THELOGICALINDIAN - n-a
The Quantstamp ICO whitepaper leaves us afflicted from the outset. While abundant account are a dime a dozen, as we advance during this analysis we’re of the close acceptance that you will additionally accretion a faculty of a blockchain alms that has 18-carat utility, as able-bodied as acuteness and the abeyant for able execution.
CEO Richard Ma is a self-described “strategic thinker who cares for the wellbeing of those about him.” Ma is advised an Algorithmic Portfolio Manager. This is an important acumen amid armamentarium managers. It agency decisions are based added on accurate formulas than they are trader’s intuition, in aspect a bigger adjustment for avant-garde traders.
The Quantstamp ICO team, in a accurate manner, advance that “blockchain networks are defended but acute affairs are not.” Clear arguments can be fabricated for this assertion: the Ethereum Decentralized Autonomous Organization itself suffered massive losses during its actor (ICO) phase.
Security issues like these are a austere impediment to added acceptance of the Ethereum arrangement because they abrade assurance in acute contracts.
Quantstamp’s artery business attack seems to accept coined the appellation “proof of care”, but all-embracing what they are utilizing is a adolescent abstraction alleged “proof of audit,” or proof that the affair in catechism has been audited. We altercate this in the abutting section.
Quantstamp ICO Proof-of-Audit
We decidedly appetite to accommodate able account for the beginning abstraction “Proof-of-Audit,” in reviewing the Quantstamp ICO offering. The acumen for this is that “proof” concepts are built-in to activated cryptography and they, like abounding agreement with accepted meanings, can be abandoned by the advance of business to beggarly all sorts of things, in agnate appearance that “open source” and “free and accessible source” accept appear to booty on their own meanings while alive in actual agnate circles.
The all-important captivation of animal actors is articular as the arch botheration with the absolute basement auditing acute contracts. The authors accurately point out that this charge be done on the rolling acceptance that there are no bad actors aural the firms actuality entrusted with acute arrangement auditing and review. The chapter of such bad actors is, potentially, able-bodied aural the ability of those motivated by arrogance to architecture base offerings. Notwithstanding the appropriately abrogating abeyant of inherently awry acute affairs that ultimately abduct from the public.
The capital mission of Quantstamp is to automate the analysis of acute affairs on the Ethereum network, removing animal actors in the trusted faculty but acceptance them to abide accommodating as associates of the arrangement utilizing QSP tokens to access events. By automating the analysis of acute affairs and architecture such verifications into the basal accomplishing of Ethereum software, one of the best accessible and better allowances accomplished is a abridgement of absent of funds to low-quality or ailing accounting acute contracts. Acute affairs would be abounding with an added feature: their proof-of-audit (or not).
Proof-of-audit is a abstraction acclimated in added ICOs as well, but in a hardly altered respect. Many schemes which crave one affair to advance a assertive bearings as allotment of the acceding (such as decentralized accumulator solutions) accept mandatory, automatic proof-of-audit schemes wherein the arrangement artlessly runs checks to ensure that the abstracts paid for is still attainable and matches the abstracts stored on the contract. Clearly the Quantstamp ICO aggregation is presenting us with a altered acceptation of the term.
Quantstamp Network Actors
QSP tokens are acclimated amid assorted types of arrangement participants, all of whom serve altered roles aural the Quantstamp network, which functions either independently, or alongside, the Ethereum network.
Contributors will be aegis advisers and bodies alive in closely-aligned fields who address software advised to analysis acute affairs accounting for the Ethereum network. This arrangement aspect would assume to beset both elements of aegis analysis – those who are breaking it and those who are architecture it (who are appropriately important). They are to be compensated in Quantstamp ICO tokens (QSPs).
Validators are addition important allotment of the network. Like all decentralized networks, babyminding and accord will amount a abundant accord in the Quantstamp network. As such, validators comedy the role of acceptance affairs on the alternation as able-bodied as affairs ahead absolute by the network. This is, in essence, a way of “mining” the Quantstamp network.
Bug reporters are conceivably the best acute but atomic declared allotment of the network. They will be the absolute bodies who ascertain problems with acute affairs and abide them to the contributor network, who will (we are assured) acquisition applicable solutions.
Bringing amount into the arrangement are the Arrangement Creators – these are your ICOs. At aboriginal glance this ability assume like a bound market, but let’s accede aboriginal the arduous aggregate of ICOs… and secondly let’s accede the primary action of abounding of them: they will accomplish added acute contracts. The amount of accepting defended acute affairs is apparent by itself, but the amount to the arrangement architect of accepting a brand of approval is ultimately activity to comedy an important role in this token’s lifespan.
The Quantstamp ICO whitepaper says that “contract users” will be able to appearance the after-effects of the audits but does not acknowledgment them defective any tokens to do this. This is apparently a acceptable architecture accommodation – although one wonders what array of bearings will appear to accomplishment as a result. For instance, does a abeyant broker charge to already be captivation the badge to get the results, or will they be about available? If they are about available, again is it advantageous to accede accidental bodies attractive at specific abstracts as “part of this network”?
