Coin Vs. Coin: QSP/LSS
Only 13 small-cap coins make up the cybersecurity sector of the cryptocurrency market. Quantstamp (QSP) #6 and Lossless (LSS) #7 have a combined market cap of just under $20 million. Over the last year, security breaches have occurred almost weekly. Projects like QSP and LSS are carving niches in the market with powerful services to bolster cybersecurity.
What is Quantstamp?
Quantstamp is a blockchain-based project that provides security auditing services for smart contracts. Its protocol uses a network of nodes to audit smart contracts for security vulnerabilities, ensuring the code is reliable and trustworthy. The network’s validators stake QSP tokens as collateral to ensure the accuracy of the audits and earn QSP as rewards for successfully verifying smart contract audits.
The QSP token has a circulating supply of around 713,801,947; the total supply is unavailable at press time. The token can be used to pay for auditing services on the Quantstamp platform or as a means of value transfer within the ecosystem.
Since its launch in July 2017, Quantstamp has continued to develop and expand its services, partnering with various companies and organizations to provide security audits for their smart contracts. The company advises governments, NGOs, and the private sector on security.
What is Lossless?
Lossless provides decentralized insurance services for digital assets, “restoring trust in web3 security,” its homepage says. The platform offers a solution to the problem of asset loss due to hacks, theft, or other malicious activity in the digital asset space. It enables users to buy insurance policies for their cryptocurrencies or NFTs. If insured assets are lost due to covered events, the policyholder can file a claim and receive compensation in LSS tokens.
The Lossless protocol uses a network of validators to process insurance claims and payouts. The validators stake LSS tokens as collateral to ensure the accuracy and fairness of the claims process. Validators earn rewards in LSS tokens for successfully processing claims. The protocol has a circulating supply of 55,572,672 LSS coins with a maximum supply of 100 million.
Since launching in 2021, LSS has garnered attention for its unique approach to providing insurance services for digital assets. The Lossless team continues to develop and expand the project with partnerships and integrations with various blockchain projects and services.
Similarities
Providing digital asset security: Quantstamp and Lossless secure digital assets at a more atomic level rather than securing an entire blockchain, a rare service in the crypto industry.
Validator networks: Validators process transactions and ensure the accuracy and security of their respective services.
Security-focused: Quantstamp aims to address vulnerabilities in smart contracts, while Lossless aims to address the risk of asset loss due to hacks.
Differences
Core services: Quantstamp examines smart contract executions to ensure accuracy, while Lossless secures individual assets in the event of a hack through insurance policies.
Token utility: QSP tokens are primarily used to pay for auditing services on the Quantstamp platform. LSS tokens buy insurance policies for digital assets on the Lossless platform.
Market positioning: Quantstamp is focused on providing a critical service for developing and deploying smart contracts, while Lossless is focused on providing traditional insurance policies to help protect digital assets.
QSP and LSS fight back
Overall, Quantstamp and Lossless are working to provide valuable services to the cryptocurrency and blockchain community. They have married the benefits of decentralized technologies with well-known, traditional products and services in the crypto market.
QSP and LSS are small-cap cryptocurrencies fighting back against big enemies in this space: hackers, thieves, and even malicious founders. By ensuring a digital asset’s value can be protected through smart contract accuracy or an insurance policy, QSP and LSS will continue meeting market demand.