SAN FRANCISCO, 1 November 2018 / PRNewswire / – Quantstamp, a blockchain security company backed by Y-Combinator, recently conducted its most significant audit to date: OmiseGo's MVP (Minimum Viable Plasma) implementation.
The goal of Quantstamp was to evaluate the MVP Plasma OmiseGo repository for security issues, code quality and adherence to specifications and best practices. One of the design objectives of the implementation of Plasma MVP is the maintenance of security guarantees in the presence of reorganisations of the main chain; Quantstamp auditors have discovered a vulnerability that has bypassed this protection. The OmiseGo team solved this vulnerability.
"Plasma offers a solution to downsize the challenges that prevent Ethereum from achieving its design goals," says Quantstamp CTO Steven Stewart. "We believe this will help the whole ecosystem to progress and we are proud to improve the safety of this prototype of scalability."
OmiseGO is a company that develops an open payment platform and a decentralized exchange; they aim to be a safe and white label solution for traders and businesses. Minima Plasma Vitale is a prototype implementation of Plasma, a leading Layer 2 scaling solution in development on the Ethereum network. With a major goal of becoming the world's largest peer-to-peer cryptocurrency exchange platform, Plasma offers potentially revolutionary capabilities for both OmiseGo and the entire Ethereum ecosystem.
Solve the challenge of scalability
In order for Ethereum to achieve mainstream adoption, it must overcome the challenges of downsizing. Soon December 2017, CryptoKitties, a single application, led to the strong congestion of the Ethereum network. If Ethereum hopes to reach its full potential, it must be able to simultaneously manage the transaction volume of multiple popular applications.
Currently, Ethereum does not have the capacity to handle this number of transactions because its blockchain, also known as Level 1, can process only a limited amount of data per block to ensure that transactions are secure and immutable.
Plasma is a technology under development that aims to scale up Ethereum so that it can handle exponentially higher transaction speeds by reducing the amount of data stored directly on the main blockchain. Plasma aims to create blockchains that exist "above Ethereum" that allow faster and less expensive transactions but ultimately rely on the main security chain.
Quantstamp is an intelligent contract security company that is developing the Quantstamp protocol and automated security tools and performs manual audits. The Quantstamp protocol aims to improve the security of smart contracts and the reputation of projects that create smart contracts by producing accessible scan reports.
Information on OmiseGo
OmiseGO is developing an open payment platform and a decentralized exchange on the Ethereum network in order to facilitate self-sufficient financial services across geographical areas, asset classes and applications. In support of their goal to decentralize finance, OmiseGO is heavily involved in research and in the implementation of plasma. OmiseGO is also a subsidiary of Omiše, a leading provider of online payment gateway services that operates in Southeast Asia.