Quantstamp, OmiseGo to Conduct the Minimum Viable Plasma (MVP) to Make Ethereum Safe and Secure
Quantstamp, OmiseGo Come Together To Conduct The Minimum Viable Plasma (MVP) Implementation, Making Ethereum Ecosystem Safer
Quantstamp, a blockchain-based security firm, has partnered with OmiseGo to implement the OmiseGo’s Minimum Viable Plasma (MVP) implementation in a bid to make the Ethereum ecosystem safer.
Speaking about the MVP, the CTO of Quantstamp Steven Stewart said that:
“Plasma offers a solution to scaling challenges that are preventing Ethereum from reaching its design goals….We believe this will help the entire ecosystem move forward and we are proud of enhancing the security of this scalability prototype.”
According to an announcement made by Quantstamp, the company’s goal was to examine the MVP repository when it comes to code quality, security-related issues, and compliance to best practices and specifications. Following a successful evaluation, Quantstamp auditors found vulnerability, but the team has worked on a fix to it.
Minimum Viable Plasma in a Nutshell
Designed by OmiseGo, the MVP is basically a prototype implementation of Plasma, which is a 2-layer scaling solution being developed on the Ethereum blockchain. It promises game-changing capabilities not only for OmiseGo, but the entire Ethereum ecosystem.
In its current design, Ethereum is unable to handle a huge number of transactions. It tried once in December 2017 when Cryptokitties dApp was launched on its network, but it failed following heavy congestion. Ethereum’s blockchain, which is known as Layer 1, is only limited to a certain number of transactions per block to guarantee immutability and security. This way, Ethereum is unable to handle transactions emanating from multiple heavy applications simultaneously.
Enter Plasma technology, and this all changes! Although the tech is currently in development, it aims to scale Ethereum’s network, allowing it to handle a high number of transactions. It hopes to achieve this by reducing the amount of data stored on the blockchain, and instead create blocks that exist on top of Ethereum.