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What Is Quantstamp?

Jan 17, 2023
4 min read

This blog post will cover:

  • About Quantstamp (QSP)
  • Where did Quantstamp (QSP) come from?
  • What are the advantages of Quantstamp (QSP)?
  • What are the disadvantages of Quantstamp (QSP)?
  • How to exchange crypto on SimpleSwap?

About Quantstamp (QSP)

QSP is a token of the Quantstamp audit system based on Ethereum smart contract technology. The project’s goal is to ensure the security of smart contracts. Quantstamp provides audit and risk assessment services, which help build trust in cryptocurrency, blockchain, and smart contract usage. The automated audit solutions provided by Quantstamp are cheaper than employing audit specialists.

Quantstamp uses QSP tokens to reward customers who find bugs and mistakes in smart contracts, run validation nodes, and contribute to the software. Since Quantstamp is Ethereum-based, QSP tokens are ERC-20 compliant.

Where did Quantstamp (QSP) come from?

Quantstamp was founded by Richard Ma, Steven Stewart, and their team in 2017. Richard Ma got the inspiration for Quantstamp from his firsthand experience with a promising cryptocurrency project failing due to critical security vulnerability (he, like many others, invested his funds in the DAO in 2016). He found a passion in creating a future for blockchain with security as a core principle.

What are the advantages of Quantstamp (QSP)?

  1. Stability reinforcer
    Quantstamp plays a unique role on the cryptocurrency scene: it’s a support project vital for the further spread and acceptance of blockchain and smart contract technologies around the world. More trust in cryptocurrency means more prospects for wider usage.
  2. Dependence on ETH
    It might not sound reassuring at first, but let’s see what is behind these words: Quantstamp tokens are ERC-20 compliant, so as long as Ethereum is used, QSP tokens will be very easy to use, too. Thanks to Ethereum’s popularity, QSP token holders have a wide variety of cryptocurrency wallets to choose from, with guides and FAQs for transferring and storing them.
  3. Supported by partners and investors
    Not only is QSP backed up by the increasing demand in security, and therefore in Quantstamp’s audit services, but also by the investors and sponsors. Companies like Y Combination (supported AirBnB, Coinbase, Twitch and more) and Plug and Play (invested in PayPal, Dropbox and SoundHound among others) invested funds into Quantstamp to secure its future, while partnerships with Cardano, OmiseGO, Binance, and many others give it credibility and secure future partnership options.

What are the disadvantages of Quantstamp (QSP)?

  1. Loss of trust in QSP by its creators
    It’s been three years since this news shook the Quantstamp community, but the wound still seems to be fresh. In 2018 it became publicly known that the company accepted payments for their audits in other currencies, namely ETH and USD. Needless to say, this didn't help increase the trust token holders had for QSP: what's the point of launching your own token if you don't trust it enough to use it? QSP’s price never recovered after this fall.
  2. Limited options to use QSP
    Although the use of QSP is guaranteed, since this cryptocurrency is designed to oil the wheels of Quantstamp’s operations, the outside ways to spend QSP tokens seem to be limited.

How to exchange crypto on SimpleSwap?

Now you know a little more about the Polymath Network project. If you want to continue your immersion in the Crypto World and purchase some cryptocurrencies, you are welcome to use SimpleSwap by following the simple instructions below:

  1. For example, you want to swap BTC to ETH. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.
  2. Select ETH in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  3. Click the Exchange button.
  4. Enter the Recipient's Address. ETH will be sent there. Be careful and make sure you use the correct address.
  5. Create the exchange.
  6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to ETH exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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