When deciding on attention-grabbing blockchain/crypto projects to follow, I always comply with my mantra “Give attention to projects that deliver worth to society”. Simple sufficient, right? Judging by the amount of effort many buyers have spent making an attempt to quantify this, clearly it is a very difficult statement to evaluate. It’s a vague sentence, and could be interpreted many ways. What’s value and the way can we measure it? This could possibly be an article in and of itself, however I like to simply define a price adding product or project as something that solves a problem for society.
In my inaugural medium publish I wish to discuss certainly one of my favorite projects, Quantstamp. I have been an active community member and token holder since shortly after their ICO, so therefore loads of this put up will simply be compiled data from their whitepaper, website, blogposts, and AMA’s along with my evaluation and opinion. I’ll try to maintain this article as non-technical as doable, but it does assume you have got at the least a little bit background information of the blockchain space.
Why Quantstamp? Compared to a few of my other favorites, Quantstamp isn’t discussed a lot in the neighborhood and when it’s, there are plenty of questions and FUD. In this put up I’ll talk about: a brief history of relevant occasions, problems with smart contracts, proposed solutions from Quantstamp, the value model of the QSP token, Quantstamp’s business strategy, and finally criticism the staff has received. The purpose of this article is to offer an overview of Quantstamp and demonstrate why I think it’s a sleeping big in a space where safety is more essential than ever.
One of many first main smart contract hacks happenred in 2016; the notorious “DAO Hack”. There are quite a lot of nice articles describing this hack, (see right here for an example), so I won’t go into detail here. This was the event that would encourage Quantstamp co-founders Richard Ma and Steven Stewart to begin creating multiple decentralized protocols to help 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 price of smart contract hacks to that date.
For the reason that DAO hack, the event has always been used as an argument in opposition to the usefulness of smart contracts; from bitcoin “maximalists” to blockchain skeptics. However no system is completely secure and flawless; not smart contracts, centralized applications, bitcoin, or the most robust cryptography. We just make trade-offs by altering totally different parameters while hopefully decreasing the magnitude of those trade-offs as technology evolves. It then stands to reason that we should capable of accelerating the safety of smart contracts while working to minimize the impact to decentralization. Enter Quantstamp.
The more decentralized auditing protocol will allow customers to simply submit code, or a contract’s address, pay in QSP tokens (with value set by the audit nodes), and have a scan executed by as many audit nodes as desired. The outcomes of this scan can then be stored within the blockchain as bytecode for anyone to confirm, or saved private to the team. The key right here is that the audit is completed in a decentralized manner, and the code might be submitted by anybody (given the code is open sourced to the public). The group can be working extensively on making the UI/UX intuitive and straightforward for anybody to use and interpret; the importance of this can’t be understated.
I think an important results of this is that any regular person can use this protocol to easily check if a smart contract is safe as an preliminary check. For example, Bob isn’t a super technical programmer, and is utilizing a dapp for the primary time. Possibly the dapp is from somebody who set up a simple shop on the Ethereum blockchain, and the code is open sourced. Bob can then get hold of that code, or submit its contract address, to see if the scan leads to numerous red flags. If so, it will be better to wait till the issues are addressed. If there aren’t numerous red flags, Bob feels a bit safer and has accomplished just one part of the whole due diligence process to make sure the contract is safe.
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