Quantstamp Community Update - February 2020

Quantstamp Announcements
March 6, 2020

ETHDenver, bZx attack analysis, RSK audit, POV Crypto appearance, here’s what’s been going on at Quantstamp in February:


10 Facts About the bZx Attacks


Recently, DeFi project bZx was exploited to the tune of 900 million dollars. These two attacks showed that security is just as important for the DeFi space as it is for traditional financial software. 


To understand more about what happened, check out our post: 10 Quick and Dirty Facts about the bZx Attacks.

ETHDenver

We were happy to once again attend, speak, sponsor, and hack at ETHDenver. This is North America’s biggest Ethereum conference and the world’s largest Web3 hackathon. 



Quantstamp CEO Richard Ma discussed security issues in DeFi, mentioning both the bZx hacks which happened during ETHDenver, as well as general security issues with DeFi composability. 

Communications manager Jaye Harill spoke on Create2, explaining how this new opcode introduces both powerful new functionality and security issues. 

We also hacked on DeFi security at the conference.

The Defiant Opinion Column



We’re happy to be featured in The Defiant, a daily newsletter about the DeFi industry from Camila Russo. In the article, “DeFi’s Double-edged sword,”, CEO Richard Ma talks about the current vulnerabilities in the DeFi space and how to address them. Financial vulnerabilities exposed by the recent flash loans attacks should be addressed at the audit stage. 


RSK

We recently finished our audit of RSK. RSK is the second layer, smart-contract protocol for Bitcoin. It adds additional functionality to Bitcoin, allowing for a whole range of more creative and sophisticated use cases to be built for Bitcoin in a decentralized manner.

RSK works as a Bitcoin Sidechain. When Bitcoins are transferred into the RSK blockchain, they become “SmartBitcoins” (SBTC). SmartBitcoins are equivalent to bitcoins living in the RSK blockchain, and they can be transferred back to Bitcoins at any time. Find out more about RSK at rsk.co

POV Crypto Podcast


CEO Richard Ma recently sat down with Christian Keroles and David Hoffman of POV Crypto to talk about the recent DeFi attacks, their implications, and other trends in the DeFi space. It’s an insightful and comprehensive episode that covers financial attacks in DeFi from a quant traders’ perspective, as well as insight into where the industry is going. 

Check it out here.

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Note: This update includes information and forward-looking statements about upcoming events and concepts under continuing development. Schedules, features, and functionality are subject to change or cancellation at any time and you are not to place undue reliance on this information or any forward-looking statements.


March 31, 2020

Quantstamp Joins MyID Alliance

Quantstamp is proud to join the MyID Alliance, a Digital ID initiative by ICONLOOP. As the world moves towards more online and less face-to-face interactions, Digital ID will be a key enabling technology. 

March 24, 2020

Market Dynamics of the 1st bZx Hack: Flash Loans and the Insolvent Loan

In this series, we describe the market dynamics of the 1st bZx attack so we can avoid attacks with market manipulation components in the future.

March 13, 2020

Top 3 DeFi Trends

This post discusses how flash loans, zaps, and DeFi aggregators are leveraging composability in order to simplify the user experience and ultimately make DeFi markets hyper-efficient.

March 11, 2020

Bringing Bitcoin to DeFi

DeFi is blockchain’s first killer app, with assets locked up approaching $1 billion USD. But one major asset is missing: Bitcoin. Bitcoin is not only the first crypto asset, but the largest - with over $168 billion USD of Bitcoin in circulation it has deep pools of liquidity. It is one of the least volatile cryptocurrencies and has a large network of fiat on and off ramps. All these properties make it a great crypto-collateral. We think Bitcoin has the potential to transform the DeFi landscape as the most widespread and liquid asset available today.