Quantstamp to Audit EOS Project — Insights Network – quantstamp –
Quantstamp’s mission to secure the global blockchain expands with the first planned audit of an EOS project. Quantstamp Inc. will audit Insights Network’s crowdsale smart contract and also plans to audit Insights Network’s blockchain data exchange smart contract in the near future, which will be released on EOS. Insights Network is also airdropping 1.5% of all INSTAR tokens to QSP token holders. The founders of Insights Network are also Y Combinator alumni.
Currently, the data broker industry collects data on people from various sources and uses this information to generate reports that predict consumer behavior. Data brokers profit by selling these reports to other industries. Even though data brokers sell consumer information, consumers do not share any of the profit. Since data brokers store large amounts of personal information, they are also targets for hackers who use this information to commit fraudulent activity.
The Insights Network is developing a protocol that combines the EOS blockchain with proprietary secure multi party computation software that functions as an operating system for privacy-preserving data exchange between consumers and organizations. This would allow for proof-of-consent to be established on the blockchain when an exchange is made, while the contents of the data exchanged between requester and provider remain private.
Upcoming European Union regulations starting May 25 require proof-of-consent from a user in each instance their data is processed. This will force large companies to directly connect with consumers to purchase their data — resulting in the transfer of wealth from corporate data brokers to consumers. To facilitate this future model of data brokerage, Insights is building the INSTAR Wallet on top of their protocol for users to securely own, manage, and monetize their data in a real time data marketplace.
For more information about the INSTAR airdrops to QSP token holders, please see this blog post by the Insights Network. Insights Network is committed to compliance; therefore, Quantstamp community members from the US, Canada and China are ineligible for these airdrops .
“Quantstamp is helping to lead the way in creating the conditions necessary for the mainstream adoption of cryptocurrencies and the use of smart contracts,” says Insights Network CEO, Brian Gallagher. “Securing blockchain networks to ensure scalability is at the top of the list of important work being conducted on blockchain technology — which is why the Insights Network is thrilled to be working with Quantstamp to improve the integrity of our own work and provide a sense of security for our users.”
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