Quantstamp, a blockchain company which allows users to perform cost-effective auditing of smart contracts, revealed that it has launched its blockchain security protocol on the Ethereum mainnet, according to its blog post on September 1.
This will now allow users to submit their audit requests directly to the said protocol by simply visiting a dedicated portal on the company’s website. Furthermore, completed audits would be having its publicly-viewable report, accompanied by a unique hash that allows the public to verify the audit record.
For the information of our blockchain newbloods, a smart contract is a self-executing contract which makes use of blockchain technology. This can be transposed into a computer code, which makes it possible to be stored and replicated in a particular system. With this, businesses and other systems can do away with certain intermediaries, which will thereby help cut costs and speed up transaction processes. Ethereum is a popular option among those who are interested in the technology, even though there are others which offer the same.
Laymen may not have an inkling of the innovation, but the crypto world celebrates with Quantstamp, as the said milestone is something that is unprecedented and innovative. The technology will make blockchain developers and users have better smart contract security. Moreover, the publicly-verifiable auditing record will help stoke trust and confidence in the smart contract, helping all stakeholders “have faith and make educated decisions,” in turn helping to proliferate smart contracts.
Before, people had to place blind faith in smart contract developers, believing that they took all the needed security precautions aside from making virtually zero mistakes. However, they were never given the avenue to verify the information themselves.
A poorly-made smart contract could pose potential dangers. For instance, the 2016 DAO hack cause 3.6 million Ethers—the token used for the Ethereum blockchain, and which was worth $50 million at that time—to be stolen from the DAO smart contract. This is why many are in dire need of a technology which would allow them to check the smart contract themselves—and Quantstamp has finally succeeded in creating one.
Providing Real Value
Even though the protocol is in a beta phase, but the announcement assured that it itself is already an important transitional state, and that the company is already developing the Quantstamp protocol through an iterative process.
Richard Ma, CEO of Quantstamp, said that they believe that blockchain “isn’t just the technology of the distant future,” but it is something that can provide “real value today.”
“Less than a year since our crowdsale completed, we’re happy to release our betanet protocol onto the Ethereum mainnet. By providing publicly verifiable, third-party audits with betanet, we’re delivering on the promises of blockchain technology and helping to drive forward the adoption of smart contract technology.”
The firm is intent at improving newer and better versions of the protocol, all in an attempt to perfect a “great product that is an excellent fit” for users and that which facilitates the furthering of smart contracts to the mainstream.