Quantstamp: Value in Decentralized Smart Contract Security
When choosing attention-grabbing blockchain/crypto projects to observe, I always follow my mantra “Deal with projects that bring value to society”. Simple enough, right? Judging by the quantity of effort many buyers have spent making an attempt to quantify this, clearly it’s a very difficult assertion to evaluate. It is a obscure sentence, and can be interpreted many ways. What’s worth and how can we measure it? This could be an article in and of itself, but I like to easily define a value adding product or project as something that solves a problem for society.
In my inaugural medium put up I need to discuss considered one of my favourite projects, Quantstamp. I have been an active community member and token holder since shortly after their ICO, so therefore plenty of this submit will merely be compiled information from their whitepaper, website, blogposts, and AMA’s along with my evaluation and opinion. I will attempt to hold this article as non-technical as doable, however it does assume you have no less than somewhat background data of the blockchain space.
Why Quantstamp? Compared to some of my different favorites, Quantstamp isn’t discussed much in the neighborhood and when it is, there are loads of questions and FUD. In this put up I’ll focus on: a quick history of relevant occasions, problems with smart contracts, proposed options from Quantstamp, the worth model of the QSP token, Quantstamp’s enterprise strategy, and eventually criticism the group has received. The aim of this article is to offer an summary of Quantstamp and demonstrate why I think it’s a sleeping big in an area where safety is more essential than ever.
One of many first main smart contract hacks happenred in 2016; the infamous “DAO Hack”. There are quite a lot of great articles describing this hack, (see here for an instance), so I won’t go into element here. This was the event that will inspire Quantstamp co-founders Richard Ma and Steven Stewart to begin creating a number of decentralized protocols to assist safe smart contracts on a blockchain. Richard himself lost money within 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 worth of smart contract hacks to that date.
Since the DAO hack, the occasion has constantly been used as an argument against 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 completely different parameters while hopefully lowering the magnitude of these trade-offs as technology evolves. It then stands to reason that we should always capable of accelerating the safety of smart contracts while working to minimize the impact to decentralization. Enter Quantstamp.
The more decentralized auditing protocol will enable users 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 anybody to verify, or stored private to the team. The key here is that the audit is accomplished in a decentralized manner, and the code may be submitted by anybody (given the code is open sourced to the general public). The staff is also working extensively on making the UI/UX intuitive and easy for anyone to make use of and interpret; the importance of this can’t be understated.
I think an important result of this is that any regular person can use this protocol to easily check if a smart contract is safe as an preliminary check. As an example, Bob isn’t a super technical programmer, and is utilizing a dapp for the primary time. Maybe the dapp is from somebody who arrange a simple shop on the Ethereum blockchain, and the code is open sourced. Bob can then receive that code, or submit its contract address, to see if the scan ends in a whole lot of red flags. In that case, it will be better to wait until the problems are addressed. If there aren’t quite a lot of red flags, Bob feels somewhat safer and has completed just one part of the whole due diligence process to make sure the contract is safe.
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