What Is Quantstamp?

Smart contracts are of great interest to a lot of people who want to explore blockchain technology. That isn’t entirely surprising, considering smart contracts have a lot of potential when executed right. Services such as Quantstamp make it easier to secure smart contracts, as that remains somewhat of a problem these days. Whether or not this service will gain any traction remains to be seen.

Quantstamp Makes Smart Contracts More Secure

It is evident the concept of smart contracts is well appreciated by developers all over the world. That doesn’t mean all implementations of this technology are successful, mind you. In fact, we have seen a fair few issues with smart contracts over the past few months so far, all of which could have been easily avoided. Securing smart contracts has proven to be far more difficult than most people realize.

This is where Quantstamp comes into the picture, even though it remains to be seen how its efforts will fare in the long run. The team’s goal is to establish a new protocol to secure smart contracts. Importantly, they are doing so by introducing scalable proofs-of-audit. As we have seen in the past, audits of smart contracts are often done only after the technology has been used to raise money. Doing so well ahead of time would be a preferred course of action, for obvious reasons.

Up to this point, very few projects have taken the route of assessing smart contracts before deploying them, which is somewhat strange. Thanks to Quantstamp, that situation may come to change given enough time. It is not a guarantee for success, mind you, but it is good to see more companies focus on auditing smart contracts right now. After all, audits are of the utmost importance to any company relying on smart contracts.

This project aims to provide such a service in a cost-effective manner. It also focuses on scalability, a buzzword that has been tossed around quite a bit in the world of cryptocurrency. Achieving scalability is not easy by any means, though, and it remains to be seen if Quantstamp can be successful in this regard. Moreover, the project’s proof-of-audit protocol removes any centralization from the auditing process, which is another bonus.

So far, the team has only completed one security audit, mind you. This indicates there is still a lot of work to be done in this regard, even though it also highlights that the team is actively working on providing a valuable service. With a specialized network connecting developers, investors, and users, the company hopes to achieve a new degree of transparency and accountability. Smart contracts will be checked automatically to expose any vulnerabilities. Anyone successfully identifying bugs will be rewarded automatically as well.

In the end, it is good to see a growing focus on securing smart contracts. There is a dire need for services like this one, even though anyone can check a smart contract on their own accord most of the time. Such information is never hidden from the public; that much is certain. Then again, it can help to create a protocol to perform audits rather than simply relying on individuals to do so. It will be interesting to see how many users and companies will utilize services such as Quantstamp in the future.