Currently, the development of smart contracts is left solely in the hands of those who create a blockchain project. Although such contract creators are often highly skilled in their field, the potential for oversight of vulnerabilities in their code is highly possible as a result of a single point of failure, with only a few individuals ensuring optimal smart contract security.

The importance of auditing smart contracts efficiently cannot be understated. Without such a mechanism, projects that are backed by huge sums of investors money could be vulnerable to attack once deployed on the Ethereum network. For instance, Quantstamps whitepaper presents two notable hacks where $30 million and $55 million were respectively stolen, as a result of flaws in smart contract code. This is the exact scenario Quantstamp seeks to prevent. With the creation of new ERC-20 tokens being a continual process, and only set to increase in volume in the future, Quantstamp’s services are likely to be in high demand.