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Hector Isaev
Hector Isaev

How To Buy Quantstamp Tokens Fixed


QSP is an ERC-20 token used for verifying smart contracts on the decentralized QSP Security Protocol. Users can buy automated scans of smart contracts with QSP, and validators can earn QSP for helping provide decentralized security scans on the network at protocol.quantstamp.com




how to buy quantstamp tokens


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In that offering, the company exceeded a targeted $11 million by $9.5 million, raising $20.5 million from an initial round. The remaining $9.5 million was sold through a public crowdsale. So far, 65 percent of those issued QSP tokens, out of a 1 billion supply, have been distributed.


This may be contributing to impressions held by users that Quantstamp's acceptance of the token is key to its current, and perhaps future value, but public statements as to the relationship between the company and its tokens are limited.


In a review of Quantstamp's public Twitter and Medium messages, as well as its ICO terms and conditions, the company doesn't seem to have ever explicitly stated that it would accept only QSP tokens for audits. However, until the public grilling Friday, the company hadn't indicated that it would accept U.S. dollars and ETH (though its white paper carves out room for exceptions).


"No person is bound to enter into any contract or binding legal commitment in relation to the sale and purchase of the QSP tokens and no cryptocurrency or other form of payment is to be accepted on the basis of this white paper," it states.


The company's "Request a Full-Service Audit Form," available online, only includes an option for users to pay in QSP tokens, specifically stating that "QSP tokens are required to power audits" and that users "must hold a minimum of 200,000 QSP to request an audit."


This means bounty-hungry bug fixers receive QSP tokens from contract creators, as do code contributors verifying the Solidity programs used to implement the contracts, and validators running the Quantstamp validation node.


And it's important to note, any tokens that would power such a protocol may not currently exist. QSP, as it stands, is a token that runs on the ethereum protocol. The company has not decided whether it will swap those tokens for new ones when its network is up and running, and the white paper does not address this question.


From the thread, it seemed that Quantstamp was conducting some of its auditing for "little to no cost" in the case of cryptocurrency exchange Binance (which hired the firm to audit listed ERC-20 tokens), some in exchange for QSP tokens and some in exchange for dollars or ether depending on the customer.


However, when Ma was repeatedly asked what proportion of revenue was split between audits done in exchange for QSP tokens versus other currencies, he simply responded, "I can't talk about any of this stuff."


Ma's statement that some customers can't buy QSP points to a possible defense of Quantstamp's policies: because it never offered tokens to U.S. buyers, it has been unable to accept that method of payment when rendering its services to domestic customers.


The Quantstamp tokens, QSP, are a type of Ethereum ERC20 and are only bought with ETH during the crowdsale. The pre-sale does not have any individual caps since this is used to hire engineers. The main sale does have individual caps. At the end, any unsold tokens will be burned. The tokens for the founding team have a three-year vesting schedule.


In total, 65 percent of the tokens are distributed during the token sale, with 20 percent allocated for the team and advisors. The core activities reserve gets 10 percent, and the final 5 percent goes to community development. A full 50 percent of the proceeds go straight to product development, with an extra 30 percent allocated for marketing and community, 15 percent for administrative and general funds, and 5 percent for security.


QSP tokens are the method of payment for verification services, as well as how those who provide verification are rewarded. Contributors get QSP tokens for the software they contribute to verify Solidity programs. Those who run Quantstamp validation nodes get QSP tokens in return, and those who find bugs also receive their bounty in the form of QSP. Those who create contracts will pay QSP tokens when having their smart contracts verified.


Anyone can now run a node on the Quantstamp Security Network V2 and earn QSP tokens by staking and participating in the network. This greatly increases the decentralization of the network compared to the whitelisted nodes of V1.


Basically, it relies on a decentralized network of contributors (those who provide code) and validators (those who audits it). Contributors post their code on the platform, then set up a bounty in QSP crypto tokens, which are ERC-20 tokens at their base, and validators check it and receive their just rewards. Another way to get rewards would be to provide computing power for validators through validation nodes. 041b061a72


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