Quantstamp (QSP) is an Ethereum based token complying to ERC-20 standards. Quantstamp tries to solve one of the biggest issues with smart contracts i.e. their security and audit. Blockchains are secure but smart contracts are not. During June 2016, a hacker was able to steal $55million in Ethereum from DAO due to buggy code. In July 2017, a single word bug in the code enabled the hacker to steal $30 million in Ethereum. The number of smart contracts is increasing at a tremendous rate and thusShow more [+] the related security issues. Manual auditing is prone to errors and takes a lot of time.
Quantstamp protocol provides an automated and scalable system to audit the smart contracts on Ethereum network. The audit system is based on two systems i.e. the conflict-driven distributed SAT, SMT solver and automated bounty payout that reward human participants. Quantstamp protocol is based on a distributed network of participants categorized as contributors, validators, bug finders, contract creators, contract users. Quantstamp (QSP) tokens are rewarded or taken for the smart contract audit services.
Quantstamp was founded by Richard Ma and Steven Stewart. Richard Ma is a former software engineer at Tower Research. The team consists of 25 other members including Business developers, Operation officers, Research Engineers, Designers and software engineers.