Why to Believe in Quantstamp

 Hello Quantstamp family,As a bay area native I could not help but be intrigued by the Quantstamp project. However, being relatively new to the crypto world has been an overwhelming experience! It’s not always easy to grasp the concepts at hand or understand the value of such crypto endeavors. In efforts to break down this barrier for future members of the community I have decided to briefly explain what Quantstamp will solve and provide 5 reasons why I became a part of it.

What is Quantstamp?

As mentioned on their home page it is a “scalable security-audit protocol designed to find vulnerabilities in Ethereum smart contracts.” Say what…? First, let’s go over what Ethereum and smart-contracts are. Ethereum is “an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications.” While a smart-contract is “a phrase used to describe computer code that can facilitate the exchange of money, content, property, shares, or anything of value.” Together they promote a creative environment and provide a blank canvas if you will for developers to “draw on”, and there are a lot of “drawings.” Around 2 million smart contracts at the date of writing with the amount exponentially rising. Next, let’s define what an audit is. It is “an official inspection of an individual's or organization's accounts, typically by an independent body.” Although in this scenario, it will be a functionality inspection of a company’s smart contract conducted by Quantstamp. Does it work how it’s designed to? Is it vulnerable to being hacked? These are some of the questions that will be answered through their auditing system and in conjunction with bug bounties which allows for individuals to be rewarded for discovering breaches in a smart contracts protocol. If Quantstamp can become a security standard, then ladies and gentlemen we have lift off.

Why I Believe:

1) The Team

At first glance it’s evident that each member possesses the credentials to successfully create such a venture, P.H.D.’s for everyone! Well not everyone, but the competency among the core team and it’s supporting staff members is reason enough to consider investing in whatever infant idea spawns from their collective brain power. They each bring their own expertise in the development process whether its relating to blockchain, smart-contracts, security infrastructure, operations management, distributed systems, communications management, graphics design or legal counseling. You name it, they have it. A very “stacked” team to say the least.

2) Applicability

This project will be applicable to all current and upcoming smart contracts in the crypto industry. This implies that there is a lot of business to be done! With smart contracts, security issues are a major concern and the need for Quantstamp will continue to rise.

3) Community Engagement

The Quantstamp team is very active, responsive, and transparent with the community and that is all you can ask for. With meetups in mind, active social media outlets, and a Proof of Care system which allows you to earn tokens through community contribution it can’t seem to be any better of a foundation for a successful venture.

4) Technology

With the use of a fully automated system for auditing smart contracts, the volume of audits can skyrocket. Through development of what Quantstamp refers to as the “validator node” and with the implementation of verification algorithms, this will be a cutting-edge project providing essential tools for the crypto industry.

5) Vision

To quote CEO Richard Ma in his recent interview with C-Sigma, Quantstamp was “designed with the end in mind.” He goes on to express that being the reason why the logo is simple and how it can be put on “almost anything.” This type of vision coming from a founder is exactly what I like to see. The vision is big and being executed quite nicely from all angles. With potential down the road to audit other platforms besides Ethereum, this makes the project very worthwhile in the long-term.

In Conclusion: While being a part of the world’s most renowned start-up accelerator Y-combinator, Quantstamp looks to effectively fill a large void of the crypto industry and therefore I believe the project is loaded with not only value but purpose.