Quantstamp, a smart contract security company, has announced a partnership with Mythril, a security analysis engine of open source Ethereum smart contracts and DApps (decentralized apps). The partnership will commence through Quantstamp’s signing of an MOU. The companies will synergize the Quantstamp protocol and the new Mythril Platform analysis engine.
Smart Contract Vulnerabilities & The Quantstamp Protocol
The Quantstamp protocol employs nodes to audit smart contracts for vulnerabilities in security, as they generate publicly verifiable audit reports. The nodes have a built-in reliance on analyzers, such as Mythril’s open-source engine, to uncover possible security vulnerabilities. Thus, any improvements on the analyzers will vicariously benefit the protocol.
Quantstamp will investigate more ways to implement Mythril technology to its protocol in the future, forging more value for the community through this synergistic collaboration.
Steven Stewart, the CTO of Quantstamp relayed the importance of automated security in the smart contract ecosystem, albeit recognizing its hardship. To overcome this difficulty, he noted how crucial it is for industry security leaders to work jointly.
The CTO said:
“Automated security is a hard problem to solve and it affects everyone in the smart contract ecosystem. We know that in order to protect users, help developers and ensure the mainstream adoption of blockchain technology, industry security leaders need to work together to solve this difficult problem.”
Vulnerability In Manual Auditors & The Synergy of Quantstamp & Mythril
The Quantstamp protocol was produced to augment the security of smart contracts and more broadly, to put mainstream blockchain technology adoption into effect.
Quantstamp has noticed a major glitch in the manual auditors of smart contracts, as there have been thefts worth millions of Ether over the years. Ever since the Ethereum launch in 2015, more than $300 Million dollars in Ether has been reported lost or stolen, primarily due to the security vulnerabilities in smart contracts.
Despite these vulnerabilities, the number of smart contracts run on the Ethereum network has continued to rise. Quantstamp has also noticed that manual auditors do not possess the ability to scale with this growth.
The Quantstamp protocol creates automated audit reports that can scale with the rise in smart contracts. Publicly verifiable, these audit reports allow users to individually confirm that an audit occured and to view the report.
The Mythril Platform analysis engine was developed by the team behind the company’s popular open-source tool, Mythril OSS. Mythril was originally built by Bernhard Mueller, now a leading developer of the Mythril Platform at ConsenSys Diligence, a one-stop shop for the due diligence needs of Ethereum DApps.
Mueller is also an award-winning engineer and a seasoned white hat hacker. He has unearthed critical bugs in products for major companies like Microsoft, IBM and Sybase.
Mueller believes the Mythril partnership with Quantstamp will allow for unprecedented types of security verifications, a major progression from those of traditional architectures.
The developer said:
“By integrating Mythril Platform technology into Quantstamp’s decentralized computing infrastructure, we believe that we can enable powerful types of security verification that wouldn’t be possible (or would be very expensive) to do with traditional architectures. I look forward to exploring ways in which we can work together and solidify the future of smart contract technology.”
Interested to learn more about the latest fintech and cryptocurrency news? Check out our news site for all things crypto, blockchain and fintech.