The Quantstamp Protocol: What It Is And How It Works

Quantstamp Protocol; Auditing Smart Contracts

In this age of advanced technology, even the technology is not safe from its own hazards. No matter how secure the blockchain technology gets, there is still room for vulnerability through smart contracts. It is vital to have some solution to eliminate these vulnerabilities. This is where Quantstamp comes in.

Launched in 2017, Quantstamp (QSP) tends to provide a smart contract auditing protocol, based on blockchain. The intention is to detect the smart contacts for any potential vulnerabilities. Quantstamp intends to replace the old manual method of manual bug scanning, to provide more thorough and reliable audits.

How it works
Quantstamp's platform provides the vital technology of automatic smart contract code validation, to eliminate the blockchain projects with possible vulnerabilities in the smart contract, making it safe and secure. 

Currently, it is working in two parts. One is the automated software platform that verifies that the solidity codes are properly constructed and does not use much computing power.

 Second is the automated bounty system for verifier nodes, who are providing computing power and scan and verify these solidity codes manually. Until the complete automation of the platform, this manual system is required to fill the gap. 

The automated audit system will have a remarkable user interface. You will upload your solidity code and get them audited in real time, as well as provided with an overview of the potential issues and their severity.

Quantstamp team introduced QSP tokens to purchase audit and to be used in compensating the verifier nodes runner. Since these tokens are ERC-20 compliant, so it is easy to store them in any ERC-20 compliant wallet, like MyEtherWallet and MetaMask.

Quantstamp Advantage and Concerns

As the use of smart contracts is increasing in a drastic manner, so is the necessity of a reliable auditing platform. With many successful audits since its inception, Quantstamp has proven that this technology is reliable and works successfully.

Quantstamp has already completed a great number of high profile audits. However, due to a controversy last year their popularity has been shaken a lot. Back in June 2018, the QSP token holders learned that Quantstamp was accepting Ether and U.S. dollar, instead of QSP token for its audit services.

The token holders view this act as an indication of undermining the utility of the QSP token. Till now, the lack of communication in the QSP community is an indication that the issue has not yet been resolved and has caused deep damage.

Trading Quantstamp

Quantstamp can be traded on Binance and the following markets:

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