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Although the crew is focusing on Ethereum now, they’re building the Quantstamp protocol in a way that’s platform agnostic. This signifies that it could possibly finally be used on different smart contract platforms like Lisk and NEO. The Quantstamp protocol has a two-pronged approach to security auditing:
Automated software verification system
Automated bounty payout system
Quantstamp’s Validation Node applies audit methods from formal methods submitted by Contributors. These strategies embrace safety checks corresponding to concolic tests, static evaluation, and symbolic execution as well as automated reasoning instruments like SAT and SMT. As a reward for submitting verification software, contributors (who are primarily safety consultants), receive Quantstamp Protocol (QSP) tokens.
To make sure no bad actors are submitting malicious validation software, Contributors should be voted in in line with the governance mechanism (more on this later).
Running the Validation Node takes a significant amount of computing power. Because of this, Validators also obtain QSP cost for providing computing power to the network. To ensure that Validators don’t act maliciously, they have to stake their QSP tokens to earn their reward.
As a developer, you need to deploy a smart contract on Ethereum. Considering you don’t wish to go down in history because the guy who misplaced hundreds of thousands of people’s money, you have got your contract audited. To do so, you send your smart contract, with the supply code within the data field, directly out of your wallet to Quantstamp, together with QSP tokens with the transaction. On the next Ethereum block, Validators perform safety checks. After they reach consensus, they append the proof-of-audit and report data to the next block.
You may choose whether your safety report is made public or private.
UPDATE: It seems as if, now, the Quanstamp crew also presents handbook audits in exchange for ETH or USD.
Whenever you submit your smart contract for auditing, you also embody a set of QSP tokens for bounty rewards and a deadline for when Bug Finders can submit issues. The bounty deadline reward measurement is as much as you. If the deadline passes with no found bugs, the QSP bounty reward is returned to you.
Quantstamp doesn’t guarantee flawless code after this process, however they do assure customers that the automated testing and crowdsourced bug-hunting enormously reduce issues.
QSP token holders control protocol, validation smart contracts, and Validation Node upgrades. The governance mannequin makes use of a time-locked multisig in which any token holder can propose a change. The more votes a change has, the quicker it occurs. Changes approved by all members happen within an hour. This time doubles with every 5% of members that don’t vote and quadruples for each 5% that vote towards it.
Earlier in 2018, Quantstamp carried out an in-house Proof-of-Caring system to reward group members and dependable QSP token holders. Once you submitted your proof, you’d receive an airdrop from an ICO that Quantstamp has audited. This proof consisted of holding your tokens in a wallet (not an change) for a sure period of time, contributing to social media outreach, and/or any other neighborhood activities.
The Quantstamp staff has since ended this program and no longer rewards neighborhood members with ICO airdrops. It’s been some extent of contention in the community.
Quantstamp Team & Progress
The Quantstamp group consists of 30+ members and advisors with over 500 Google Scholar citations. Steven Stuart (CTO) and Richard Ma (CEO) based the workforce in June 2017. Stuart worked 5 years in Canada’s cryptologic company in the Division of National Defense and previously based Many Timber, a begin-up that uses GPUs for Big Data analytics and machine learning. Ma built production-grade integration and validation testing software on the Bitcoin HFT Fund. Throughout his time there, his trading systems had no notable issues and handled tens of millions of dollars in investment capital.