Quantstamp Post-ICO Update - September 2018 - Crush Crypto

Quantstamp Post-ICO Update – September 2018

Overview

  • Project name: Quantstamp
  • Ticker symbol: QSP
  • ICO date: November 2017
  • Market cap*: $22 million
  • Circulating supply*: 617,314,171 QSP
  • Total supply: 976,442,388 QSP

* As of September 27, 2018. Source: Coinmarketcap

Quantstamp is a protocol for securely auditing smart contracts. They are trying to create a scalable system to audit smart contracts on the Ethereum network. By doing this, Quantstamp hopes to decrease the amount of money lost in locked smart contracts or stolen through bugs in smart contracts.

The Quantstamp token, QSP, is used for the following purposes:

  1. By contributors receiving QSP for verifying Solidity programs.
  2. By validators to run the Quantstamp validation node
  3. By bug finders to receive QSP as a reward for submitting bugs that will break smart contracts
  4. By contract creators that will pay in QSP to have their smart contract audited
  5. By contract users that want access to the results of their audit
  6. By voters to monitor the system, prevent unnecessary forks, and decentralize the influence of the founding team

The Quantstamp protocol is comprised of two parts. The first is the ability for the protocol to be an automated and upgradable software system that will check Smart Contract code. The second is a bounty program that incentivizes human participants to find errors in Smart Contracts.


Key Milestones/News

  • November 2017: Quantstamp ICO crowdsale began. They also joined the Winter 2018 class at Y Combinator.
  • February 2018: Quantstamp announced they had successfully run the minimal version of the test network on Ropsten.
  • March 2018: The early version of the testnet and web app was released which allowed for live auditing of the QSP testnet. Quantstamp also announced they had completed over 300 public automated audits.
  • April 2018: Quantstamp announced they had joined the Ethereum Community Fund. Binance enlisted Quantstamp to audit over 100 ERC20 tokens listed on their exchange. The testnet was deployed to Ropsten for user testing.
  • July 2018: Quantstamp announced acceptance into Japan’s Plug and Play, a startup accelerator which allowed them to accelerate their business development in the Japanese market.
  • August 2018: Quantstamp announces they have completed a new monitoring dashboard for Betanet to monitor the heath and provide statistics of the current protocol. Quantstamp Betanet protocol is released onto the Ethereum Mainnet at the end of August.
  • September 2018: The team started taking applications for node operators.

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Conclusion

The Quantstamp Betanet is currently live on the Ethereum Mainnet and can be used to audit a smart contract right now. Users can submit smart contracts and completed audits will generate a public audit report and a publicly verifiable record.

There have been concerns that Quantstamp had been accepting currencies other than QSP tokens to perform its audits. However, Quantstamp countered that they are doing manual audits to learn, understand customers, and build better technology.

On the disclosure front, the team has not been very active in providing regular updates to the community. On Quantstamp’s subreddit, there are several posts expressing dissatisfaction in the lack of disclosure from the team (thread 1, thread 2, thread 3). We believe the team could do a better job in updating the community.


Additional Resources

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