Quantstamp, OmiseGo partner for a safe ethereum ecosystem

Tuesday 6 November 2018 00:45 CET | News

Quantstamp has partnered with OmiseGo to conduct their OmiseGo`s Minimum Viable Plasma (MVP) implementation.

The partnership’s objective was to evaluate the OmiseGo Plasma MVP repository for security-related issues, code quality, and adherence to specification and best practices. The Plasma MVP implementation aims to maintain security guarantees in the presence of main chain reorganisations.

OmiseGO is a company developing an open payment platform and decentralised exchange, which aims to be a secure and white label solution to merchants and enterprise businesses. Minimum Viable Plasma is a prototype implementation of Plasma, a leading Layer 2 scaling solution, which is being developed on the Ethereum network. Plasma offers potentially game-changing capabilities for both OmiseGo and the entire Ethereum ecosystem.

For the moment, Ethereum does not have the capacity to handle the transaction volume of multiple popular applications simultaneously because its blockchain, also known as Layer 1, can only process a limited amount of data per block in order to ensure that transactions are secure and immutable.

Plasma is a technology in development whose goal is to scale Ethereum so that it can handle exponentially higher transactions rates by reducing the amount of data thats stored directly on the main blockchain. Plasma wants to create blockchains that exist on top of Ethereum that enable faster and cheaper transactions but that ultimately rely on the main chain for security.

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Keywords: Quantstamp, OmiseGo, Ethereum, safety, open payment platform, decentralised exchange, blockchain
Countries: World

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