The rate at which smart contracts are being written is so high that it is estimated that by the end of 2018 there will be more than 10 million of them. This means that the smart contracts are being written faster than they can be audited with the available resources. There is the risk that even a robust security auditing might not catch a small bug which might slip through the cracks. This is where the Quantstamp project which is based on blockchain technology comes in.
The crypto is based on the Ethereum blockchain. The team is currently building the crypto’s protocol so as to make it an agnostic platform. The developers want the platform to be used on other smart platforms such as Lisk and NEO. According to the team, the project has a Validation Node which applies audit techniques from formal methods and which are submitted by contributors. The techniques used include security checks like static analysis and concolic tests. Contributors are rewarded with Quantstamp (QSP) tokens for submitting verification software.