Quantstamp tokens are paid to people making different kinds of security protocols and checks in the world of cryptocurrency. Quantstamp is the leading provider of secured-auditing protocols that ensure anomalies, bugs, or vulnerabilities present when a smart contract is sent to the blockchain. Quantstamp tokens also have value, just like other cryptocurrencies. If you want to know more about how to buy Quantstamp tokens, read further down below.
What Is Quantstamp?
Quantstamp is one of the leading security-auditing protocols designed to look for anomalies, bugs, and vulnerabilities in smart contracts related to the Ethereum Network. Before a blockchain is published, Quantstamp goes through scouring the network to find bugs, vulnerabilities, and other anomalies that may result in the asset’s loss.
How Does Quantstamp Work?
Quantstamp was found in the year 2017. It was specially designed to solve the security problems of smart contracts. Smart contracts have all the potential to use blockchain technology. However – it is not as secure as other people would think.
It was evident during 2016 where on hacker stole $55million worth of ETH when it exploited a certain bug in smart contracts. Another hack was done during 2017 when another hacker stole around 30 million dollars’ worth of Ethereum due to another bug exploited from a smart contract.
However, there’s some caveat to Quantstamp; it is relatively expensive and takes a week to do all the security checks and protocols to provide cost-effective measures.
And as mentioned earlier, Quantstamp tokens are used to receive, improve, or pay for verification through the protocol.
What Are Quantstamp Tokens?
Quantstamp tokens or QSP is a type of ERC20 token primarily used for verifying smart contracts on the scattered QSP security protocol. This means that users can use or buy automated scans of smart contracts; validators can also be given Quantstamp tokens for providing scattered security scans and checks on the Quantstamp protocol network.
What Is an ERC20 Token?
It is an asset-based on the blockchain that works similarly to the ether, bitcoin, or other bitcoin cash. ERC20 tokens can hold value and can be sent or received. However, ERC20 tokens should not be confused with Bitcoin and other cryptocurrencies, and it is because ERC20 tokens are based on the Ethereum blockchain. In contrast, other cryptocurrencies and native currencies are based on their respective blockchains.
ERC20 tokens are used to cover gas and can be sent and stored through their Ethereum transactions and addresses.
Another thing to note about ERC20 tokens is a protocol used for improving the network of Ethereum. Different exchanges and wallets use the standard to integrate ERC20 tokens to their platforms and allow the exchange of ERC20 tokens and other types of cryptocurrencies.
How to Buy Quantstamp Tokens
If you want to know how to buy Quantstamp tokens, check out the steps below:
Step 1: Look for any cryptocurrency exchange that also allows you to trade Quantstamp tokens.
Luckily, multiple cryptocurrency exchanges allow QSP to be traded. Some of these exchanges are, Binance, Huobi, CoinSwitch, IDEX, to name a few. Before you can buy QSP, you should register first for an account in your chosen cryptocurrency exchange and creating a password. In these exchanges, signing up means they require you to provide all your details, contact information, and proof of ID.
And to provide enhanced security, enable two-factor authentication before trading your funds.
Step 2: Deposit your assets into your account.
The process of depositing your funds is highly dependent on which cryptocurrency exchange you choose. However, they follow the same principle wherein everything is laid out for you. Options like Funds, Deposit, Withdraw, Assets are always there.
Note: There are a lot of cryptocurrency exchanges that don’t allow the swapping of fiat currency. And by this, you are required to provide yourself a cryptocurrency that can pair with QSP such as Ethereum (ETH) or Bitcoin (BTC) and then have them exchange in the form of QSP.
Step 3: Buy Quantstamp tokens.
Whether what cryptocurrency exchange you are registered to, look for the menu “Buy/Sell” and click it. This menu is usually placed on the top right corner of the dashboard. Once clicked, type in “QSP,” then click “Buy QSP.” After that, type in the amount you are willing to buy or type the amount of BTC/ETH or other cryptos you are willing to spend.
Once done, you are now prompted to review the amount of crypto you are willing to spend or the amount of QSP you are buying. Also, it will show the total amount of the transaction before finalizing your purchase.
Tip: if you have deposited a big amount of Quantstamp tokens, try not buying them all at once. It would be wise not to buy everything at once. Instead, buy a Quantstamp token at different price points. This concept is called unit-cost-averaging.
How Can You Sell Quantstamp Tokens?
If you already know how to buy Quantstamp tokens, you must also know how to sell Quantstamp tokens. The same concept is used when selling Quantstamp tokens. All you have to do is type in “Sell QSP,” and you will be redirected to the page. However, you may not be able to directly exchange your QSP with a type of currency you want to be compared to cryptocurrencies such as Ethereum and Bitcoin. Read and learn more about Quantstamp here!
Quantstamp tokens are becoming more and more relevant through the years because of how they function in improving the entire Ethereum network. Ethereum has become one of the more recognizable cryptos in the world today, and with their token-based system, which uses Quantstamp, it is bound to bolster its name.
Luckily, finding ways on how to buy Quantstamp tokens is a pretty quick and easy thing to do. To make your life easier, we’ve laid every step for you on how to buy Quantstamp tokens.