What is Quantstamp?
Quantstamp Inc. is developing a protocol that audits smart contracts using formal verification in order to find bugs before contracts are published to the blockchain. Quantstamp developers seek to secure and verify audits using a distributed network of nodes, similar to how an Ethereum node secures and validates a transaction. The Quantstamp protocol aims to be a scalable and cost-effective solution to the smart contract crisis.
What problem does Quantstamp solve?
Quantstamp aims to solve the smart contract security crisis. Well over $250 million dollars worth of Ether were either locked or stolen from the Ethereum network due to bugs in smart contracts. Currently, smart contract creators do not have a scalable, cost-effective way to enhance the quality of their code.
Quantstamp aims to create protocol that can automate the auditing process and enhance the quality of smart contracts on the Ethereum network because it’s one major problem present before Ethereum is ready for mainstream adoption.
What types of contracts can Quantstamp audit?
Quantstamp aims to develop a protocol that can audit any smart contract from any blockchain. Quantstamp is currently focusing on Ethereum smart contracts but Quantstamp’s long term vision is to be protocol agnostic.
Why was Quantstamp started?
Richard, Quantstamp’s CEO has experienced the problem firsthand after he had his funds stolen during the DAO hack. The DAO or, Decentralized Autonomous Organization, was meant to be a vehicle that allowed the Ethereum community to democratically improve the Ethereum ecosystem by collectively funding promising projects.
The DAO was unable to achieve its vision because a hacker exploited a bug in the DAO smart contract and stole 3.6 million Ether.
How is the Quantstamp different from any other auditing company?
Quantstamp is developing a protocol while other auditing companies are performing manual audits. The difference is quite profound because Quantstamp is attempting to develop a protocol that is automated, scalable and without the need of a trusted 3rd party because we’re going to reduce the costs of auditing smart contracts to make it accessible for the masses.
How will the Quantstamp protocol complete audits without the need of a trusted third party?
Quantstamp developers seek to secure and verify audits using a distributed network of nodes, similar to how an Ethereum node secures and validates a transaction. If one node attempts to forge an audit, the intended protocol will detect this forgery.
How does Quantstamp plan to be scalable?
By automating audits, the intended protocol will be able to handle audits much faster than a centralized manual auditing company.