Quantstamp Investors Uncertain About QSP Token’s Validity

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Investors in Quantstamp have been questioning why the company is accepting payments in currencies other than QSP, its native token.

Quantstamp, the developer of a program designed to decentralize the auditing of EDCCs (aka smart contracts), came under fire from investors concerned about the future of QSP, the token used to pay for, receive, or improve upon verification services. Representatives of the company answered some tough questions from existing and potential investors in a June 10 Telegram thread.

Investors worry that Quantstamp’s decision to also allow users to pay for services using both Ether and US dollars is inefficient and creates instability for QSP’s value, as well as uncertainty about its purpose. Voicing his concern, Telegram user James Chun commented to Richard Ma, Quantstamp’s chief caring officer, saying:

“I think I can speak for a lot of people here that we are concerned that you guys don’t need the token to grow in value for your company [to] succeed since fiat is accepted as a payment for manual audits … the token economy seems flawed.”

Addressing the concerns of Chun and others in the thread, Ma clarified the purpose of the QSP token. He replied, “The Quantstamp whitepaper discusses how the QSP token is intended to be used to incentivize auditors/verifiers in the proposed QSP network for the purpose of performing automated audits.”

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In the same thread, Chun also clarified Quantstamp’s reasons for accepting both US dollars and Ether: “Some customers can’t buy QSP to pay us, which means that we miss out on the opportunity to be helpful and stay true to our mission of driving smart contract adoption for the ecosystem.”

Chun also reassured investors that profits from US dollars and Ether would be used to strengthen Quantstamp’s services, suggesting that doing so would also strengthen the value of QSP. He said, “Any USD or Ether proceeds that we receive instead of QSP for manual audits support our overall mission to innovate in order to secure smart contracts.”

When asked about the percentage of payments received in QSP as opposed to other types of currency, Ma simply replied, “I can’t talk about any of this stuff.”

Voicing their frustration over Quantstamp’s refusal to be forthcoming, Telegram user Gato stated:

“Communication of the percentage of audits paid in QSP or USD would clear a lot [of] things up. For instance, if more than 60% is paid in QSP there is nothing to be scared of … For now, it seems like [a] really vague story.”

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

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