What Is Quantstamp?
Quantstamp (QSP) is the first smart contract security-auditing protocol. It was first announced on September 17, 2017 and the development team is located in British Columbia. 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: (1) 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; (2) 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; (3) Bug Finders receive QSP tokens as a bounty for submitting bugs which break smart contracts; (4) 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; (5) Contract Users will have access to results of the smart contract security audits; and (6) 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.
Proof of Caring 2.0 is an initiative by Quantstamp to reward loyal QSP holders who keep their QSP tokens off exchanges, and who has shown that they care for the Quantstamp project. At a high level the equation is the following:
Active Project Contribution + Community Involvement + Wallet Tracking Algorithm + History of Support = Your POC 2.0 Score
Am I eligible for Proof of Caring 2.0?
You will be eligible for the current window of the Proof of Caring 2.0 if you had transferred your tokens to a compatible wallet before 5 A.M., December 2nd, Greenwich Mean Time, and had not transferred your tokens out of the wallet since then. Currently, the window for the first threshold has passed. We will be starting another window in the coming months and taking into account your whole history.
Beginner's Guide to Quantstamp
Where and How to Buy Quantstamp?
Where to Buy Quantstamp with Credit Card?
Where to Buy Quantstamp with PayPal?
How to Buy Quantstamp with Wire Transfer?
Where to Sell and Trade Quantstamp?
How Much Are the Transaction Fees of Quantstamp?
Value of Quantstamp
Is It Profitable to Invest in Quantstamp?
Where to Spend or Use Quantstamp?
Can Quantstamp Grow to Become a Major Payment Network?
If Quantstamp will ever grow to become a major payment network will ultimately depend on how well Quantstamp competes with other, already established payment methods—cash, checks, debit and credit cards, PayPal, and others. Quantstamp solves the problem of making payments in a trustless environment, but it is not obvious that this is a problem that needs solving, at least in advanced economies. And solving that problem creates others. One is scalability; the process of picking random validators takes time, is expensive, and consumes tremendous amounts of energy.
Another current issue is the volatility in the value of Quantstamp which makes it less useful as a currency. This volatility is an inherent feature by design. Since there is no central bank that adjusts the supply of Quantstamp to accommodate changes in demand, Quantstamp's value can swing sharply with demand. In a world where all things were priced in Quantstamp, this would likely translate into massive swings in inflation and economic activity. In contrast, providing an "elastic" currency to promote financial and price stability is a goal shared by the Federal Reserve System, the European Central Bank, the Bank of Japan, and many other central banks.
The trust-proofing provided by Quantstamp also comes at the expense of another key feature of a payment method: convenience. If we lived in a world without trust, Quantstamp might dominate existing payment methods. But in this world, where people do tend to trust financial institutions to handle payments and central banks to maintain the value of money it seems unlikely that Quantstamp could ever be as convenient as existing payment means.
That said, Quantstamp and other cryptocurrencies are trying to improve scalability and convenience so perhaps in the future one of these cryptocurrencies could realistically compete with current payment methods. A payment method designed to function where trust in institutions is completely absent can maybe never be as convenient as one where trust is required, but also already exists.
As of now Quantstamp has not attained the relative stability of value to make it useful as money for everyday transactions. The current set of government-issued fiat currencies - such as the dollar, yen and the euro - provide efficient media of exchange, stores of value and units of account.
In addition local legal tender money tends to be a natural monopoly with only extreme hyperinflation leading people to seek out a monetary alternative.
How Does Quantstamp Work?
Does Quantstamp Use Blockchain Technology?
What Are the Advantages of Quantstamp?
What Are the Risks of Quantstamp?
What Happens if Quantstamp Gets Lost?
Summary of various regulatory actions and statements regarding cryptocurrencies
Is Quantstamp Legal?
Quantstamp and Taxes
Quantstamp is not a fiat currency with legal tender status in any jurisdiction, but often tax liability accrues regardless of the medium used. There is a wide variety of legislation in many different jurisdictions which could cause income, sales, payroll, capital gains, or some other form of tax liability to arise with Quantstamp.
Does Quantstamp Have a Consumer Protection?
Illegal Activities with Quantstamp
Quantstamp has a value, and valuable things have always been attractive both for legal and illegal purposes. Any form of currency has illegal users, Quantstamp is no different in this regard. Cash, credit cards and current banking systems widely surpass Quantstamp in terms of their use to finance crime. Quantstamp can bring significant innovation in payment systems and the benefits of such innovation are often considered to be far beyond their potential drawbacks.
