2017 ended with a big bang for the cryptocurrencies. Amongst them was Quantstamp. Unfortunately, at that time, very few knew about it as it had launched in November 2017. As the interest in the market grew, more and more people researched and then invested on this Ethereum based platform. It is the first smart contract Security Auditing Protocol.
Security Auditing Protocol: Verified
Similar to the Proof of Work style of Mining, the different thing in Quantstamp’s protocol is that the miners are called Validators. They use a verification software to validate all the Quantstamp nodes.( they are a rather heavily modified Ethereum Client) For every validator that verifies and certifies a Smart Contract on its Node and generates a Proof of Audit (number of reviews) is rewarded with a free Token. This protocol also has two other parts:
- A default generation of bounty payout system. This rewards all the Validators for finding even miniscule errors in Smart Contracts.
- An upgradeable software verification system which checks the Solidity programs. ( a computing language that is used on the Ethereum Platform)
These protocols come to aid when many validators work simultaneously and verify multiple Smart Contracts. Once the Smart Contract has been verified, it is then added to the Ethereum Blockchain which makes it tamper proof and immutable.
Also Read: Impact Of Cryptocurrencies Over The World
Quantstamp: Users Delight
The governance of this protocol is so strict that when compared to other Smart Contract protocols, bugs are usually taken for granted. With a Security Audit for its Request Network Token, Quantstamp has definitely earned its laurels.
It offers its users Proof of Concept, Credible Management and real time adaptation. This has resulted in a huge mass of followers who are investing in Quantstamp and using it to create their Smart Contracts. There are many other users of this protocol too. They are:
- Contributors: They receive a QSP token for every instance when they verify a smart contract. They are usually security experts who comb the entire network for any loopholes.
- Bug Finders: For any bug that tries to break a Smart Contract , the bug finder earns a QSP Token.
- Contract Creators and Users: Needless to say, Smart contract creators earn a QSP Token every time their creation is verified. Similarly, the contract users get to access the audits and its security and earn QSP.
Quantstamp is here to stay. The choice of the Ethereum based platform has worked tremendously well for it. It solves user’s security problems in terms of Smart Contracts. The auditing of the same is a cherry on top of this bountiful cake! We have a winner folks!