Why we need the Quantstamp protocolsteemCreated with Sketch.

in #quantstamp4 years ago

Smart contracts play an essential role in the future of blockchain technology. Once deployed they have to work as securely and correctly as possible or else incidents like the DAO hack happen. Millions of Ether was stolen during the hack and an Ethereum hardfork was necessary to fix it.

A new blockchain startup wants to solve potential code problems in smart contracts that might cause another DAO incident. More and more smart contracts are created every day, but not all of them can be fully audited by a security company. Quantstamp technologies expects the number of smart contracts to rise to about ten million within a year from now. There is currently now way to audit all of them as there are not enough security experts. That is why Quantstamp tech is developing a security auditing protocol that automates the validation of smart contract code.

To fund the development of the protocol Quantstamp an ICO is going to be launched later this year. The issued QSP token is needed for the audition of smart contracts. Anyone who wants their smart contracts validated will have to pay with QSP. Security software programmers, people that run Quantstamp validation nodes and bug hunters can earn QSP token with their work. Also, token holders will be able to take part in the Quantstamp protocol governance system and vote for possible changes in the future.

The DAO hack illustrates how badly a security auditing protocol is needed and I believe it's a great new feature for the Ethereum network and possibly other blockains with smart contracts.

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