Quantstamp Completes Evaluation Of OmiseGo’s Ethereum Plasma MVP

Announcements, Blockchain, News | November 2, 2018 By:

Blockchain security firm Quantstamp has completed the audit of OmiseGo‘s Minimum Viable Plasma (MVP) implementation.

Quantstamp is a smart contract security company that is developing the Quantstamp protocol and automated security tools, and conducts manual audits. It aims to enhance smart contract security and the reputation of projects that create smart contracts by producing openly accessible scan reports.

Plasma is one of the scaling solutions of ethereum. Plasma uses child chains reporting to root chains in order to increase transaction throughput without any of the safety concerns that usually come with using smaller chains. It enables various computation-intensive applications to run on the blockchain. It will also speed up transactions enough to let decentralized apps run without worrying about backlog.

Blockchain payments platform OmiseGO’s MVP is a prototype implementation of Plasma. The prototype was designed to maintain security guarantees in the presence of main chain reorganizations. OmiseGo believes that Plasma offers potentially game-changing capabilities that will help them become “the world’s biggest peer-to-peer cryptocurrency exchange platform.”

According to Quantstamp, they evaluated OmiseGo Plasma MVP repository for security-related issues, code quality, and adherence to specification and best practices. They discovered a vulnerability that bypassed security guarantees. The OmiseGo team has reportedly fixed this vulnerability.

Quantstamp said that securing this technology offers a pathway to scalability and has game-changing implications for the future of ethereum.

“Plasma offers a solution to scaling challenges that are preventing ethereum from reaching its design goals,” said Quantstamp CTO Steven Stewart. “We believe this will help the entire ecosystem move forward and we are proud of enhancing the security of this scalability prototype.”