What if I say you are supposed to shop online from a platform which doesn’t have label “Secure” along with its URL. Let me guess! You will definitely avoid that because you feel that is somehow insecure, isn’t it? During this era of blockchain technology and unique ideas representing ICO’s, we feel the same while transferring our assets. Let’s have a look at a few horrible examples:
- Because of just one-word bug in the smart contract of Parity multi-sig wallet, a hacker stole $30 M ether from crypto companies.
- $55M ether hack was occurred due to a bug in the smart contract of DAO.
Current efforts to validate smart contracts are inadequate. Engaging security consulting companies require human experts to audit smart contracts. Also, relying on a single company requires trusting that no bad actors exist in the company. On the other hand, a distributed system relying on consensus among many different actors is far more secure.
And now the first question arises in our mind how to be secure? Not doing transactions just because you somehow feel insecure isn’t its solution. If we do so, blockchain technology will not be having further use cases. As aforementioned, ICO’s are bringing really unique ideas with real use cases and Quantstamp has a solution for the problem stated above.
What is Quantstamp? – Solution
Quantstamp is the first scalable security-audit protocol designed to find vulnerabilities in Ethereum smart contracts.
How does Quantstamp Work?
Quantstamp is a specialized network that connects developers, investors, and users around a transparent and scalable proof-of-audit. The network acts as a critical piece of transparency by enabling automated checks on smart contract vulnerabilities and automatically rewarding verify who identify bugs.
In short, if a particular platform is audited by Quantstamp means investors and users are having the stamp of assurance. Many of people thought the mechanism of Quantstampwon’t run long but you can check the most popular and hyped ICO’s such as Request Network, INK protocol, Insights Network, etc. are performing audit from Quantstamp.
How Are QSP Tokens Used?
It is an obvious question that what is the need of QSP token? Well, you should always read whitepaper if you find project good. White Hat Hackers, Security Researchers or Smart Contract Creators will be awarded QSP tokens for finding vulnerabilities while performing audits in Quantstamp. According to such bugs, Quantstamp algorithm will perform audit automatically.
Hence, instead of hiring developers, professional smart contract creators or security experts; companies can further reduce financial cost and can provide their best for development of the actual product.
What are Airdrops Powered by Quantstamp?
Air drops are the automatic distribution of coins to their qualified users. Airdrops are held to creat awareness towards project among people. Well, qualification may be different for each ICO’s. Some of them require only to be active towards project while others need their token holding. As a fact of airdrops held by QSP, the exact amount of token you will get through airdrops is given below:
Number of airdrops you get = (Number of QSP tokens you hold) + (duration you hold them for) + (your Proof of Care/community involvement)
For Proof of Care and to be eligible for airdrops of projects which Quantstamp will audit, you have to follow the following steps:
- Store your QSP tokens in your MEW or hardware wallets. They should NOT be on exchanges.
- Show your Proof of Care (PoC): Spread the good word about QSP. Write a blog post/design a graphic/make a infomercial/fan video/drive constructive discussions around QSP across social media platforms.
Still confused about PoC- Proof of Caring? Visit here.
Airdrop schedule for Ink Protocol (XNK): 28th February, 2018.
The schedule for the Ink Protocol Token airdrops is as follows:
0.5% will be distributed at the end of the token sale.
0.5% will be airdropped in April.
0.5% will be airdropped in July.
0.5% will be airdropped in October.
Airdrop schedule for Insights Network (INSTAR): TBA.
In total, 1.5% of all INSTAR Tokens (4.5MM Tokens) will be airdropped. The schedule for the Insights Network airdrop is as follows:
1.5MM INSTAR will be distributed at the end of the token sale.
1.5MM INSTAR will be airdropped in May.
1.5MM INSTAR will be airdropped in September.
Quantstamp Production Phases:
How to Buy Quantstamp?
As a matter of fact, you can not buy QSP token using “Fiat” currencies like INR, USD etc. Therefore, you need to have your hand on BTC or ETH and then you’re good to go for having QSP in your bag 🙂 If you still don’t have BTC or ETH, it is the right time for shopping BTC via our Indian platforms Zebpay, Unocoin, Koinex etc.
Step 1: Go to Binance.com
Step 2: Get your BTC address from Funds>>Deposits and transfer your BTC to this address that you just bought.
Step 3: Tap on Exchange>>Basic and search for QSP and you will find QSP/BTC as well as QSP/ETH pair.
Step 4: On the left side, green numbers are for buying while pink one for selling. Under But QSP section, fill your preferred price and it will automatically show how much QSP you can have for your corresponding BTC.
Step 5: As soon as you hit Buy button and your price is within current bids, you will get your order filled. You can see orders at Orders>>Order History.
Towards the future of smart contracts, Quantstamp seems strong and will become a stamp of security as we usually find a secure label on URL of the website on the internet. With the incentives in place and the team’s experience, Quantstamp will fulfill their goal ensuring vulnerabilities free smart contracts 🙂