Ethereum is an open-source, decentralized computing platform and operating system that runs on a blockchain. One of its many uses includes functioning as a software that allows the coding of as many advanced smart contracts one can make in exchange for Ether tokens. Regardless of how hard the coding of smart contracts is, there is always the threat of malicious bugs that could cause future problems. Quantstamp exists to stop such things from happening. But what does Quantstamp do? Read on to learn more about Quantstamp!
How Quantstamp Works
Quantstamp is a security-auditing network linking developers, users, and investors in a scalable and transparent proof-of-audit protocol. Although it recognizes decentralized distributed computing systems’ security integrity, it wants to push for security improvements on smart contracts. Currently, its focus is on Ethereum, and it aims to build its protocol to run across any platform or system.
The team behind Quantstamp believes that today’s attempts at smart contract validation could use some tune-up here and there. Even with security consulting companies employing experts to handle smart contracts audits, there is still the risk of errors. It would be impossible for humans to keep up with the growing number of smart contracts without enough experts around, and demand on a limited-service would not be very cost-efficient.
What does Quantstamp do differently from what is already being done by security consulting companies? There are two critical features upon which its protocol relies: an automated software verification system and an automated bounty payout system. Tech automation!
Here you will learn the answers to “What does Quantstamp do?” with smart contracts and how they all work.
The Automated Software Verification System
This system checks Solidity programs, an object-oriented language for writing smart contracts and seize increasingly sophisticated attacks. A validation node applies audit techniques from formal methods provided by contributors, including security checks, symbolic execution, and automated reasoning. In exchange for submitting verification software, contributors get Quantstamp Protocol tokens.
Running a validation node requires a significant amount of computing power. So validators get QSP tokens to reward their hard work in lending help to the Quantstamp network.
With token holders having control over protocol, smart contracts validation, upgrades to validation nodes, and just about anything in the Quantstamp network, there is a need for protocol governance to ensure that no agitator submits malicious validation software the validation node.
Protocol governance uses a time-locked multiple-signature authorization system in which a QSP token holder can propose a change. These proposed changes require voting, and the more votes it can accumulate, the faster the change happens. Changes met with approval through all members’ consensus occur within an hour.
Contributors would need to submit proof that they have contributed something to the network to take advantage of the proof-of-care system. It can be anything from a member holding on to their tokens to being an active member in the network, even promoting the service on social media networks.
The Automated Bounty Payout System
Submission of Smart contract for audits requires QSP tokens as bounty rewards and a set timeframe until when bug-finders can raise issues. You can take back the reward token once the deadline passes and no one finds a bug.
What does Quantstamp do here is reassuring users that their automated testing and crowdsourced verification, and bug-testing significantly reduces issues about smart contracts security auditing.
What Are Smart Contracts?
A blockchain is a decentralized record-keeping technology where all kinds of records can be stored and found. It is similar to a ledger in concept but without allowance for modifications. You can rely on the data there as all the nodes running on the blockchain need to agree first on the data’s validity before storing it. Everyone has to agree to a particular version of the truth before it becomes a reality in the form of a recorded event in the blockchain.
Blockchain makes the need for intermediaries to any transaction unnecessary. And it is precisely this feature upon which Smart contracts are born from. Smart contracts, also known as the self-executing, blockchain, or digital contracts, are programs or transaction protocols that allow the automatic performance of credible transactions according to the contract or agreement without needing third-parties as intermediaries.
It facilitates, verifies, or enforces the negotiation or execution of contracts or agreements. Smart contracts are written as codes posted to the blockchain on which they become publicly available. Replicates of a document or transaction, or particular event are stored in the ledger giving it security and immutability. Once a specific event or premise in the contract is triggered, the code executes.
For example, in a contract to sell rare gaming items, it has been specified that execution will be in the event of losing a game with the buyer in consideration for Bitcoin, so once this condition is met, the contract automatically executes. The network automatically transfers ownership of the gaming item to the buyer and the Bitcoin payment to the seller.
Smart contracts enable you to save time and money and keep you from any conflict that may arise from employing go-betweens to facilitate any transaction or agreement. Read and learn more about quantstamp here!
What does Quantstamp do? It provides security-audit protocols that ensure the credibility and security of smart contracts. It saves you from the higher cost of paying human experts from consulting companies to check your important contracts for any bug that may threaten to cause future cataclysmic damage.
While it is true that many are still apprehensive about the emergence of disruptive technology drastically affecting our lives, it is also worth noting just how much more convenient and assured they make us feel about the reliability of significant events or data put on record.