Wednesday January 27, 2021
Bitcoin (BTC) $30,814.00   Ether (ETH) $1,294.54
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
EXCHANGE 300+ COINS
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas.net
No Result
View All Result
Home Blockchain Technology

Quantstamp partners with OmiseGo to make Ethereum safer by securing plasma MVP

Published by CryptoNinjas.net
11/01/2018
Quantstamp partners with OmiseGo to make Ethereum safer by securing plasma MVP

Quantstamp, the blockchain security company developing protocols that enhance smart contract security recently conducted their most significant audit to date: OmiseGo’s Minimum Viable Plasma (MVP) implementation. Quantstamp’s objective was to evaluate the OmiseGo Plasma MVP repository for security-related issues, code quality, and adherence to specification and best practices.

A design goal of the Plasma MVP implementation is to maintain security guarantees in the presence of main chain reorganizations; Quantstamp (QSP) auditors discovered a vulnerability that bypassed this protection. The OmiseGo team has fixed this vulnerability.

“Plasma offers a solution to scaling challenges that are preventing Ethereum from reaching its design goals. We believe this will help the entire ecosystem move forward and we are proud of enhancing the security of this scalability prototype.”

Quantstamp CTO Steven Stewar

OmiseGO (OMG) is a company developing an open payment platform and decentralized exchange; they aim 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 being developed on the Ethereum network. With a lofty goal to become the world’s biggest peer-to-peer cryptocurrency exchange platform, Plasma offers potentially game-changing capabilities for both OmiseGo and the entire Ethereum ecosystem.

Solving the Scalability Challenge

In order for Ethereum to achieve mainstream adoption, it needs to overcome scaling challenges. In early December 2017, CryptoKitties, a single application, led to the heavy congestion of the Ethereum network. If Ethereum hopes to achieve its full potential, it needs to be capable of handling the transaction volume of multiple popular applications simultaneously.

Currently, Ethereum does not have the capacity to handle this number of transactions 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 that aims to scale Ethereum so that it can handle exponentially higher transactions rates by reducing the amount of data that’s stored directly on the main blockchain. Plasma aims 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.

9
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related Posts

Standards for Smart Contract Security Audits

Smart Contract Security Alliance announces founding council members

10/16/2019
OmiseGo Hydrogen CryptoNinjas

Hydro Labs partners with OmiseGo to scale Ethereum (ETH) payments

10/08/2019
Quantstamp bounty

Blockchain security firm Quantstamp open sources its bounty protocol

08/20/2019
Quantstamp Binance

Binance upgrades first stablecoin thanks to Quantstamp audit

07/18/2019
Quantstamp Security Network V2 upgrade features staking, enhanced transparency

Quantstamp Security Network V2 upgrade features staking, enhanced transparency

06/19/2019
OmiseGO (OMG) Network GitHub repository is now public

OmiseGo launches the second version of OMG Network

05/20/2019
Load More

Discussion about this post

Recent Updates

Crypto trading platform 2gether compensates users from July 2020 multi-million EUR hack

Australia’s national debit operator eftpos joins Hedera Governing Council

Oasis Foundation brings privacy-preserving tech to Conflux blockchain

BitPay adds the Changelly crypto exchange API to app

Ibanera to use Fireblocks for secure crypto service management

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Buy 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit

Trending Views

Crypto exchange Bitpanda opens pre-orders for Visa debit card

Moonbeam and Ocean Protocol to bring a new data economy to Polkadot

Crypto API platform Zabo now supports FTX

BetProtocol rebrands to BEPRO Network offering full blockchain gaming codebase

NEM Ventures launches 2021 NEM Ignite incubator program

  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2021 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact

© 2021 CryptoNinjas Disclosures | Privacy Policy


Go to mobile version