A blockchain project is facing an uproar from community members who say the team has been undermining the value of the token it used to raise millions.
The controversy around Quantstamp, maker of a protocol that seeks to decentralize smart contracts auditing, reached a fever pitch late last week, with acrimony spilling into the project’s social channels. There, representatives for the San Francisco-based company, registered in Delaware, took heated questions from token buyers.
At issue is Quantstamp’s acceptance of U.S. dollars and ether, rather than its token, QSP – which it used to raise a little over $30 million in an initial coin offering (ICO) last November – as payment for smart contract audits it has performed.
In that offering, the company exceeded a targeted $11 million by $9.5 million, raising $20.5 million from an initial round. The remaining $9.5 million was sold through a public crowdsale. So far, 65 percent of those issued QSP tokens, out of a 1 billion supply, have been distributed.