Quantstamp Community Update July 2019

Quantstamp Announcements
July 30, 2019

Quantstamp Security Network growing more decentralized, securing Binance’s first stablecoin,  auditing Klaytn,  Congressional Blockchain Education Day - it’s been an exciting month at Quantstamp. 

Here’s what’s been going on:

Quantstamp Security Network V2 Decentralization

The Quantstamp Security Network is growing in decentralization. Currently over 30 nodes have been created, running open source Quantstamp software from California to the Netherlands to Australia on an increasingly decentralized network. With global reach, the network is decentralized and resilient, enabling reliable and trustworthy security scanning of smart contracts. 

Ensure Your Dapps Are Secure

Are you an Ethereum Dapp user? Many projects open source their smart contracts for transparency. Running a smart contract security scan at protocol.quantstamp.com can help make sure that the Dapps you’re using are secure. Once the scan is run, the report is visible for anyone to see, allowing you to share the results with friends and other users of the Dapp.

Improve The Security of Your Dapps

Are you an Ethereum developer? It’s easy to miss bugs such as re-entrancy. Running a scan on your smart contract via protocol.quantstamp.com before deployment can make things safer for your users, and improve the reputation of your project. 

Note: this section was edited on 7/31/29 to correct some information.

Economics of the Quantstamp Security Network

How much do node operators on the decentralized Quantstamp Security Network get paid? How much does it cost to submit a smart contract scan? Julian Martinez has written a quick and easy guide to the Economics of the Quantstamp Security Network.

Binance Stablecoin Audit 

It was a pleasure to help Binance secure its inaugural stablecoin, the BGBP. Backed 1:1 by the British Pound, BGBP is created on both Ethereum as an ERC20 token and on Binance Chain as a BEP2 token. Binance is one of the most innovative and customer-focused exchanges we've seen and it was an honor to work with their excellent team.

Securing Kakao’s Klaytn Blockchain

In July we also finished our audit of Klaytn, the blockchain platform created by Kakao, the operator of South Korea's dominant messaging platform KakaoTalk. Built by GroundX, a Kakao subsidiary, Klaytn is a business-centric blockchain platform designed for mass adoption. With strong connections to regional firms, we think Klaytn has a good foundation to achieve its goals. 

Encrypt.d Podcast

It was a pleasure to be on the Encrypted Podcast. CEO Richard Ma chatted with hosts Ahmed and Nic about our role with the Dubai Future Foundation and helping to create a “Smart Dubai”. He also delved into recent projects we’ve worked on and the future of smart contract security automation. 

Ampleforth Partnership

In July, we completed our audit of Ampleforth - a smart commodity money. Compared to traditional stablecoins, Ampleforth uses an elastic supply model - using price as a signal to increase or decrease its supply. This novel mechanism aims to have positive macroeconomic effects compared to traditional supply-limited stablecoins. 

In addition to our audit of Ampleforth’s smart contracts, we’re also partnering with them to be a trusted data feed for price information. As a digital currency with elastic supply, Ampleforth relies on secure and accurate market oracles for supply adjustments. We’re happy to have helped secure Ampleforth’s smart contracts and help ensure they receive secure price information. 

Congressional Blockchain Education Day

Our CEO Richard Ma and VP of Strategy Olga Mack attended the third Congressional Blockchain Education Day on July 18th, 2019. As congress conducted separate hearings to discuss Facebook’s Libra and Bitcoin, Richard and Olga helped educate legislators on blockchain technology. 

Congressional Blockchain Education Day is the world’s largest blockchain advocacy event and brought together nearly 120 Chamber members for 70+ meetings educating lawmakers on Capitol Hill in Washington, D.C. Participating industries included financial services, insurance, cyber security, supply chain, transportation, manufacturing, advertising, real estate and health care. Congressional Blockchain Caucus Co-chairs Tom Emmer, Bill Foster, David Schweikert and Darren Soto provided remarks. 

Working with Japanese Enterprises

Our work in Japan was highlighted by Japan External Trade Organization (JETRO), a government-related organization that works to promote mutual trade and investment between Japan and the rest of the world. We’ve been in Japan since our acceptance into Plug and Play Japan in 2018, and this year we opened a subsidiary there, Quantstamp Japan GK. The article goes over our involvement in Fujitsu’s accelerator and our ongoing relationship with them, such as helping them join the Smart Contract Security Alliance

Binance Charity Initiative

Binance kicked off a new charity initiative this month we were honored to be a part of. The PinkCareToken aims to alleviate period poverty in underdeveloped countries. Read more and find out how to participate here

Recent News from Quantstamp

Don’t miss out on the latest from Quantstamp. Follow us on Facebook, check us out on Twitterjoin the conversation on Reddit, Subscribe to our Youtube, Subscribe to our Newsletter, or find us on LinkedIn.  

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.