Quantstamp are completely impossible to counterfeit. Users are in full control of their payments and cannot receive unapproved charges such as with credit card fraud. Quantstamp allows money to be secured against theft and loss using very strong and useful mechanisms such as backups, encryption, and multiple signatures.
Some concerns have been raised that Quantstamp could be more attractive to criminals because it can be used to make private and irreversible payments. However, these features already exist with cash and wire transfer, which are widely used and well-established.
But criminals, who typically use cash for the anonymity and security it provides, may be moving to cryptocurrencies. The US Drug Enforcement Administration reports a sharp decline in bulk cash smuggling in 2016, which is the traditional payment method for drug shipments and suggests that payments may have shifted toward cryptocurrencies. Cryptocurrencies are more convenient than cash for many illegal activities that now take place online.
More broadly, cryptocurrencies are ideal for circumventing legal or regulatory authorities, because they aren’t governed by any. Some rogue states are reportedly responsible for state-sponsored hacks to steal cryptocurrencies, which help bypass economic sanctions that are enforced through the cooperation of financial institutions and countries.
Is Quantstamp Secure?
Is Quantstamp Anonymous?
Has Quantstamp Ever Been Hacked?
How Can I Restore Quantstamp?
Why Do People Trust Quantstamp?
It has long been known that currencies that are intrinsically worthless, mere pieces of paper, are recognized as valuable because payments with money are so much easier than the alternative, barter. The problem with barter, when everyone trades goods and services directly, is the dreaded "double coincidence of wants." If you want to buy toys for your child and you are a chicken farmer, and the toyshop is not interested in trading toys for chickens, you have to keeping searching until you find a toyshop where they accept chickens as payment.
Money, even intrinsically worthless paper money, cuts the "double coincidence" problem in half. You just need to find someone willing to pay you some of that paper for your chickens, then use that paper to pay for the toys. As long as there is trust that someone will accept the paper, you will be willing to accept it in exchange for your chickens. It is trust that the "worthless" piece of paper is actually worth something to other people that makes it an acceptable medium of exchange. It is the same with Quantstamp, if there is no trust in it, there is no value. As a result, the value of Quantstamp fluctuates with news that vendors or firms accept or decline the Quantstamp as a mode of payment. Trust is implicit for practically any means of payment.
The U.S. dollar is not backed by gold (or silver) and is therefore a fiat currency, which is inconvertible paper money made legal tender by a government decree.
The obvious question is, "Without gold, what does guarantee the value of our money?" The answer is: nothing at all. The only reason a dollar, a Yen, or a Euro has any value is because we have a stable system in which people are known to accept these pieces of paper in return for something valuable. Or, as Nobel Prize-winning economist Milton Friedman puts it, "the pieces of green paper have value because everybody thinks they have value." The value is the confidence people have in what the currency represents.
A fiat currency is legal tender whose value is backed by the government that issued it. The U.S. dollar is fiat money, as are the euro and many other major world currencies.
This approach differs from money whose value is underpinned by some physical good such as gold or silver, called commodity money. The United States, for example, used a gold standard for most of the late 19th and early 20th century. The U.S. dollar - as well as many public and private debts - could be converted into gold until the mid-1930s, and the U.S. dollar was tied to the value of gold until the early 1970s, when President Nixon completely severed the relationship between the U.S. dollar and gold.
A fiat currency's value is underpinned by the strength of the government that issues it, not its worth in gold or silver. Currency is a tool of trade. People tend to hoard gold and silver when things are uncertain, and that's harmful when it limits currency flows on a large scale. Removing the relationship between a currency and commodity doesn't create "worthless money."
Quantstamp entails both a new technology, Blockchain, and a new currency. The new shape and form of the Quantstamp market in the future will likely depend on what economic value Quantstamp is perceived to add.
Trusting the maths of Quantstamp makes sense. Most of the computer code behind it is publicly available, meaning it has been checked over by lots of programmers. The algorithm that limits the supply of coins also verifies transactions.
People trust Quantstamp because it is run by the people who use it, not a government. It is not regulated by world authorities or banks. Quantstamp provides you with a way to have more control over your money. Money is only spent when you want it to be. There are no interest rates or fees with peer to peer Quantstamp transactions. For people who have a difficult time trusting banks, this is an optimal alternative.
With Quantstamp, you can also make secure transactions all over the world. Quantstamp is secure. Once a transaction goes through, it cannot be undone or removed. It is immediately recorded on the block chain.
History of Quantstamp
Who Created Quantstamp?
Quantstamp Videos and Tutorials
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