Congestion is a problem faced by almost every notable existing blockchain. Despite the benefits of decentralization, the more people use a blockchain, the more the network will freeze and slow down. We come to the rescue Quantstamp, a "blockchain security company backed by Y-Combinator." The group is collaborating with the open payment platform and the decentralized OmiseGo exchange to develop a "plasma" technology, with the goal of scaling the Ethereum network, according to a press release.
OmiseGo and Quantstamp: resolution of the scalability of Ethereum
At this time, the Ethereum blockchain often slows down because of all its different decentralized applications. Every dot increases the number of transactions performed on the blockchain, with more ones added to that total.
However, the network often has problems managing all transactions, as it is only a "layer 1" technology. In short words; it is too old to work as well as it is necessary. For this reason, the current Ethereum can handle only a small amount of data within each block.
Plasma tries to solve this problem by adding blockchain "above Ethereum". This "layer 2" technology would cause less data to be stored on the main blockchain. While the main chain is still used for security purposes, secondary chains would provide faster and cheaper transactions.
Quantstamp Audits OmiseGo & # 39; s "Minimum Vosible Plasma" (MVP)
OmiseGo was already working on a minimal MVP product when the team called Quantstamp to check the platform. Quantstamp aimed to assess security issues, the quality of the code and to ensure that best practices existed. However, reviewers have encountered a security problem. OmiseGo corrected it quickly, and now the two will continue to work together to develop Plasma and ensure it can be the best possible product.
CTO of Quantstamp Steven Stewart commented on the collaboration:
"Plasma offers a solution to downsize the challenges that prevent Ethereum from achieving its design goals, and we believe this will help the whole ecosystem move forward and we are proud to improve the safety of this scalability prototype."
OmiseGo intends to be "the world's largest peer-to-peer cryptocurrency exchange platform" and Plasma could help their cause. Over time, we can expect to see more of these "layer 2" solutions that try to improve all the different blockchains – the most notable of which is Bitcoin and Litecoin's Lightning Network.