Ana Sullivan

Quantstamp (QSP Token) - Will It Solve the Smart Contract Security Crisis?

by Ana Sullivan April 13, 2018

Quantstamp (QSP token) is “the first smart contract security-auditing protocol”. The company is currently working on a protocol that audits smart contracts via formal verification so that bugs are discovered before contracts are published to the blockchain.

The idea of the project is to “secure and verify” audits with the help of distributed network of nodes. It is similar to the way Ethereum secures and validates transactions.

QSP Token Performance

 

The current market capitalization of the QSP token is$95,838,642 USD, with a total supply of 976,442,388 QSP. Currently, a single QSP token can be purchased for $0.155251 USD. The price of the token has been decreasing slowly since its all-time-high-value of $0.807 USD registered in January, 2018. The QSP token is listed and can be purchased on platforms such as Binance, Huobi, Kucoin, BuyBitcoin, DDEX, IDEX, and Gate, and Radar Relar.

 

What Problem Is Quantstamp Aiming to Solve?

This is a question that all potential investors should ask before actually purchasing whatever tokens they are interested in. The Quantstamp team is seeking 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, the project’s FAQ points out. At the moment, smart contract creators do not have a scalable, cost-effective way to enhance the quality of their code, and this is where Quantstamp should come in handy.

The result of Quantstamp’s work should be a protocol that is automated, scalable and without the need of a trusted third party, as thecosts of auditing smart contracts will be reduced to make it available for mass utilization.

"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".

One of the most positive characteristics of Quantstamp is that there is a high possibility of future demand. Smart contracts become more widespread in the world of business, and entire companies and organizations switching to smart contracts. With this in mind, the number of smart contracts playing a crucial role in the economy will be growing exponentially and on a global scale, Blockchain in Brief pointed out in a Medium blog post

Moreover, the availability of experts able to efficiently audit the contracts is unlikely to match such a fast pace. Therefore, a supply and demand gap is very likely to happen, and it may be even bigger than previously thought.

Quantstamp Partnerships

In November, 2017, Quantstamp and Experty announced a partnership to solve one of the biggest problems of the blockchain industry – the security of smart contracts.

 

 

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