Crypto Fundamental Review: QuantStamp (QSP)
Today, I will be talking about QuantStamp, one of the first players in smart contracts auditing on the Blockchain.
I will be writing about coins I am interested in, but this is not in any way an investment advice. Do your own research before investing !
Here we go !
Project / Idea
An automated security auditing protocol for smart contracts !
Project Details
- Quantstamp team has created software that can automatically audit smart contracts, and then a second layer of security is added through a bounty program where community members are incentivized to find bugs in the smart contract code after the automated verification is completed.
- Quantstamp has published over 484 reports on their website.
- In order to request a manual audit you must hold 200,000 QSP tokens and the audit could cost as much as $500k USD depending on the scope and breadth of the audit.
- QSP is one of few projects earning revenue, and they’ve been earning revenue since their launch. The demand from the community is growing.
Partnerships/Clients
Y-Combinator and the University of Waterloo
Competitors
Manual smart contract auditing teams
Applications
- The team is currently focused on Ethereum smart contracts, but the protocol they are building is meant to be malleable enough to be transferred to other platforms such as EOS, NEO, QTUM and ADA
- There are approximately 500 ERC20 coins in circulation
- QSP assisted Binance to audit its listed ERC20 tokens to make sure that they were not affected by the recent batchOverflow and proxyOverflow vulnerabilities
- QSP has the opportunity to adjust their platform to accommodate other smart contract platforms such as EOS, which will increase their target audience, the demand for their token, and decrease their reliance on the Ethereum platform.
Team
Founded by Richard Ma and Steven Stewart, both software engineers
Critics
The company has accepted ether (ETH) for services in one instance and priced its offerings in U.S. dollars in another, practices that appear to have run afoul of user expectations
Rating
Rated 196 on CMC