The Quantstamp ICO whitepaper leaves us impressed from the outset. While nice ideas are a dime a dozen, as we proceed throughout this assessment we’re of the agency belief that you will also achieve a way of a blockchain offering that has genuine utility, as well as imagination and the potential for sturdy execution.
CEO Richard Ma is a self-described “strategic thinker who cares for the wellbeing of these around him.” Ma is considered an Algorithmic Portfolio Manager. This is a crucial distinction among fund managers. It means selections are primarily based more on proven formulation than they are trader’s intuition, in essence a favorable technique for contemporary traders.
The Quantstamp ICO team, in a scientific method, assert that “blockchain networks are secure but smart contracts are not.” Clear arguments might be made for this assertion: the Ethereum Decentralized Autonomous Organization itself suffered large losses throughout its stand-up (ICO) phase.
Safety points like these are a severe obstacle to wider adoption of the Ethereum network because they erode trust in smart contracts.
Quantstamp’s road advertising campaign appears to have coined the term “proof of care”, but general what they are utilizing is a newish concept called “proof of audit,” or proof that the thing in question has been audited. We discuss this in the next section.
Quantstamp ICO Proof-of-Audit
We significantly wish to provide adequate explanation for the nascent idea “Proof-of-Audit,” in reviewing the Quantstamp ICO offering. The reason for this is that “proof” ideas are native to utilized cryptography and they, like many terms with authentic meanings, will be perverted by the course of commerce to mean all kinds of things, in comparable fashion that “open source” and “free and open source” have come to take on their own meanings while working in very comparable circles.
The mandatory involvement of human actors is recognized as the chief problem with the existing infrastructure auditing smart contracts. The authors correctly level out that this should be executed on the rolling assumption that there are no bad actors within the firms being entrusted with smart contract auditing and review. The installment of such bad actors is, probably, well within the reach of these motivated by self-curiosity to design corrupt offerings. Notwithstanding the equally negative potential of inherently flawed smart contracts that finally steal from the public.
The essential mission of Quantstamp is to automate the verification of smart contracts on the Ethereum network, removing human actors within the trusted sense however allowing them to proceed collaborating as members of the network using QSP tokens to influence events. By automating the verification of smart contracts and building such verifications into the essential implementation of Ethereum software, one of the obvious and largest benefits achieved is a scarcity of lost of funds to low-quality or poorly written smart contracts. Smart contracts would be burdened with an additional function: their proof-of-audit (or not).
Proof-of-audit is a concept used in other ICOs as well, but in a slightly totally different respect. Many schemes which require one party to keep up a certain scenario as part of the agreement (equivalent to decentralized storage solutions) have obligatory, automated proof-of-audit schemes wherein the network merely runs checks to make sure that the data paid for remains to be accessible and matches the data stored on the contract. Clearly the Quantstamp ICO group is presenting us with a different which means of the term.
Quantstamp Network Actors
QSP tokens are used between numerous types of network contributors, all of whom serve completely different roles within the Quantstamp network, which capabilities both independently, or alongsideside, the Ethereum network.
Contributors – The Human Component
Contributors shall be safety researchers and other people working in carefully-aligned fields who write software meant to audit smart contracts written for the Ethereum network. This network ingredient would appear to encompass each elements of safety analysis – those that are breaking it and those that are building it (who are equally essential). They’re to be compensated in Quantstamp ICO tokens (QSPs).
Validators – An Answer to Mining
Validators are one other essential part of the network. Like all decentralized networks, governance and consensus will matter an excellent deal within the Quantstamp network. As such, validators play the function of validating transactions on the chain as well as contracts beforehand verified by the network. This is, in essence, a way of “mining” the Quantstamp network.
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