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27 Aug, 2023

Quasar Smart Contract (OMG Foundation)

The OMG Network’s smart contract addresses layer-2 blockchain challenges and offers solutions.

What Is Quasar Smart Contract?

Quasar Smart Contract addresses a significant challenge faced by layer-2 blockchain projects, which involves moving assets from layer 2 to layer 1, typically around 14 days.

OMG Network tackles this scalability issue by leveraging its Plasma layer-2 scaling solution and enhancing it to create Quasar Smart Contract.

The Need for Layer-2 Solutions

In blockchain systems, scalability, decentralization, and security often present trade-offs.

Scalability and decentralization tend to be inversely proportional while maintaining a certain level of security.

Ethereum, as a popular blockchain, faces challenges such as high transaction fees and lengthy confirmation times.

Enhancing Scalability and Trustless Transactions

To address these fundamental difficulties, some projects implement layer-2 solutions that process secondary-level transactions.

One such solution is Plasma, which operates multiple parallel chains alongside the main chain.

These subsidiary chains handle many transactions before bundling them and submitting them to the main chain as a single transaction.

Within the Plasma framework, child chains operate as non-custodial, trustless chains where users own their funds.

In case of errors or exploits, users can refer to the most recent accurate snapshots of the Plasma chain to recover their tokens.

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