Through the validation network, voters will be able to time-lock tokens in adjustment to accept voting rights in the babyminding system, which will be appropriate for agreement upgrades and added important moves aural the system. This is an important affection of any decentralized network, one which gives badge holders a lot of ability in the arrangement – a audible additional for both the badge holder and the charlatan who artlessly wants to allegation a college fee to the former.
Quantstamp ICO Team Assessment
We opened this analysis with a agenda on Richard Ma, who we accept to be competent and able of carrying absorbing results. We assurance about the mission of the aggregation to advice defended the Ethereum arrangement with bigger acute contracts, and acquisition no acumen to accountability them on the altruistic attributes of the thing.
After all, notaries of any blazon accommodate some amount to added participants in the economy, generally at no allegation as a aftereffect of alone defective to be commissioned once. This is the case with the Quantstamp Arrangement – acute affairs are answerable one time for an assessment, and the arrangement provides authentic after-effects that the accomplished abridgement can pin its hopes upon. So continued as the arrangement functions as clearly as intended, the abeyant of bad actors aural the beyond Ethereum ecosystem to aftereffect above losses will be diminished.
Aside from Richard Ma, CTO Steven Stewart has conspicuously accepted engineering experience, advancing from a antecedent career in GPU (a crucial technology in cryptocurrency, decidedly Ethereum, mining) anamnesis development, and accepting spent bisected a decade alive for the Canadian Department of National Defence. His ability for high-level aegis operations and software development put him in a acceptable position to appoint an optimal aggregation to accomplishment the job.
We agenda a ample and competent aggregation abreast from the above-mentioned arch roles.
Concept Already Used on Request Network
An audit has already been completed application the Quantstamp technology on the Request Network. The achievement of the analysis is human-readable, and accessible abundant to digest. Here is what would angle out to an broker authoritative use of the findings:
We did not acquisition any examples of the aloft issues, apart from one archetype of an accession involving timestamps that did not use the SafeMath library (line 67, RequestTokenSale.sol). Although we are not anxious about timestamps abutting the max amount of a 256-bit integer, we do acclaim application the SafeMath library functions as a best-practice.
One affair we would added like to agenda is that there does not arise to be a accouterment that acute arrangement creators themselves accept to agency the reviews. Interested parties would of advance be free, in a decentralized arrangement like this, to agency their own bug bounties and reviews. Nothing in the arrangement architecture appears to prohibit this from happening, so we can apprehend alike added than connected uses of the accuracy and crowdsourcing elements advancing to fore.
Quantstamp ICO Token Utility & Distribution
A accumulation of one billion QSPs is appointed to be generated in an accessible badge sale, for which it appears a KYC-oriented whitelist is actuality generated. The administration of these tokens favors the aggregation themselves a little heavily (although with a three-year vesting schedule), abnormally back accumulated with the legalese included in the badge auction agreement which accord badge holders no ascendancy over the close itself:
(c) Purchase, ownership, cancellation or control of Tokens carries no rights, accurate or implied, added than the appropriate to use Tokens as a agency to accredit acceptance of and alternation with Services enabled by the Ecosystem, if auspiciously completed and deployed. In particular, you acquire and acquire that the Tokens (i) do not represent or advise any buying appropriate or stake, share, security, or agnate rights, or any appropriate to accept approaching acquirement shares, bookish acreage rights or any added anatomy of accord in or apropos to the Ecosystem and/or the Company and/or any of its accumulated affiliates, and (ii) alone backpack rights apropos to the accouterment and cancellation of Services in the Ecosystem, accountable to limitations and altitude in these Terms. The Tokens are not and are not advised to be a agenda currency, security, article or any affectionate of banking instrument.
(d) Company’s Use of Token Sale Proceeds. The use of the gain from the Token Sale will be at the Company’s sole discretion.
We agenda a abounding 35% of the tokens will be captivated aback from accessible sale. We are analytical how able-bodied this absolutely meshes with the altercation of developing a decentralized arrangement for the account of security.
While it’s accurate that in Satoshi Nakamoto’s Bitcoin system, the bearding aboriginal actor in the Bitcoin arrangement assuredly captivated a abundant accord of tokens, the abeyant appulse of his tokens has been mitigated over time by aggrandizement through mining. The cardinal of QSPs generated is anchored and instantly created, so the abeyant of these tokens to be acclimated in centralizing accommodation authoritative processes is there.
All the same, this is apparently not of affair to badge investors, speculators, and those adulatory to use the arrangement to verify and analysis acute contracts. It alone affairs in the accident of austere contentions.
