Quantstamp, the first project of its kind, aimed at providing a scalable security-audit protocol that can vet smart contracts on the Ethereum platform, has surpassed its presale ICO target by $9.5 million, raising a total of $20.5 million.
According to their press release, the remaining tokens, worth $9.5 million, will be available for sale to a 40,000-strong waiting list today, Friday, November 17, starting at 2:00 PM UTC.
The team behind Quantstamp, including PhDs and experienced advisors, believes in a future where smart contracts are widely integrated into various fields. However, the current security concerns and the lack of code auditing is a major obstacle in the way of such adoption. The recent Parity wallet bug is a prime example of such a lapse, and has led to over $150 million worth of Ether becoming inaccessible.
With Quantstamp’s protocol, all Ethereum projects can be verified and audited in a cost-effective manner, by an incentivized auditing network. Given how it solves a critical problem, not only has the project found widespread community support, it was also recently accepted to the Y Combinator class of 2018.
Commenting on the development, Y Combinator Partner Aaron Harris lauded Quantstamp’s vision for smart contracts, saying:
“Quantstamp is solving a critical issue with smart contracts on the blockchain. Smart contracts are growing at an exponential rate and could become a billion-dollar market, yet are vulnerable to hacks that prevent widespread adoption. At Y Combinator, we support big world-changing ideas, and are proud to support Quantstamp”.
The project’s co-founder, Richard Ma, shared how they decided to take a unique approach for their token sale by starting a Proof-of-Caring drive, which resulted in community members going to great lengths in order to show their support (from naming their pets Quant and Stamp to creating promotional videos and carving Quantstamp pumpkins).
“We launched Proof-of-Caring to bring our token sale back to the crypto community roots. The community really understands that what we are doing is vital to the long-term success and viability of Ethereum,” said Richard Ma.
If you want to participate in the Quantstamp crowdsale, you can head over to their official website, where you will need to register and submit standard KYC information. You can also follow the project on Telegram or Twitter for more updates.