Quantstamp (QSP) –In a world where people, time and again has seen their funds stolen due to the high rate of hacking and bugging of cryptocurrencies and other smart contracts, it is essential that there should be a way to audit, or at least, protect these smart contracts from bugs, one of such ways is in the use of Quantstamp.
What is Quantstamp, and in what ways does it protect crypto-based smart contracts such as Ethereum? These are some of what will be discussed in this article.
Quantstamp: Its Essence In The Smart Contracts World
Quantstamp is a security company that is backed by y combinator. Their major aim is to secure the mainstream adoption of smart contracts. They are a security auditing protocol for smart contracts such as Ethereum (ETH).
It is already a very difficult task; writing smart contracts. Sadly, though, it is nearly impossible for smart contracts to be written without any bugs, one thing that aggravates the level of impossibility is the simple fact that the rate at which smart contracts are written is very high. In fact, it is estimated that in the year 2018 alone, about 10 million smart contracts will be written.
Even with the assumption that the security auditing of a smart contract is detailed and thorough, a small bug can still get through the walls, causing a lot of damage. What Quantstamp does in order to rectify this painful norm is that they create a scalable system that helps with the easy audit Ethereum based smart contracts.
Quantstamp (QSP): concept and operation
Although, Quantstamp, for now, is really into auditing and protecting Ethereum from bugs, a beautiful thing about this smart contracts auditor is that it is platform agnostic. The meaning of this is that its auditing duty can and perhaps, will eventually be extended to other smart contracts platforms. Quantstamp generally approaches smart contracts auditing from two major angles.
The first approach is the approach known as the software verification system. Quantstamp veries software systems by adopting different security checks. These checks include the use of static analysis, symbolic execution, and concolic Tests. They as well adopt the use of automated reasoning tools that includes SAT and SMT.
In order to ensure that no malicious validation software is submitted, it is must for contributors to be voted in, in accord with government mechanisms.
The second approach is the approach known as the automated bounty pay out system. When submitting smart contracts for auditing, it comes with QSP tokens for bounty rewards.
You are free to decide the deadline for which the offer of the bounty is binding. After the expiration of the time set by you, with no bug found, the QSP bounty is returned to you. In this second approach, Quantstamp does not guarantee a flawless code after the process. All they can assure you is that it will reduce issues relating to bugging or hacking that will be experienced.
Quantstamp: internal operation and structure
Quantstamp is made up of three major teams. The first team, known as the protocol team is made up of software engineers, blockchain researchers, and research engineers. They are the ones in charge of the protocols described above.
The second team is known as the web team, the people that make up the web team are also the ones that are responsible for the building of the web products which includes a demo version of the automated auditor. Note, they are not responsible for the building and the development of protocols.
The last group is the group known as the auditing team, made up of engineering and security experts, they are responsible for manual audits.
Quantstamp (QSP): Where To Buy
Quantstamp (QSP) is not a coin that is difficult to buy, you can always find it traded against etherium or bitcoin with the greatest volume on Binance or Huobi. After you might have bought QSP, the next question that might likely be relevant is where to store the coin.
Quantstamp (QSP) is an ERC20 token, this means that it can be stored in any wallet, as long as such wallet is with ERC20 support. For a wallet that you can trust as regards the high level of security, ledger Nano S is a great option.
Conclusion
Quantstamp (QSP) is an indispensable aspect of smart contracts in our day, since it is helping smart contracts become more secure through their different protocols that includes a system of bug bounties and automated software testing, it is hoped that the level of usefulness and efficiency is maintained.
