What does Quantstamp do?
Quantstamp is creating a platform to audit smart contracts. Just like any other piece of code, smart contracts come with vulnerabilities and exploits that can be detrimental to the decentralized ecosystem. The goal of Quantstamp is to help create a safer, more secure infrastructure for smart contract development.
Quantstamp miners are often referred to as verifiers, and are rewarded for finding bugs in smart contracts. When someone creates a smart contract, they can submit it to the Quantstamp network to be audited by a verifier. This way, developers can release a smart contract with the peace of mind that there are less vulnerabilities in their code.
Currently an ERC-20 token on the Ethereum chain, Quantstamp plans to be blockchain agnostic, capable of auditing smart contracts across any blockchain.
What is QSP used for?
Primarily, QSP tokens are rewarded to participants contributing to the network. When someone submits their smart contract ot be reviewed, they set an amount of QSP as the bounty to be paid to the bug finder. In the end, the QSP is delivered to a successful verifier.
The Quantstamp Network incentivizes verifiers (auditors) to operate honestly by requiring them to stake tokens as collateral before they can audit any contracts. If any nodes behave as bad actors by attempting to forge an audit, their stake is deleted as a penalty. On the other hand, in return for a successful audit, verifiers receive the bounty fees as a reward.
The miners in Quanstamp are called verifiers. As verifiers run the validation node software (which watches for updates on the Quanstamp network), they are rewarded for finding the next block in the chain.
How can QSP appreciate in value?
Quantstamp can become the primary solution for auditing smart contracts. Millions of smart contracts are created each year for various different projects and applications. Even with a total supply of nearly 1,000,000,000 QSP, the bounty rewards and demand for QSP can far outweigh the supply, especially considering the number of smart contracts created each year. Eventually, Quantstamp may become a requirement in the industry - which would see QSP significantly appreciate in value.
What are the differences between Quantstamp and its competitors?
Currently, Quantstamp does not have any obvious competitors, but this can change in the future. Technology security is a huge industry that is required for many firms. Medical, financial, government, and many other sectors have required audits on at least a yearly basis. These companies will be quick to enter the smart contract auditing sector once they sense a proper time to enter the market. Given this, Quantstamp should act quickly to become the industry standard.
