22 marca 2020

Quantstamp: Value in Decentralized Smart Contract Security

When choosing fascinating blockchain/crypto projects to comply with, I always comply with my mantra „Give attention to projects that deliver value to society”. Simple sufficient, right? Judging by the quantity of effort many traders have spent trying to quantify this, clearly it is a very difficult statement to evaluate. It’s a obscure sentence, and might be interpreted many ways. What’s worth and the way can we measure it? This may very well be an article in and of itself, but I like to easily define a value adding product or project as something that solves a problem for society.

In my inaugural medium put up I need to focus on one in every of my favorite projects, Quantstamp. I’ve been an active group member and token holder since shortly after their ICO, so due to this fact a number of this post will simply be compiled data from their whitepaper, website, blogposts, and AMA’s together with my analysis and opinion. I’ll attempt to maintain this article as non-technical as attainable, but it does assume you might have no less than somewhat background data of the blockchain space.

Why Quantstamp? Compared to some of my different favorites, Quantstamp isn’t discussed a lot in the community and when it is, there are a variety of questions and FUD. In this submit I’ll focus on: a short history of relevant occasions, problems with smart contracts, proposed options from Quantstamp, the worth mannequin of the QSP token, Quantstamp’s business strategy, and finally criticism the staff has received. The purpose of this article is to present an summary of Quantstamp and demonstrate why I think it is a sleeping large in an area the place security is more essential than ever.

One of the first main smart contract hacks occurred in 2016; the infamous „DAO Hack”. There are lots of great articles describing this hack, (see right here for an instance), so I won’t go into element here. This was the occasion that might inspire Quantstamp co-founders Richard Ma and Steven Stewart to start creating multiple decentralized protocols to help secure smart contracts on a blockchain. Richard himself lost cash within the hack, making it a really personal sore spot in his crypto experience. Presenting at Hong Kong Blockchain week in March 2019, Richard Ma reported that there was an estimated $334 million dollars value of smart contract hacks to that date.

For the reason that DAO hack, the event has continually been used as an argument in opposition to the usefulness of smart contracts; from bitcoin „maximalists” to blockchain skeptics. But no system is totally safe and flawless; not smart contracts, centralized applications, bitcoin, or probably the most sturdy cryptography. We just make trade-offs by altering totally different parameters while hopefully lowering the magnitude of these trade-offs as technology evolves. It then stands to reason that we should capable of increasing the safety of smart contracts while working to minimize the impact to decentralization. Enter Quantstamp.

The more decentralized auditing protocol will permit customers to simply submit code, or a contract’s address, pay in QSP tokens (with price set by the audit nodes), and have a scan carried out by as many audit nodes as desired. The results of this scan can then be stored within the blockchain as bytecode for anybody to substantiate, or saved private to the team. The key here is that the audit is accomplished in a decentralized method, and the code might be submitted by anybody (given the code is open sourced to the public). The crew can also be working extensively on making the UI/UX intuitive and straightforward for anyone to make use of and interpret; the significance of this cannot be understated.

I think an essential results of this is that any common person can use this protocol to easily check if a smart contract is safe as an preliminary check. For example, Bob isn’t a super technical programmer, and is utilizing a dapp for the primary time. Maybe the dapp is from somebody who set up a easy shop on the Ethereum blockchain, and the code is open sourced. Bob can then receive that code, or submit its contract address, to see if the scan leads to lots of red flags. In that case, it might be higher to wait till the issues are addressed. If there aren’t a lot of red flags, Bob feels a little bit safer and has completed just one a part of the whole due diligence process to ensure the contract is safe.

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