what does quantstamp do for ethereum
What is Quantstamp? Quantstamp is the first smart contract security-auditing protocol. What does this mean? Quantstamp will check for errors and vulnerabilities in smart contracts to preserve their security. Why is this important? In June 2016, a hacker stole $55M Ethereum coins from the DAO due to a bug in its smart contract1. In July 2017, another hacker took over $30M in Ether from crypto companies due to a one-word bug in the smart contract code in the Parity multi-sig wallet (from the whitepaper). How will Quantstamp do this? They will do this in two ways: 1. Quantstamp will use an automated and upgradeable software that will check for errors and vulnerabilities in smart contracts. 2. An automated bounty payout system that will reward human participants for finding errors in smart contracts. But why is an automated system needed?