Quantstamp Presale & ICO Review

quantstamp ico reviewQuantstamp protocol has the potential to become a default security audit solution for every smart contract based on Ethereum.

BASIC INFO

Name: Quantstamp
Symbol: QSP
Hardcap: $30M (including presale and crowdsale)
Presale Cap: $11M
Presale Date: 9-Oct-17 until 9-Nov-17 (on a rolling basis)
Presale Price: 1 ETH = 6,000-10,000 QSP
(depending on the quality of your Proof of Care)
Presale Bonus: 20-100% bonus for the presale participants.
ICO Cap: $19M
ICO Date: 17-Nov-17 until 16-Dec-17 (or until the $30M hard cap is reached)
ICO Price:
1 ETH = 5,000 QSP

Whitelist: Currently running for presale and mainsale.
– Presale list uses so called Proof-of-Caring system – to get on the list you have to prove that you care about Quantstamp by writing a blog post, reviewing their project, making a quick youtube video or podcast, inviting people to join them on telegram, etc.
– To be considered for the crowdsale whitelist you only have to join Quantstamp Telegram and enter your email address.

Social Interest (14-Oct-17):
Twitter: 918
Telegram: 4133
Reddit: 43

IDEA

• 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, they anticipate every Ethereum smart contract to use the Quantstamp protocol to perform a security audit.

• The protocol consists of two parts:
1.) 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.
2.) 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 toward the goal of full automation.

• The Quantstamp did the Smart Contract Security Audit for Request Network Token Sale. I strongly recommend you to check the summary of an audit process in order to understand better what Quantstamp is all about:
https://medium.com/quantstamp/request-network-token-sale-smart-contract-security-audit-summary-ca6828bd3c5f

MY THOUGHTS & CONCLUSION

• I think this is a great idea. Security is a crucial component in the cryptocurrency space. I just can’t imagine Initial Coin Offering being conducted without having strong security audit of their smart contract code. So far, most of the companies are doing this from within the house. And this is far from ideal solution. Now these companies can focus on developing their core products, while easily outsourcing the security audits of their smart contracts to the Quantstamp security specialists for a much smaller fee than what it would actually cost them if they would to do it themselves. And this is of course not limited only to the smart contracts for Initial Coin Offerings, but for any Ethereum smart contract.

• As you might have noticed from my Polkadot Network analysis, I always prefer investments in platforms and protocols over the random tokens. Some of the biggest gains so far were made by early investments in platforms and protocols.

• According to the CEO, Richard Ma, presale was heavily oversubscribed, hence the idea about Proof of Care system was born. I think the huge level of interest for this ICO is a very good news, and in general I like the Proof of Care idea for the presale. The people who really believe in the project can show that in order to participate in the presale.

• I don’t like particularly that there is not too much hype about this project as of yet. Ideally I would like to see a lot more Twitter and Reddit followers and actively engaged community. However, they are quite in the presale phase, and considering Proof of Care I believe they will manage to increase the followers, social activity and hype around the project considerably by the time ICO starts.

• Quantstamp has a really solid team of 7 members and 8 advisors. The CEO was formerly a quant derivatives trader and has huge experience across various development platforms. CTO worked for Department of National Defence as system analyst, and was software developer for Magnet Forensics where he worked on improving the performance of a digital forensics and analytics tools.

For flipping: NEUTRAL.
Depending on whether the hype will increase closer to the ICO, it could be a good flipping opportunity as well.

For long-term holding: GOOD.


UPDATE 13-Nov-17: The Quantstamp already raised almost $10M in presale. I have some free space left for Quantstamp presale participation. Deadline 14-Nov-17 9PM GMT. In case you are interested please contact me at dom@buddhatrader.com.

Additional reads
• Official Quantstamp Medium website:
https://medium.com/quantstamp
• Good articles on Quantstamp:
https://medium.com/@BuyingTops/quantstamp-the-next-step-forward-in-securing-the-crypto-space-bbbfeb62a3f4

https://techburst.io/quantstamp-is-more-than-an-ethereum-dapp-its-the-upgrade-we-need-abe06b63bcb4

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6 Responses to Quantstamp Presale & ICO Review

  1. Mike says:

    Thank you for a clear and concise take on what I believe will be a top 10 platform in the near future

  2. Benny says:

    I am a little unnerved by the Proof-of-care system, they are affectively paying people to write good things about them.

    • BuddhaTrader says:

      After seeing some low quality and no value Reddit posts and Telegram messages about Quantstamp yesterday, I have a bit of a mixed feelings about Proof of Care system.
      It does attract certain level of spammy postings and messages which add no value, and in worst case scenario that could actually put a bad light on a really good idea.

      The system itself is similar to bounty rewards which most of the blockchain and ICO industry uses. It just does it through the bonuses in the Pre-sale phase to incentivise the people.
      However, with the proof-of-care system you still have to invest your own money and believe or hope that the listing price will be higher and worth your effort, which means you really do have to believe in the project.
      With the bounty rewards system, you just get the reward without need to invest any of your money, so logically it should attract more non-objective opinions than proof-of-care concept. Hence, you could argue that proof-of-care might be a fairer system.

    • Jorge says:

      Yes, i also do not like this approach. The review now is always biased to one side. no good.

  3. Joe says:

    Hello, I read your page and found it interesting. Appearently I have to join some group in a telegram to get started. They are asking for my phone number. I don’t give that out to just anyone. Is there any other way to get started?
    Regards,
    Joe

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