A Y-Combinator-backed blockchain security company, Quantstamp, just concluded their most comprehensive audit. No less, the audit is OmiseGo’s Minimum Viable Plasma (MVP) implementation. Quantstamp aimed to evaluate the OmiseGo Plasma MVP repository for a number of reasons.
According to the company, the reasons for the evaluation include checking for code quality, security-related issues, and adherence to specification and best practices. Essentially, the design goal of the Plasma MVP implementation is to maintain main chain reorganization security. In the course of carrying out the audit, the Quantstamp auditors discovered a hidden vulnerability that has bypassed the MVP implementation.
Meet OmiseGo’s Plasma
OmiseGo is working on the creation of a decentralized exchange (DEX) and open payment platform. Furthermore, OmiseGo aims to offer merchants and enterprise businesses a secure and white label solution. As a result, Minimum Viable Plasma mirrors the implementation of the Plasma prototype. For those who may not know, Plasma is a Layer 2 Ethereum-based scaling solution. In a bid to become the world’s largest cryptocurrency exchange platform, it offers OmiseGo and the Ethereum platform enormous beneficial capabilities.
Ethereum Struggles with Scalability Challenge
In order to achieve mainstream adoption, Ethereum has to overcome its scaling problem. However, blockchain company CryptoKitties launched in December 2017, thus worsening the congestion on the Ethereum blockchain.
Indeed, if Ethereum wants to achieve mass adoption, the team must figure out how to support high volumes of transactions coming from popular Ethereum-enabled applications. Unfortunately, the Ethereum blockchain doesn’t have the capacity to process high volumes of transactions per block, while maintaining immutability and security.
Tackling Scalability within the Ethereum Blockchain
In the quest to tackle Ethereum scalability issue, Plasma launched. Although still under development, Plasma aims to scale Ethereum blockchain by reducing the amount of data that Ethereum stores on its main blockchain. Accordingly, Plasma seeks to develop a blockchain that will support Ethereum for storing data, thus enabling faster and cheaper transactions.
While this additional blockchain will be “on top of Ethereum,” it will rely on the Ethereum main chain for its security. Quantstamp CTO, Steven Stewart, says that Plasma strives to help Ethereum reach its design goal. Stewart noted that they are proud to be a part of the project that will help Ethereum overcome its scalability challenges.
Background Information: Quantstamp
Quantstamp is a smart contract security firm that is currently developing the Quatstamp protocol. The company also conducts manual audits and develops security tools. By developing openly accessible scan reports, the Quantstamp protocol focuses on enhancing smart contract security. Apart from enhancing smart contract security, Quantstamp strives to improve the reputation of projects that create smart contracts.
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