What Is Quantstamp (QSP)?

Quantstamp is a security-auditing protocol that seeks to resolve the security issues related to smart contracts. The project aims to solve these by developing a scalable and cost-effective auditing system on the Ethereum network. This security project facilitates the adoption of blockchain technology through risk assessment and security services. In simple terms, the project aims to secure a decentralized internet from issues like hacking and online theft.

The aim of the Quantstamp team is to develop the following:

• A quantstamp validation node which is a type of Ethereum client.

• The security library that contains code for carrying out automated checks.

• Validated smart contracts that can manage a governance system, voting mechanism, and bounty payment.

The Quantstamp whitepaper states that a distributed network of participants is used to reduce the effects of bad actors, offer governance, and provide the necessary computing power. Every participant utilizes QSP tokens to receive, pay for, or improve verification services. The different types of participants of Quantstamp Protocol are contributors, bug finders, validators, contract users, contract creators, and voters.

Quantstamp's strategy is to build a foundational protocol that incorporates the Ethereum platform and creates a secure ecosystem. The Quantstamp services aim to do security checks in a trustless manner to improve smart contracts. However, the protocol does not assure flawless code but seeks to offer a secure code using crowdsourcing and automated methods. The security protocol consists of an automatic software verification system that aims to audit the Solidity programs and an automatic bounty payout system that aims to benefit participants for finding faults in smart contracts.

QSP is the token of Quantstamp protocol. This upgradable system has a governance system managed by the QSP token holders. The Quantstamp governance system plays an important role in upgrading the protocol, as the mechanism seeks to reduce the possibility of upgrading forks and keep a check on the consistency between users.

History of Quantstamp (QSP)

Quantstamp was cofounded by Richard Ma (CEO) and Steven Stewart in June 2017. The founding team members of the protocols are Ed Zulkoski, Dr. Vijay Ganesh, Dr. Vajih Montaghami, and Dr. Derek Rayside.