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Quantstamp is a smart contract security-auditing protocol designed to find vulnerabilities in Ethereum smart contracts. It extends Ethereum technology to find bugs and security vulnerabilities before a contract is published to the blockchain.
The Quantstamp Token (QSP) is used to pay for and receive verification services in the Quantstamp network. Let’s take a closer look at what Quantstamp does, how the token works, and what you need to do to buy or sell QSP in Australia.
You can find QSP on several cryptocurrency exchanges, such as:
If you want to buy QSP, check out the steps below for one example of how you can do it:
Local cryptocurrency exchange CoinSpot permits the exchange of Australian dollars (AUD) for QSP. You’ll need to register for a free account by entering your email address and creating a password. You’ll also need to provide your full name, contact information and proof of ID before you can deposit Australian dollars and start trading.
Don’t forget to enable two-factor authentication on your account to provide increased security for your trading funds.
Click the “Deposit AUD” link on your CoinSpot account dashboard and type in the amount of AUD you want to deposit via POLi or BPAY. Alternatively, you can also deposit cash at a newsagency via Blueshyft.
Note: Many cryptocurrency exchanges don’t allow you to swap fiat currency, such as AUD, for cryptos. With this in mind, you’ll often need to acquire a cryptocurrency that’s available in a pairing with QSP, such as bitcoin (BTC) or Ethereum (ETH), and then exchange those coins for QSP.
Click the “Buy/Sell” link at the top of your account dashboard and search for “QSP”. Click on “Buy QSP” and either type in the amount of AUD you want to spend or the amount of QSP you want to buy.
You’ll then be given a chance to review the amount of QSP you’re buying and the total cost of the transaction, before deciding whether to confirm and finalise your purchase.
If you want to sell your QSP holdings, the process you’ll need to follow is essentially the same as that outlined in Step 3 above. All you’ll need to do differently is look for the link to “Sell QSP”, while it’s also important to remember that you may not be able to directly exchange QSP for the currency you want.
Storing cryptocurrency on an exchange is not recommended for security purposes. As QSP is an ERC20 token on the Ethereum blockchain, you’ll need to find an Ethereum-compatible wallet that supports these types of tokens. Examples of wallets you could use include:
Quantstamp was founded in June 2017 by Richard Ma and Steven Stewart and aims to solve the problem of smart contract security. While smart contracts offer huge potential for the widespread use of blockchain technology, they’re not entirely secure.
This was most notably evident in June 2016, when a hacker stole US$55 million in ETH from the Ethereum DAO by exploiting a smart contract bug. A separate hack in July 2017 saw US$30 million in ETH stolen due to a bug in the smart contract code of the Parity multi-sig wallet.
Auditing smart contracts is an expensive and lengthy process that currently takes at least a week, so Quantstamp aims to create a protocol that can quickly and cost-effectively secure all smart contracts. Quantstamp’s auditing network extends the Ethereum blockchain and features two main parts:
Quantstamp Tokens are used to pay for, receive or improve verification services through the protocol. A pre-sale and ICO were held in 2017, ending in November, and raised in excess of US$31 million.
Cryptocurrencies are complex and speculative, so you’ll need to be fully aware of all the risks involved before buying any cryptocurrency. If you’re thinking of purchasing QSP, make sure you consider the following factors first:
Assess all the risks and potential benefits before deciding whether you should buy QSP.
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