Quantstamp refers to protocol-to-be which has an aim to audit security of the smart contracts. The main goal of this team is to set up a new protocol that can secure smart contracts by introducing proofs-of-audit. Earlier audits for the smart contracts used to be done after money had been raised but doing this in advance is a preferred move.
Till date, very few projects assessed smart contracts prior to deploying these. Because of Quantstamp this situation may change with time. But there is no guarantee that it will succeed, although it is impressive to find more and more companies auditing smart contracts. For the start-ups to get funds, venture capitalists were approached earlier. But, these businesses would often get turned down even when their ideas were great. Today, start-ups can acquire funds through the ICO. While this may be good, there are many risks involved too. To begin with, it is even possible for a student to start his business when his idea is revolutionary. But this is likely to draw attention of hackers and they will target smart contracts, investors and even the start-ups.
So, Quantstamp is designed to create proof-of-audit developers that will be responsible for finding bugs and they can get rewards for this as Quantstamp tokens or QSP. The process is automated and scalable besides being completely decentralized. Code auditing becomes integral for the smart contracts to be able to play a crucial role in future of different industries. The Quantstamp protocol is also designed to be scalable so as to verify all the Ethereum projects. It is also secure because centralized audits are likely to be vulnerable to insider threats and the proof-of-audit system will ensure that malicious actors do not get to tamper with the audit results.
Using a specialized network that includes investors and developers, this company is hopeful of achieving a higher level of accountability and transparency. The smart contracts are going to be assessed for vulnerabilities. Those identifying the bugs will be duly rewarded. So, it is a definitely positive development that there is an increasing focus on making smart contracts secure. There are growing needs for such services although it may be possible to check smart contracts independently. When there is a protocol, audits can be performed better rather than depending on individuals to do these. So, it is interesting to wait and see how many businesses actually end up using services like the Quantstamp.
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