Quantstamp unveil new blockchain security protocol

Contract security startup Quantstamp has released its betanet protocol to help provide an added layer of security on the Ethereum mainnet


Quantstamp has announced the launch of its betanet protocol which will now be live and accessible via the Ethereum mainnet. Quantstamp will provide publicly-verifiable audits on smart contracts for Ethereum users.

The Y-combinator-backed startup provides security audits to help prevent blockchain users from entering smart contracts with bad actors. Quantstamp betanet protocol will now allow users to use QSP tokens to validate their Solidity codes, therefore giving them a verifiable record of their contract, which can be accessed publicly by anyone.

The ability to have a publicly verifiable record of an audit is a new development for Ethereum users. Previously, users have had to trust that smart contract developers had taken the necessary security precautions beforehand and were unable to verify it for themselves.

Visit Innovation Enterprise’s Product Innovation Summit in Boston on September 27–28, 2018

For the meantime, Quantstamp is only running audits on whitelisted companies, at least for its betanet release. However, it is aiming to begin whitelisting reputable institutions and industrial partners who share its goal of seeing the widespread proliferation of smart contracts.

In a statement released with the announcement, Quantstamp CEO Richard Ma said: "Less than a year since our crowdsale completed, we're happy to be releasing our betanet protocol onto the Ethereum mainnet.

"By providing publicly verifiable audits on Ethereum, we're helping improve the adoption of smart contract technology," he added.

We’d love to hear what topics you’d like included at Innovation Enterprise's Blockchain Summit 2019 – click here to help shape our agenda

Big data analytics market to be worth  275bn by 2023 small

Read next:

Big data analytics market to be worth $275bn by 2023