New protocol for securing smart contracts - Quantstamp.
Why secure a smart contract if this is on Blockchain?
Blockchain is a secure network but smart contracts that run on Blockchain are not. Smart contracts are only as good as the people who write them. If a mistake in the code gets exploited, there is no efficient way in which exploitation can be stopped. This raises the concern about the future of Dapps where a single bug would result in losses worth billions.
For example in June 2016, a hacker stole $55M in ETH from the DAO (read more: https://www.wired.com/2016/06/50-million-hack-just-showed-dao-human/)
or in July 2017 another hacker stole $30M in ETH (read more: https://www.coindesk.com/30-million-ether-reported-stolen-parity-wallet-breach/).
These hacks are a serious impediment to a wider adoption of the Ethereum network. So if we want a future in a decentralised world we need to have a huge security in smart contracts. Sure, we can use human experts to audit smart contracts but here we can’t eliminating human mistakes, is expensive and also number of smart contracts are exploding. From June 2017 to October 2017 the number of smart contracts grew from 500.000 to 2M. (http://web.archive.org/web/20170602184510/https://etherscan.io/accounts/c, https://etherscan.io/accounts/c ) We need automatisation for that.
The solution is Quantstamp Protocol.
Website: https://quantstamp.com/
Some info from whitepaper:
The Quantstamp protocol solves the smart contract security problem by creating a scalable and cost-effective system to audit all smart contracts on the Ethereum network. Over the time they expecting every ETH smart contract to use the Quantstamp protocol to perform a security audit.
The protocol consists of two parts:
An automated and upgradeable software verification system that checks Solidity programs. The conflict-driven distributed SAT solver requires a large amount of computing power, but will be able to catch increasingly sophisticated attacks over time.
An automated bounty payout system that rewards human participants for finding errors in smart contracts. The purpose of this system is to bridge the gap while moving towards the goal of full automation.
The Quantstamp protocol relies on a distributed network of participants to mitigate the effects of bad actors, provide the required computing power and provide governance. Each participant uses Quantstamp Protocol (QSP) tokens to pay for, receive, or improve upon verification services.
Below are the different types of participants.
Contributors: receive QSP tokens as an invoice for contributing software for verifying Solidity programs. All contributed code will be open source so that the community have confidence in its efficacy. Most Contributors will be security experts.
Contributions are voted in via the governance mechanism.Validators: receive QSP tokens for running the Quantstamp validation node, a specialized node in the ETH network. Verifiers only need to contribute computing resources and do not need security expertise.
Bug Finders: receive QSP tokens as a bounty for submitting bugs which break smart contracts.
Contract Creators: pay QSP tokens to get their smart contract verified. As the number of smart contracts grows exponentially, they expect demand from Contract Creators to grow commensurately.Contract Users: will have access to results of the smart contract security audits.
Voters: The governance system is a core feature of the protocol. The validation smart contract is designed to be modular and upgradeable based on token holder voting (time-locked multi-sig). This governance mechanism reduces the chance of upgrade forks and decentralizes influence of the founding team over time.
Network flow:
I highly recommend that you read their whitepaper and support them on ICO. This is one of the top projects in year 2017 in my opinion.
There are 3 steps to participate in Quantstamp's token presale:
- Visit Quantstamp.com.
By checking out the Quantstamp whitepaper and verifying your email address, you will be added to our Whitelist.
- Join us on Telegram.
To participate in the token presale, we require everybody to join our community group on Telegram: https://t.me/quantstamp. See also https://t.me/quantstampANN (our announcements feed).
- Submit Proof-of-Care by November 9th.
Complete the Proof-of-Care form here: https://goo.gl/K3RYJ4.
Read more about Proof-of-Care:
https://medium.com/quantstamp/announcing-proof-of-caring-9fa3209854ff
Read more about token sale:
https://medium.com/quantstamp/what-an-amazing-week-61fa14a3bc30
FAQ
https://docs.google.com/document/d/17BitQBX4MEzrk7_QAlKvbHK1AfnW1LATmYfaT8X0Q3A/edit
Smart Contract on Github
https://github.com/quantstamp/token-distribution/
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Thank You!
First half are my thoughts. Next half is from whitepaper and I wrote that “Some info from whitepaper” at the and I gathered links by myself. What’s wrong with that?
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Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://smarticoinvestor.com/quantstamp/
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