Quantstamp and OmiseGO Partnership Seeks Ethereum Scalability
The main hurdle for blockchain mass adoption if how many users one chain can support. The Ethereum blockchain is no exception. Ethereum’s scalability is limited by its use of nodes. Each node contains the blockchain’s transaction history, user account balances, smart contracts, and storage. If the nodes grow too big, then users can be kicked off or large companies will control and maintain them.
Quantstamp is a smart contract auditing platform. In order to conduct a smart contract audit, the team will review the client’s documentation to understand the intent of the code. Then their auditors will independently check the code, share their notes, and make recommendations.
OmiseGo is a blockchain initiative that focuses on helping the unbanked get financial access.
The partnership between these two firms originated in Quantstamp’s audit of OmiseGo’s Plasma MVP – its solution to Ethereum Scalability. To accomplish this, OmiseGo uses Plasma – a Layer 2 technology. Basically, it is a blockchain that lies “on top” of the Ethereum blockchain, and because it has different consensus rules, it enables faster confirmation times and cheaper transactions. Plasma technology is promising, as it does not sacrifice security for speed or cost-efficiency.
Plasma uses smart contracts to leave cryptographic evidence on the Ethereum blockchain. If a user attempts to cheat the system, other users can submit their complaints and get refunded.
According to the Quantstamp and OmiseGo team, using Layer 2 is essential to scaling Ethereum. Blockchains are normally difficult to change at the base layer. But Layer 2 technology can make blockchains more useful without threatening the integrity of the base layer. For example, developers will not need to use a hard-fork to implement the Layer 2 changes. Because Layer 2 Technology does not touch the blockchain’s base layer, security can be maintained while transaction speed is accelerated.
It is important to note that Plasma is an experimental technology, and OmiseGo’s Plasma MVP is one of the few initiatives using it. This is the primary reason Quantstamp was brought on – to test and ensure that it was working securely and correctly. In order to improve the technology and remove security threats, Quantstamp focused on removing bugs from the platform.
It seems like only yesterday people were tepidly excited about receiving a $1,200 check from the U.S. government to lessen the hardships of stay-at-home orders and pandemic-induced loss of jobs. However, rent is due today. Grocery bills for June have yet to rack up. That $1,200, regardless of how one tried to stretch it, is…
ABOUT THE AUTHOR
ABOUT THE AUTHOR
Kelsey Ray Banerjee is a professional content writer and digital marketer specializing in blockchain, forex trading, and sustainability. When not writing, you can find her traveling, reading, or on Twitter.