Everything To Know About Quantstamp (QSP)

What is Quantstamp (QSP)?

Quantstamp is a leader in blockchain security providing expert security audits and blockchain solutions. Top crypto and enterprise companies including Ethereum 2.0 (Prysmatic Labs Client), Binance, MakerDAO, Chainlink, eToro, and World Economic Forum choose Quantstamp to secure their blockchain applications.

History of Quantstamp.

Quantstamp is a protocol designed to ameliorate smart contract security concerns on Ethereum by optimizing for scalable, cost-effective security audits of all smart contracts on Ethereum. The motivation behind Quantstamp development was to increase the reliability and usability of Ethereum smart contract by providing an extra guarantee of security despite the occasional design complexity and nascent design of the protocol. Quantstamp implements an automated verification system for Solidity programs and an automated bounty payout system to reward human participants for finding errors in smart contracts. 

Quantstamp Protocol

The Quantstamp protocol solves the smart contract security problem by creating a scalable and
cost-effective system to audit all smart contracts on the Ethereum network. Over time, we expect
every Ethereum smart contract to use the Quantstamp protocol to perform a security audit
because security is essential.

The protocol consists of two parts:

An automated and upgradeable software verification system that checks Solidity programs. The conflict-driven distributed SAT solver requires a large amount of computing power, but will be able to catch increasingly sophisticated attacks over time.

An automated bounty payout system that rewards human participants for finding errors

in smart contracts. The purpose of this system is to bridge the gap while moving towards the goal of full automation.

The Quantstamp protocol relies on a distributed network of participants to mitigate the effects
of bad actors, provide the required computing power and provide governance. Each participant
uses Quantstamp Protocol (QSP) tokens to pay for, receive, or improve upon verification
services. Below are the different types of participants.

• Contributors receive QSP tokens as an invoice for contributing software for verifying Solidity programs. All contributed code will be open source so that the community can
  have confidence in its efficacy. Most Contributors will be security experts. Contributions
  are voted in via the governance mechanism.
  
• Validators ​receive QSP tokens for running the Quantstamp validation node, a
  specialized node in the Ethereum network. Verifiers only need to contribute computing
  resources and do not need security expertise.
  
• Bug Finders ​receive QSP tokens as a bounty for submitting bugs which break smart contracts.
  
• Contract Creators ​pay QSP tokens to get their smart contract verified. As the number
  of smart contracts grows exponentially, we expect demand from Contract Creators to grow commensurately.
  
• Contract​ ​Users​ will have access to results of the smart contract security audits.
  
• Voters The governance system is a core feature of the protocol. The validation smart contract is designed to be modular and upgradeable based on token holder voting (time-locked multi-sig). This governance mechanism reduces the chance of upgrade forks and decentralizes influence of the founding team over time.