Smart Contracts

Quantstamp. A Brief Review About the Next Big ICO

Quantstamp protocol for securing smart contracts
Written by Saran

Are you the one interested in the ICO & blockchain technology? Well, you have the right stuff loaded for you here. These days and more specifically in the year 2017, smart contracts and Initial Coin Offerings is the most talked about thing in the financial world.

With so many different data and stats, it is very evident that people have very well understood the potential of smart contracts. But no matter how successful they might be, a question often pops-up regarding the security of a particular thing which indirectly is related to your investment strategy for any ICO. And, to help you out here, Quantstamp is the answer to all your security issues.

Quantstamp- A Little Detail!

Quantstamp is the first security audit protocol built on top of Ethereum, who does its work in an automated mode, thus saving the smart contracts by deletion and keeping a check over bad actors, bugs or many similar threats. In short, it acts as a protective shield in the world of smart contracts.

Playing The Role-How It Does?

While there is always a problem associated with a particular technology, the smart contract is also following the same path. While its acceptance is very evident from different parts of the world, the implementation still has to deal with particular difficulties.

As a result of the above-cited problem, the concept of Quantstamp has been proposed with the aim to provide security to the smart contracts with the help of a specific set of protocols, and it will be further executed using “proofs-of-audit.”

Considering the investment strategy and if Quantstamp can be well implemented on time, there are more chances of a profitable investment as well as a good decision making. While Quantstamp do not claim of total security as of now, but the change has already been witnessed, and companies are more up to including audits for their smart contracts. However, given Quantstamp a chance, it is sure to make the entire process very cost-effective.

What Builds The Trust Factor?

Now, if you are looking for an answer and trying to find out a reason to trust Quantstamp, then the good news here is that during the auditing process, it very efficiently removes the centralization part. This ensures a compromise-free project, thus blocking the way to lose any amount of money unnecessarily.

The Proof!

Well, Quantstamp has been tried and tested and has come out successful on a Request Network, one of the ICOs, in this month. While a lot of work for giving the best shot is already in progress, the team, with its dedicated workers assures you of a transparent and accountable system. Since the process is an automated one, the checking method will thus be a continuous thing and hence the deletion of bugs too at the same time.

The Masterminds!

Quantstamp is not a work of a single individual; instead, a whole group of the worker is actively involved. Right from the CEO, Richard Ma, the CTO, Steven Stewart, who are also the co-founder along with security engineers, backend engineers, graphic designers, etc., there is also an advisory unit helping the technical staffs execute their work efficiently.

To Sum Up,

While it is no doubt that every single thing has its pros and cons, so here is a list explaining both, to help you out in trusting Quantstamp.

Pros

  • Secure
  • Scalable
  • Cost-effective

Cons

  • Still a doubt regarding the evaluation of all smart contracts
  • Need to have a great marketing team

The Final Verdict

The way Quantstamp is approaching to provide a secure system, it is no doubt that the future is indeed very bright. This is a revolutionary concept which will help in giving the much-needed support to smart contracts. Hence, without any bit of doubt, it can be said that Quantstamp is the next big thing that is going to change the security concept of smart contracts.

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Saran

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