Quantstamp publishes the Blockchain security protocol on the Ethereum network



SAN FRANCISCO Sept. 1, 2018 / PRNewswire / – We are proud to announce that Quantstamp's Betanet protocol is now active on the Ethereum network.

Users can now send audit requests directly to the Betanet version of the Quantstamp protocol through a portal on our website. Completed audits will generate a publicly viewable audit report along with a unique hash that provides a publicly verifiable audit record.

"Less than a year since our crowdsale has been completed, we are happy to release our betanet protocol on the main Ethereum network," said Richard Ma CEO of Quantstamp. "By providing publicly verifiable checks on Ethereum, we are helping to improve the adoption of smart contract technology."

The innovation achieved by the Quantstamp protocol

With the betanet version, Quantstamp built something novel. Having a publicly verifiable record that an audit took place is innovative and unprecedented. In the past, users had to believe that developers of smart contracts took all the necessary security precautions rather than being able to independently verify this information. The lack of transparency in the security of smart contracts has made it difficult to establish a relationship of trust with the parties involved in the smart contract and to adapt the technology of smart contracts.

Request for a Quantstamp audit on Ethereum Mainnet

The portal of the betanet protocol on the Quantstamp website will forward control requests to the Quantstamp smart contracts on the Ethereum network.

To start an audit, users can go to betanet.quantstamp.com and authorize a QSP transfer using Metamask. The Quantstamp protocol will maintain this QSP as a tolerance until an audit is completed. After the transfer has been authorized, users will send their smart contract code to the Quantstamp portal. The nodes authorized by Quantstamp will then become aware of the request for control and one of these nodes will complete the verification. This transaction will record two things on the main Ethereum network: the audit report hash and the address of the place where the audit report is located. This control track is now stored forever on the blockchain.

Using whitelists to improve beta protocol Quantstamp

For the betanet version, only authorized organizations will be able to run Quantstamp control nodes. Quantstamp is seeking to authorize reputable and reputable research institutions and industrial partners who share the vision of the proliferation of smart contracts. Node operators will help monitor the performance of our nodes and the Quantstamp protocol itself. The nodes were authorized in the development phase so that the software and the node protocol could be tested and perfected before the public participated as node operators.

Even if the node operators will be authorized, anyone can purchase a verifiable check from the Quantstamp protocol.

Authorized node operators will work closely with Quantstamp for:

  • Debug node software,
  • Improving smart contracts,
  • More information on tracking control prices and
  • incentives for research that could motivate the node operators are not malevolent.

On the Horizon

Quantstamp is working to create large decentralized products to help with the proliferation of smart contracts. With the release of betanet, Quantstamp is now one step closer to improving the security standards of the smart contract and helping to make the blockchain technology suitable for traditional use.

About Quantstamp

Quantstamp is a company supported by Y Combinator which aims to serve as a gold standard for the security of smart contracts. With a team of security control experts committed to defeating bad actors, Quantstamp is paving the way for safer and more reliable smart contracts. Quantstamp is engaged in the innovation of the best smart contract in the world and has offices in San Francisco New York City Toronto and Tokyo. Find out more about what we're doing at quantstamp.com.

CONTACT:
Dan Zhang
[email protected]
415-604-8549

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