Last week, the Consensus 2017 conference was held in New York. As part of the event, the annual hackathon of blockchain developers called The Proof-of-Work Competition was held. The main prize – a check for $ 10 thousand went to the decentralized crypto-exchange 0x (“zero ex”).
The startup is building a protocol to be used as a standard for the decentralized exchange of ERC20 tokens in the ethereum network. ERC20 tokens are a class of tokens that adhere to a set of standards dictating their implementation in ethereum-based smart contracts. As it stands today, virtually all tokens on the ethereum network now qualify as ERC20.
The second place in the hackathon was taken by a project from Ukraine, which attracted the attention of investors and well-known representatives of the blockchain industry. One of the participants, Vadim Grusha, shared the details of the solution developed by the project.
The project of Vadim Grusha is called QuickBlocks. The solution checks the balance of the smart contract in real time, after each block. If something went wrong, then it immediately notifies all interested parties or stops part of the business logic.
In the case of The DAO, for more than six hours, no one knew that the money was stealing from the contract. QuickBlocks would respond in 15 seconds. That is, it is something like an audit of the work of smart contracts in real time.
The startup can open new markets for ICO monitoring of smart contracts in real time and significantly improve the level of cybersecurity by mitigating hacks such as DAO, and also offers a deep understanding of the processing of smart contract data.
The team includes: Vadim Grusha and Valery Kashpruk (data analysis and representation), Thomas Jay Rush, Navrup Sahdev and Liam Glennon (business part).
At the moment, the startup is looking for funding.