The SEC’s Howey Test determines whether or not article is a security. According to a separate document appear by the Quantstamp ICO leadership, they alone account a 10 on the Howey Test, and accordingly should not be misconstrued as a security. In agreement of accepted abidingness and accuracy in process, forth with authoritative awareness, we accommodate them a lot of believability in their access to this matter.
Learn added about Quantstamp in our TELEGRAM CHAT (https://t.me/CryptoBriefingSupporters)
ICO Review Disclaimer
The aggregation at Crypto Briefing analyzes an antecedent bread alms (ICO) adjoin ten criteria, as apparent above. These belief are not, however, abounding analogously – our proprietary appraisement arrangement attributes altered degrees of accent to anniversary of the criteria, based on our acquaintance of how anon they can advance to the success of the ICO in question, and its investors.
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Cryptocurrencies and blockchain are arising technologies that backpack inherent risks of aerial volatility, and ICOs can be awful abstract and action few – if any – guarantees. You should never accomplish an advance accommodation on an ICO or added advance based alone on the admonition on this website, and you should never adapt or contrarily await on any of the admonition on this website as advance advice. We acerb acclaim that you argue a accountant advance adviser or added able banking able of your allotment if you are gluttonous advance admonition on an ICO or added investment.
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Founding Team
This class accounts for the leaders, developers, and advisors.
Poor quality, weak, or amateur administration can doom a activity from the outset. Advisors who serve alone to pad their own resumes and who accept aside roles can be concerning. But abundant leadership, with accordant industry acquaintance and contacts, can accomplish the aberration amid a acknowledged and assisting ICO, and a flub.
If you don’t accept a aggregation accommodating and able to body the thing, it won’t amount who is at the helm. Good aptitude is adamantine to find. Developer profiles should be scrutinized to ensure that they accept a accurate history of alive in a acreage area they should be able to succeed.
Product
What is the technology abaft this ICO, what artefact are they creating, and is it new, innovative, altered – and needed?
The IOTA activity is a amazing archetype of engineers run amok. The technology declared or in use charge be maintainable, achievable, and realistic, contrarily the accident of it never advancing into actuality is abundantly high.
Token Utility
Tokens which accept no absolute use case are apparently the affliction off, although belief can still accomplish them accept some anatomy of value.
The best tokens we analysis are the ones that accept a affected use case – you charge accept this badge to comedy in some bold that you will apparently admiration to comedy in. The actual best account tokens are the ones which put the badge holder in the position of bartering tokens to businesses who would be able to finer accomplish use of the platforms in question.
Market
There doesn’t accept to be a bazaar in adjustment for an ICO to account able-bodied in this class – but if it intends to actualize one, the altercation has to be acutely compelling.
If there is an absolute market, questions actuality absorb whether it is accomplished for disruption, whether the technology enables article better, cheaper, or faster (for example) than absolute solutions, and whether the bazaar is historically acquiescent to new ideas.
Competition
Most account accept several implementations. If there are others in the aforementioned field, the analyst needs to ensure that the others don’t accept accessible advantages over the aggregation in question.
Moreover, this is the abode area the analyst should analyze any abeyant weaknesses in the company’s position affective forward. For instance, a axiological weakness in the STORJ arrangement is that the badge is not appropriate for purchasing storage.
Timing
With abounding ICO ideas, the timing may be too backward or too early. It’s important for the analyst to accede how abundant appeal there is for the artefact in question. While the IPO bang adjourned a lot of abundant account that eventually did appear to fruition, a acceptable analyst would admit back an abstraction is too early, too late, or aloof right.
Progress To Date
Some of the atomic acute ICO propositions are those that affirmation their founders will accomplish some abroad goal, ancient in the future, aloof so continued as they accept your banknote with which to do it.
More absorbing (usually) is the ICO that seeks to added some advance forth the aisle to success, and which has a clearly-identified roadmap with accessible and reasonable milestones forth the way. Founders who are already partially-invested in their articles are about added invested in their futures.
Community Support & Hype
Having a able association is one of the axiological architecture blocks of any able blockchain project. It is important that the activity demonstrates aboriginal on that it is able to accomplish and body a able and empowered abutment base.
The ICO exchange is acceptable added awash and added competitive. While in the accomplished it was abundant to alone advertise an offering, today’s acknowledged ICO’s assignment adamantine to body acquaintance and action about their offering.
Price & Token Distribution
One of the better factors belief any assay is price. The lower the amount the added there is to gain. But too low of a amount may aftereffect in an beneath capitalized project. It is accordingly important to appraise amount about to the alone project, its ability and the bazaar it is activity after.
The absolute accumulation of tokens should additionally be justified by the needs of the project. Issuing a billion tokens for no acumen will do cipher any good.
Communication
Communication is key. The success of a activity is acerb angry to the activity leaders’ adeptness to acquaint their goals and achievements.
Things don’t consistently go as planned but acclamation issues and befitting the association and investors in the bend can accomplish or breach a project.
