SAN FRANCISCO--(BUSINESS WIRE)--Evan Cheng, Director of Engineering at Facebook, and Chris Miess, ex-CEO of TenX, are among many blockchain insiders to join a groundswell of crypto community support for blockchain security startup, Quantstamp.
Quantstamp’s technology would have saved over $100 million in smart contract losses in the Ethereum ecosystem in the last year.
This June, the company introduced a protocol designed to secure smart contracts and launched a scalable solution to one of Ethereum’s critical challenges: the security of smart contracts. Today, Quantstamp boasts the fastest growing crypto community on Telegram.
Co-founders Richard Ma and Steven Stewart suggest the security issues threatening blockchain projects and cryptocurrencies are not going away anytime soon. “Hacking is highly lucrative for criminals, and the funds are hard to trace,” explained Richard. “This is a systemic issue.”
Despite surmounting risk involved with cryptocurrency transacting, the exponential volume of Ethereum transactions is staggering. Since June 2017, the number of smart contracts has quadrupled from 500,000 to over 2 million. Meanwhile, blockchain projects using smart contracts – no matter how well written – are vulnerable to hacks. Few companies are equipped to scale with the growth in the number and complexity of smart contracts.
Quantstamp, however, has gained traction by assembling a team, including four multidisciplinary PhDs and well-respected leaders in the crypto space, to contribute to the Quantstamp whitepaper. Given a fault-tolerant protocol [designed so that malicious actors cannot manipulate audit results], the mission to secure Ethereum smart contracts is bolstered by an auditing network incentivized by verification tokens. Follow us @quantstamp on twitter.com/quantstamp. Come join our newsletter at quantstamp.com.
About Quantstamp
Quantstamp Technologies, Inc. is based in Waterloo, Canada and San Francisco, California. In 2017, Quantstamp introduced the first scalable security-audit protocol designed to find vulnerabilities in Ethereum smart contracts.
