ICO Review: Quantstamp

Hola Steemit, this post is a special one as this is my first post on Steemit. To start with, I thought it would be great to review some of the upcoming ICOs in the market and help crypto enthusiasts who are looking to invest in this rapidly expanding ICO market. My posts will be short and precise so that you don’t end up spending as much time as I do while going through an ICO. You can obviously go through the "Quick Links" section at the end of the post to know more about the project.

Today, I will be discussing about Quantstamp: The Protocol for Securing Smart Contracts.

Quick Facts:

Name: Quantstamp
Symbol: QSP
Total Supply: 1,000,000,000 tokens
Presale Date: 9-Oct-17 to 9-Nov-17 (on a rolling basis)
Presale Cap: $11 million
Presale Price: It is divided as follows, according to Proof-of-Care:
Caring level 1 ($3M): 1 ETH = 10,000 QSP
Caring level 2 ($4M): 1 ETH = 7,000 QSP
Caring level 3 ($4M): 1 ETH = 6,000 QSP
Presale Minimum Contribution: 0.1 ETH
Crowdsale Date: November, dates are to be announced.
Crowdsale Cap: $19 million
Crowdsale Price: 1 ETH = 5,000 QSP

What is Quantstamp?

Quantstamp is the first smart contract security-auditing protocol.

Why Quantstamp?

Initial Coin Offerings (ICOs) are gaining interest in the market and as a result, Smart contracts are becoming more and more popular. Most of the ICOs are hosting their Smart contract on Ethereum network. For those who are new to this term, Smart contracts contain code functions and can interact with other contracts, make decisions, store data, and send ether to others.

But why Quantstamp? Although the underlying blockchain technology is secure but smart contracts aren’t. Many incidents have happened in the past, where hackers have exploited loopholes in the smart contract and stole millions of dollars worth of ETH.

Quantstamp protocol solves the security issue by creating a scalable and cost-effective system to audit all the smart contracts on Ethereum network.

What does Quantstamp offer?

Quantstamp offers a unique suite to enable Smart contracts by launching:
• A decentralized network that uses validator nodes to achieve consensus and verify transactions
• A security library for Solidity, the programming language
• An implementation of the Quantstamp API for Ethereum
• An adaptable, modular, platform-agnostic design.

Roadmap

Positives

• First to Market: Quantstamp is one of the early entrants in the market which will give them an advantage as there are very few competitors as of now. The only noticeable competitor I was able to find was OpenZeppelin.
• Market Demand: Security is a crucial component in the cryptocurrency space. I just can’t imagine Initial Coin Offering being conducted without having strong security audit of their smart contract code.
• Hype Factor: This project is generating a lot of market awareness recently and as a result it has become one of the most anticipated ICOs. The Telegram community of Quantstamp has almost 9000 members at the time of writing this post.
• Token Distribution: Quantstamp wants to attract loyal investors who believes in the project rather than short term investors looking for flipping opportunities. To ensure this, they have enabled Proof of Care philosophy which is required in order to participate in the presale. Also, they will be having an individual cap on the contributors for the main round based on the number of participants in their whitelist which will prevent entry of whales in the ICO stage.

Negatives

• Proof of Care Philosophy: Although the proof of care philosophy by Quantstamp was implemented to attract long term investors who believes in the project and also to help spread the word by individuals themselves but it has led to many spam content being posted online or on social media which might have a negative impact on the ICO as a whole. I have myself witnessed many posts where people have just copy pasted the whitepaper on various forums just to complete their proof of care.

Recommendation

I believe this to be a long time due service which will greatly fill the void arising due to the security concerns revolving around the smart contracts. This will not only boost the ICO industry but will also revolutionize the administration of smart contracts.

Overall Ratings: 9/10
Investment Advice: Highly Recommended
For Flipping: Good
For Long Term: Good

Note: This is Not a Financial Advice.

Quick Links

Official Website: https://quantstamp.com/
Blog: https://medium.com/quantstamp
White Paper: https://docsend.com/view/shcsmhe
Github: https://github.com/quantstamp
Twitter: https://twitter.com/Quantstamp
Telegram: https://t.me/quantstamp

Appeal

Thanks for giving your precious time in reading this post. If you found this post helpful, please upvote it and follow me to view more of my upcoming posts. It will encourage me to post more quality content on Steemit. Provide your feedback in the comments section below. You can also mention any ICO or any cryptocurrency you want me to cover in my next post.

Image Credits: https://quantstamp.com/