What Is Quantstamp?

This is where Quantstamp comes into the picture, even though it remains to be seen how its efforts will fare in the long run. The team’s goal is to establish a new protocol to secure smart contracts. Importantly, they are doing so by introducing scalable proofs-of-audit. As we have seen in the past, audits of smart contracts are often done only after the technology has been used to raise money. Doing so well ahead of time would be a preferred course of action, for obvious reasons.

This project aims to provide such a service in a cost-effective manner. It also focuses on scalability, a buzzword that has been tossed around quite a bit in the world of cryptocurrency. Achieving scalability is not easy by any means, though, and it remains to be seen if Quantstamp can be successful in this regard. Moreover, the project’s proof-of-audit protocol removes any centralization from the auditing process, which is another bonus.

So far, the team has only completed one security audit, mind you. This indicates there is still a lot of work to be done in this regard, even though it also highlights that the team is actively working on providing a valuable service. With a specialized network connecting developers, investors, and users, the company hopes to achieve a new degree of transparency and accountability. Smart contracts will be checked automatically to expose any vulnerabilities. Anyone successfully identifying bugs will be rewarded automatically as well.

In the end, it is good to see a growing focus on securing smart contracts. There is a dire need for services like this one, even though anyone can check a smart contract on their own accord most of the time. Such information is never hidden from the public; that much is certain. Then again, it can help to create a protocol to perform audits rather than simply relying on individuals to do so. It will be interesting to see how many users and companies will utilize services such as Quantstamp in the future.

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