When a new crypto startup is launched, it comes with a massive expectation that projects it as the next big thing. However, not every project has that possibility. Some projects aim lower, and some just try to make what’s already available a little better and more useful. Quantstamp is one of the latter. Instead of creating a whole blockchain in the hope of becoming the de facto cryptocurrency that rules the charts, Quantstamp runs on top of the Ethereum blockchain. And, instead of performing a new, potentially unnecessary niche service, Quantstamp’s objective is much simpler: To bring assurance, security, and trust to Ethereum’s smart contracts.
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How does Quantstamp work?Quantstamp’s existence as a coin is justified by its operational strength. It scans smart contracts and looks for flaws or vulnerabilities in them. While it might sound silly to have a program look for errors in automated contracts, each code is interpreted literally, and this often leads to unexpected weaknesses and loopholes. In an environment where a code has specified a standard, Quantstamp provides an invaluable service by revealing potential problems before anyone exploits them, ideally before the code even goes live. Their main service is geared towards other blockchain entrepreneurs rather than towards the mainstream. Most smart contracts in the Ethereum blockchain are created by companies rather than individuals. In this regard, a loophole discovered in a smart contract that has thousands, if not millions of dollars invested in it, would be devasting for a business. By targeting larger corporations, since they’re the ones more likely to care about this – Quantstamp has identified a niche market. Companies can purchase the QSP’s actual services, and anyone can trade or obtain the currency. Quanstamp is mined with a proof-of-audit protocol that rewards the user for lending processing power to aid in scanning smart contracts for vulnerabilities.
Who created Quantstamp?
Quantstamp is the brainchild of Steven Stewart & Richard Ma. Both of them are software engineers with extensive experience in security software. The company leadership is comprised of about a dozen experts in their respective fields with PhDs and ample experience in working with security audits for informatic ecosystems. Quantstamp has grown nicely over the short time since its launch in April 2019, and it has been hailed as the Verisign of blockchains. The company currently has offices in San Francisco, Toronto, Taipei, and Tokyo, giving it quick access to the largest current crypto markets. As cryptocurrency penetration grows, one could expect Quantstamp to keep expanding its operations to cover newer markets.