Quantstamp, an intelligent contract control security company with the support of Y-Combinator announced that it has completed its most significant audit to date – the audit of Minimum Plasma Vile (MVP) by OmiseGo implementation. According to a press release that was published from Quantstamp on November 1, the goal of the audit was to "Evaluate the MVP Plasma OmiseGo repository for security issues, code quality and adherence to specifications and best practices."
Plasma is a scaling solution for the Ethereum blockchain that basically uses chains of children to facilitate the registration of transactions that then report back to root chains. This design increases transaction throughput because multiple transactions can be handled simultaneously on child chains without causing a backlog.
Therefore, the implementation of the plasma will allow the Ethereum blockchain to support various computational applications that will be performed on the blockchain. According to Quantstamp, "Plasma aims to create blockchains that exist" above Ethereum "that allow faster and less expensive transactions, but that ultimately rely on the main security chain."
The MVP implementation of OmiseGo is a prototype of plasma upgrading. The main purpose behind the MVP was to test security guarantees in the presence of reorganizations of the main chain. The MVP aims to ensure that when transactions are migrated from the main chain, they still maintain the security of the main chain while increasing the blockchain throughput.
According to the press release, Quantstamp discovered a vulnerability that circumvented security guarantees. At the time the announcement was posted, the OmiseGo team would solve this vulnerability.
Commenting on the implementation of plasma on the Ethereum network, Steven Stewart, the CTO of Quantstamp It has been reported to say:
"Plasma offers a solution to downsize the challenges that prevent Ethereum from achieving its design goals." Adding to this he said: "We believe this will help the whole ecosystem to progress and we are proud to improve the safety of this prototype of scalability."