Crypto Terms:
Letter Q
What is Quasar Smart Contract (OMG Foundation)?
Meaning:
Quasar Smart Contract (OMG Foundation) -
Quasar Smart Contract – a smart contract that solves problems on layer 2 blockchains.
Let's find out Quasar Smart Contract (OMG Foundation) meaning, definition in crypto, what is Quasar Smart Contract (OMG Foundation), and all other detailed facts.
The Quasar Smart Contract (developed by OMG Network) addresses one of the most significant issues faced by layer 2 blockchain projects – the fact that moving assets from layer 2 to layer 1 takes about 14 days.
To overcome the issue of layer 2 blockchain scalability, OMG Network employs its Plasma layer 2 scaling solution. Note that they improved their Plasma solution so they could transform it into Quasar.
Besides, keep in mind that every layer 2 blockchain that incorporates fraud proofs is affected by the 'exit period challenge'. OMG Network is no different, however, their Quasar Smart Contract method allows for a 'fast exit.'
Why Are Layer-2 Solutions Important?
A few of the problems that layer 2 blockchains (such as the Ethereum blockchain) face are high transaction fees and extended waiting period. By processing transactions on a second layer, some projects hope to solve this underlying problem. Within the umbrella of layer 2 solutions, Plasma is one of five options.
Plasma contains several copies of the main chain that coexist. Thousands of transactions are handled by these subsidiary chains before they are bundled and sent back to the main chain as a single transaction. A child chain is a non-custodial, trustless chain in which users own their funds. They can go to the most recent accurate snapshots of the plasma chain to reclaim their tokens if there are any exploits or mistakes.
At a fraction of the cost of previous technologies, plasma layers offer a high throughput of over 1,000 transactions per second. A trade does not have to be made with a certain number of well-known companies or individuals because there is always an opportunity for flexibility. Plasma solutions are suitable only for transactions and swaps, so they don't support smart contracts properly. Plasma layers are used in two projects: Polygon and OMG Network.
qubit, or a quantum bit, defines what a byte does in classical computing except it operates in quantum computing. Additionally, qubits hold a superposition where they can represent 0 and 1 at the same time.<\/p>\n<p><strong>A quantum computer makes use of quantum mechanics so it could execute commands and compute problems much more efficiently<\/strong> than any other technology available.<\/p>\n<p><strong>Quantum superposition<\/strong> and <strong>quantum entanglement<\/strong> are the two <strong>main features that are utilized in quantum computing<\/strong>. The main benefit they bring is the correlation between decreased energy consumption and extremely high speed of computation.<\/p>\n<p>Moreover, quantum computing has the potential to be implemented in AI, big data analytics, and many other sectors that greatly rely on technology.<\/p>\n<p>When it comes to cryptocurrencies, <strong>quantum computing is perceived as a potential threat to the security of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-blockchain/">blockchains. Currently, efforts are being put into research whose main goal is to figure out a way to combat quantum mechanics in crypto networks by creating quantum-resistant <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptography/">cryptography.","definition":"is a type of mathematical calculation that is based on specific quantum mechanics to greatly improve the performance of computer technology.","status":"published","meta_title":"What is Quantum Computing? Definition & Meaning | Crypto Wiki","meta_description":"Quantum Computing meaning: Quantum Computing - is a type of mathematical calculation that is based on specific quantum mechanics to greatly improve the performance of computer technology.","meta_keywords":null}"
:model="{"id":901,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Smart_contract","level":"medium","author_id":1,"created_at":"2023-06-19T06:59:01.000000Z","updated_at":"2023-12-07T19:25:00.000000Z","slug":"what-is-quasar-smart-contract-omg-foundation","title":"What is Quasar Smart Contract (OMG Foundation)?","section":"Q","keyword":"Quasar Smart Contract (OMG Foundation)","content":"<p>The <strong>Quasar Smart Contract<\/strong> (developed by OMG Network) addresses one of the most significant issues faced by <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-layer-2/">layer 2<\/strong><\/a> blockchain projects – the fact that moving assets from layer 2 to layer 1 takes about 14 days.<\/p>\n<p>To overcome the issue of layer 2 blockchain scalability, OMG Network employs its Plasma <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-second-layer-solutions/">layer 2 scaling solution<\/strong><\/a>. Note that they improved their Plasma solution so they could transform it into Quasar.<\/p>\n<p>Besides, keep in mind that every layer 2 blockchain that incorporates fraud proofs is affected by the <em>'exit period challenge'<\/em>. OMG Network is <strong>no different<\/strong>, however, their Quasar Smart Contract method allows for a <em>'fast exit.'<\/em><\/p>\n<h3>Why Are Layer-2 Solutions Important?<\/h3>\n<p>A few of the problems that layer 2 blockchains (such as the <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ethereum blockchain) face are high <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-transaction-fee/">transaction fees<\/strong><\/a> and <strong>extended waiting period<\/strong>. By processing transactions on a second layer, some projects hope to solve this underlying problem. Within the umbrella of layer 2 solutions, Plasma is one of five options.<\/p>\n<p>Plasma contains several copies of the main chain that coexist. Thousands of <strong>transactions are handled by these subsidiary chains<\/strong> before they are bundled and sent back to the main chain as a single transaction. A child chain is a non-custodial, trustless chain in which <strong>users own their funds<\/strong>. They can go to the most recent accurate snapshots of the plasma chain to reclaim their tokens if there are any exploits or mistakes.<\/p>\n<p>At a fraction of the cost of previous technologies, plasma layers offer a high <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-throughput/">throughput of over 1,000 transactions per second. A <strong>trade<\/strong> does not have to be made with a certain number of well-known companies or individuals because there is always an opportunity for flexibility. Plasma solutions are suitable only for transactions and swaps, so they don't support smart contracts properly. Plasma layers are used in two projects: <strong>Polygon<\/strong> and OMG Network.<\/p>","definition":"Quasar Smart Contract \u2013 a smart contract that solves problems on layer 2 blockchains.","status":"published","meta_title":"What is Quasar Smart Contract (OMG Foundation)? Definition & Meaning | Crypto Wiki","meta_description":"Quasar Smart Contract (OMG Foundation) meaning: Quasar Smart Contract (OMG Foundation) - Quasar Smart Contract \u2013 a smart contract that solves problems on layer 2 blockchains.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
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current-chapter="Q"
current-section="what-is-quasar-smart-contract-omg-foundation">
