Quantstamp arrives as the first “scalable” security-audit protocol for Ethereum Smart Contracts

Quantstamp is being launched as the first ever scalable security audit protocol to locate issues in Ethereum smart contracts and promises a more intelligent, safer and cost-effective solution.

Vancouver, B.C. – October 18, 2017 – Developers worried about the vulnerability risks of Smart Contracts can finally heave a sigh of relief. A team of senior developers and blockchain industry experts have recently launched a specialized network named Quantstamp which introduces the FIRST “scalable” security-audit protocol engineered to find bugs in Ethereum smart contracts. Based on blockchain technology, QSP promises an economical and advanced code auditing to enhance the operational efficiency of Smart Contracts.

The platform extends an automated service and connects developers, users and investors into a transparent and scalable proof-of-audit. The Quantstamp Network or QN stores all security audit reports in its decentralized database that is further updated over time by decentralized consensus. Users have to use QSP tokens to access Quantstamp’s software services. 

“We are excited to introduce a new era in the world of Smart Contracts through our breakthrough Quantstamp platform. We believe Smart Contracts are soon to be a major part of almost all industries and hence we have to be careful about a superior code auditing. The regular auditing services cannot promise a top-notch auditing and Quantstamp has been launched to take care of all such concerns. Our vision behind auditing is very simple – Higher Security, More Automation and Lower Cost”, stated Richard Ma, who co-founded Quantstamp with Steven Stewart.

Richard is a seasoned Algorithmic Trader backed by extensive experience in trading with Extreme Software Testing Methods. Stewart is a Smart Contract development expert. 

“Our stellar team is equipped with PhD’s with immense experience and senior blockchain industry advisors. We have designed our state of the art QSP protocol to scale to verify all kinds of Ethereum projects. We are positive our protocol will soon become an integral part of widespread adoption of Ethereum.”

The QSP verification platform will automatically extend rewards to participants who perform security checks and locate bugs in the smart contracts. Quantstamp tokens are used as rewards or bounties for verifiers. When a developer submits smart contracts for audit, the token transaction bounty bid is attached to the submission to attract verifiers. The bids range from $1 for automated checks to over $10k to pull in world-class hackers. 

QSP allows developers to choose between private or public security reports on audit checks. But isn’t it that the developer can himself perform the audits on local machine? Stewart noted that it’s possible but also added that in such cases, the computational overhead would be too high. On the other hand, Quantstamp Network’s verifier nodes boast of higher computational capacity in regards to processing cores and memory – compared to developer’s average machine.

Video Link: http://www.youtube.com/embed/W5gI-_MWoUA

Speaking further, Richard guaranteed more secured audits with QSP compared to regular security checks given Quantstamp’s decentralized approach.

In his words-“Centralized audit checks are not exactly safe and are vulnerable to insider attacks. But we have taken a decentralized approach to ensure nobody is able tweak the audit results. As a result, our protocol is always more secured for auditing smart contracts.”

For more information, please visit http://www.quantstamp.com.

Media Contact
Company Name: Quantstamp
Contact Person: Krishna Sriram
Email: media@quantstamp.com
Phone: 628 207 9205
Address:319 Hastings St W
City: Vancouver
State: BC V6B 1HC
Country: United States
Website: http://www.quantstamp.com