Analysis of Quantstamp

Quantstamp is a safety verification protocol for smart contracts that improves the security of Ethereum. The advantages of the safety protocol embody automation, trust, governance, and ability to compute hard problems over a distributed network.

Currently, smart contract auditing cost begins from $5,000 and takes at the least every week to complete. Quantstamp’s purpose is to decrease the associated fee to as low as $10 per audit, delivered within minutes after submitting the smart contract for audit.

The protocol consists of parts:

An automated and upgradeable software verification system that checks Solidity programs.
An automated bounty payout system that rewards human contributors for locating errors in smart contracts.
The Quantstamp staff can be creating the next:

Quantstamp validation node (a heavily modified Ethereum shopper).
The security library, containing code that performs automated checks.
Validation smart contracts that handle bounty payment, voting mechanism and governance.
A safety library might also be developed to help languages other than Solidity.

Right here is an instance of how Quantstamp works:

After finishing the contract, the developer submits the code for a safety audit by way of the Quantstamp Ethereum smart contract with the source code in the data field. Depending on the safety wants of the program, the developer can determine how a lot bounty to send.

Then, the smart contract receives the request, and on the subsequent Ethereum block validation nodes perform a set of safety checks to validate the smart contract. Upon consensus, the proof-of-audit and the report data are added to the next Ethereum block together with the appropriate token payout.

The report classifies points primarily based on a severity system from 1–10; a 1 is a minor warning, a 10 is a significant vulnerability. By aggregating the ability of builders with a bounty, the project can surpass the coverage of a typical code review.

Quantstamp was founded in June 2017. In October 2017, the group completed the audit for the Request Network ICO.

Below are a few of the future milestones of the project:

December 2017 – complete 4 audits by year finish
February 2018 – full an audit using analysis software v1
April 2018 – Deploy to test network after testing and validating system
August 2018 – Launch foremostnet v1
October 2018 – Add smart contract insurance alpha product on predominantnet smart contracts

What are the tokens used for and the way can token worth recognize?

QSP tokens are used to pay for, receive, or improve upon verification services. Beneath are the individuals and how they work together with QSP tokens:

Contributors receive QSP tokens as an bill for contributing software for verifying Solidity programs. Most Contributors will be safety experts. Contributions are voted in by way of the governance mechanism.
Validators receive QSP tokens for running the Quantstamp validation node in the Ethereum network. Validators only have to contribute computing resources and do not need security expertise.
Bug Finders obtain QSP tokens as a bounty for submitting bugs which break smart contracts.
Contract Creators pay QSP tokens to get their smart contract verified.
Contract Users can have access to outcomes of the smart contract safety audits.
The governance system is a core feature of the protocol. The validation smart contract is designed to be modular and upgradeable based on token holder voting by way of time-locked multi-sig.

As QSP tokens are being used and rewarded within the Quantstamp ecosystem, the more utilization the protocol has, the more valuable QSP tokens should be.

Group
Quantstamp has a staff of 7. A lot of the key group members have/are finding out at the University of Waterloo in Ontario, Canada.

Below are the bios of the key members of Quantstamp:

Richard Ma, CEO – Retired earlier than starting Quantstamp. Former Algorithmic Trader at Tower Research, Quant derivatives Trader at Archelon Group.

Steven Stewart, CTO – Former Software Developer at Magnet Forensics, Computer Systems Analyst at the Division of National Defense of Canada. Co-founder of Many Trees, Inc.

Advisors of Quantstamp embrace Evan Cheng, Director of Engineering at Facebook, Dr. Vijay Ganesh, Computer Engineering Professor at the University of Waterloo, and Min Kim, Chief of Staff at Civic.

Opportunities
Quantstamp had a profitable audit with Request, which was a smoothly-run ICO. This speaks to the workforce’s capability in blockchain development/audit.
This is among the projects that can assist drive blockchain adoption and the potential is huge. Right now, smart contracts are unsecured by default. Smart contracts have to undergo costly and prolonged audit process, which is hindering the adoption and utilization of smart contracts. This needs to alter and Quantstamp is a good candidate to tackle the problem.
Even when the software only has restricted functionalities to start with, it can be an excellent first step in a guide audit because it may well doubtlessly save quite a lot of time for the auditor.
Within the Telegram, Quantstamp has indicated that they’ll buyback if token costs drop below ICO value (tokens might be put right into a reserve which the team can launch sooner or later), indicating that the staff is assured in the project.
Concerns
The project remains to be at an early stage. Based on the white paper, mainnet launch won’t be until August 2018, which is 9 months after the end of ICO and fairly far away.
Presale participants obtain as much as one hundred% bonus, which leaves a bad taste in some potential participants’ mouth. Individuals are now more involved about ICOs with large presale low cost/bonus because these participants are willing to sell their tokens at a much lower cost than crowdsale participants. For instance, even when QSP tokens drop to 25% below ICO value, those who acquired 100% bonus can nonetheless generate a 50% return.
We consider that smart contract audits can’t be absolutely automated because human judgment is required to understand the logic and intent of the smart contract. Software can spot bugs that cause the contract to not perform, nevertheless it can not detect errors that cause cash/tokens to be despatched to the fallacious person, or flawed components getting used to calculate payoff in a smart contract, etc.
For the reason that problem that Quantstamp is attempting to unravel is giant, there are different competitors – Etherparty, BlockCat, ZeeplinOS, and Agrello. All of those projects intention to decrease the cost of smart contract development. Quantstamp will not be the winner in this space.

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