural medium put up I need to focus on one among my favourite projects, Quantstamp. I have been an active group member and token holder since shortly after their ICO, so therefore plenty of this post will simply be compiled data from their whitepaper, website, blogposts, and AMA’s together with my analysis and opinion. I’ll try to keep this article as non-technical as potential, nevertheless it does assume you could have at the least just a little background knowledge of the blockchain space.
Why Quantstamp? Compared to some of my different favorites, Quantstamp isn’t mentioned a lot in the neighborhood and when it is, there are quite a lot of questions and FUD. In this post I will focus on: a quick history of related events, problems with smart contracts, proposed options from Quantstamp, the value model of the QSP token, Quantstamp’s enterprise strategy, and at last criticism the team has received. The purpose of this article is to provide an outline of Quantstamp and demonstrate why I think it is a sleeping giant in an area the place safety is more essential than ever.
One of many first major smart contract hacks occurred in 2016; the infamous «DAO Hack». There are a lot of nice articles describing this hack, (see right here for an instance), so I won’t go into element here. This was the occasion that might encourage Quantstamp co-founders Richard Ma and Steven Stewart to start creating a number of decentralized protocols to assist secure smart contracts on a blockchain. Richard himself misplaced cash in the hack, making it a really 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.
Because the DAO hack, the event has continuously 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 the most sturdy cryptography. We just make trade-offs by altering totally different parameters while hopefully reducing 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 permit 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 finished by as many audit nodes as desired. The results of this scan can then be stored within the blockchain as bytecode for anybody to verify, or saved private to the team. The important thing here is that the audit is accomplished in a decentralized manner, and the code may be submitted by anybody (given the code is open sourced to the general public). The workforce is also working extensively on making the UI/UX intuitive and easy for anybody to make use of and interpret; the importance of this cannot be understated.
I think an important result of this is that any regular user can use this protocol to easily check if a smart contract is safe as an preliminary check. For instance, Bob isn’t a super technical programmer, and is using a dapp for the first time. Possibly the dapp is from somebody who set up a easy shop on the Ethereum blockchain, and the code is open sourced. Bob can then acquire 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 attend until the issues are addressed. If there aren’t a variety of red flags, Bob feels a little safer and has accomplished just one part of the entire due diligence process to verify the contract is safe.
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