Post the advent of Cryptocurrency, a catastrophic dissimulation on security took over, more than $88 million have been stolen potentially. Within the realm of ICO, Blockchain and Smart Contracts are dawning towards limelight, despite their security concerns and barely tested codes.
Among the plethora, smart contracts help in eliminating the middleman, it provides for a conflict free way to exchange money, shares, property and anything of value very transparently.
To simply state:
• It is an optional contact amongst two parties written as a code into the blockchain.
• The contact is public, the individuals are anonymous.
• The contract executes itself based on the coded terms, regardless of an expiration or strike price hit.
• Regulators can understand the activities happening in the market with the use of blockchain.
• Maintain privacy of the individuals.
To reiterate, Smart Contracts, unlike the traditional ones define the rules in the agreement and enforce obligations if any, automatically.
Splendid Smart Contracts
Complete autonomy, no middleman or intermediaries to confirm on your agreement. No room for manipulation. No third parties intervening, execution is automatic, so no stumbles possibly done by individuals.
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Encryption promotes trust on shared ledger, no one can lose it.
Back up like never, documents keep duplicating several times on the blockchain.
Safety of your documents through encryption of the websites, no smart hacker can crack or infiltrate the code.
Automated tasks through software codes, enable smart contracts to save a lot of time for business process and eliminate time waste or paperwork.
No notary, just a lot of saving of money.
No errs from filling out forms manually, smart contracts are automated, cheaper, faster and very accurate.
To address the loopholes
Prior to a blockchain deployment, developers look to capture security vulnerabilities in a smart contract code. Securing smart contracts, perpetuating millions of real people’s money and restoring blockchain system’s credibility is not as easy as people think it is.
And for this, Quantstamp provides automatic tool, which is seamless. It helps to audit the smart contract code and eliminates security threats with its bounty tool. With Quanstamp’s protocol, investors and stakeholders can secure their projects and enable transparency in their audits. Also, impart confidence that a high security standard is maintained in a project for the crowdfunding participants.
While exploring blockchain, smart contracts create immense curiosity to a lot of people. Since, if you do it correctly, smart contracts are potentially beneficial if you add services like Quantstamp to it to ensure security and put your problems at bay.
In the days to come, we’ll see if services like Quantstamp will gain any adhesion
Quantstamp is aggressively moving ahead to build a proof-of-audit network within the blockchain ecosystem to reinforce the strength of the network. Accomplished black and white hat hackers are enticed to manually check smart contracts for bugs that usually, the automated ones can’t detect.
Baby steps- Introducing Proof-of-Audits
In the long run, Quantstamp might go viral, for that to happen a scalable proof-of-audits has been established before the technology is been used to gain money, auditing the smart contracts in advance is much preferred for security reasons obviously.
Planning to invest on this ICO? firstly, CARE
Focusing on auditing smart contracts right away is a guarantee to success, fewer projects are taking upon themselves to assess their smart contracts prior to deploying them. Auditing is the most essential thing for any company that is contingent on smart contracts. Yes?
• What’s crazy is that, Quantstamp service is cost-effective and it entirely emphasizes on scalability. Another windfall is the proof-of-audit protocol, which disregards centralization of the auditing process.
• What it provides is a team of dedicated network connecting developers, who work on providing a valuable service to accomplish a level of transparency and accountability.
• Also, to depict any vulnerabilities, the smart contracts are checked automatically and the ones who identify the bugs are rewarded automatically too.
• With the prerequisite for services like this in the present scenario, where focusing on securing smart contracts is a must. Individuals alone can’t attain security and transparency, which is certain to say the least.
Entering a Sci-Fi Screen
• Smart contracts aren’t perfect, absolutely. How can you say that?
• Well, there could be bugs in the code.
• How are governments likely to legalize these contracts?
• What about taxing these smart contract transactions?
• Rental situations? What if you send the wrong code? The contract will perform at any cost, however.
Are these challenges dissuading adopters from approaching these contracts? No. Although, they are attempting to unravel more of the challenges. A lot of potential is seen, it is likely to grow.
Entangling these issues is where the future of smart contracts lies. Experts are anticipating that it will come into our everyday life and it will emerge in many realms. Smart contract will see the dawn as a hybrid of paper and digital content, verifying contracts through blockchain and validated by a physical copy.
Among smart contracts chaos, how will Quantstamp gain traction
The focus on diligence for Quantstamp is imperative, as the greatest challenge is declining to be diligent for the audit companies. With all the challenges of smart contracts, will Quantstamp critically evaluate all the contracts, each one of them?
Bad marketing is a black sheep. Quantstamp is into community marketing, which is admirable. However, just the investors can’t do it all for them. Quantstamp must encourage itself to do some marketing too.
Quantstamp service is long due, since there is an emerging trend to secure smart contracts. Regardless of humans being able to check their own smart contracts, undertaking the audits through a protocol and driving security, scalability and cost effectiveness is helpful. Quantstamp seems promising and showcases immense potential, it is highly recommended while investing in ICO.
