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The partnership between Quantstamp and OmiseGo tries to solve the problem of the scalability of Ethereum.
The main obstacle to the adoption of mass blockchain if how many users can support a chain. Ethereum's blockchain is no exception. The scalability of Ethereum is limited by the use of nodes. Each node contains the blockchain transaction history, user account balances, smart contracts, and storage space. If the nodes become too large, users can be started or large companies will control them and keep them.
Quantstamp is an intelligent contract auditing platform. In order to conduct an intelligent audit of the contract, the team will review the client's documentation to understand the intent of the code. Then their reviewers will independently check the code, share their notes and make recommendations.
Quanstamp, an intelligent contract auditor, has worked with OmiseGO to help improve its plasma MVP.
OmiseGo is a blockchain initiative that focuses on helping the unbanked to get financial access.
The partnership between these two companies has originated in the Quantstamp audit on OmiseGo's Plasma MVP, its solution to the scalability of Ethereum. To do this, OmiseGo uses Plasma – a Layer 2 technology. Fundamentally, it is a blockchain that is "at the top" of the Ethereum blockchain, and because it has different consensus rules, allows faster confirmation times and cheaper transactions. Plasma technology is promising, as it does not sacrifice security for speed or affordability.
Plasma uses smart contracts to leave cryptographic evidence on the Ethereum blockchain. If a user tries to cheat the system, other users can send their complaints and get a refund.
According to the Quantstamp and OmiseGo team, the use of Layer 2 is essential for resizing Ethereum. Blockchains are normally difficult to change in 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 Layer 2 changes. Because Layer 2 technology does not touch the base level of the blockchain, security can be maintained while the 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 that uses it. This is the main reason why Quantstamp was created – to test and make sure it worked safely and correctly. In order to improve technology and remove security threats, Quantstamp focused on removing bugs from the platform.
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