A smart contract proposed by OMG Network to solve layer-2 blockchain problems.
Quasar is a smart contract that solves one of the biggest challenges faced by layer-2 blockchain projects. This challenge is the length of time it takes to move assets from layer 2 to layer 1. OMG Network uses its Plasma scaling solution to get around this issue. Quasar enhances Plasma to allow for “fast exits.” Every layer-2 blockchain that uses fraud proofs faces the “exit period challenge.” OMG Network also faces this problem, but its Quasar Smart Contract approach allows for “fast exits.”
The Ethereum blockchain has been experiencing problems with scalability and high transaction fees. This is because, in order to maintain security, the blockchain must be decentralized. This makes it difficult to process transactions quickly and efficiently. Projects like Plasma are working to create a second layer of transactions that can help alleviate these issues.
In plasma, there are multiple copies of the main chain that run alongside each other. These chains handle thousands of transactions before bundling them and sending them back to the parent chain as a single transaction. A child chain is a trustless chain in which users own their funds. They may go to the most recent accurate snapshots of the plasma chain to recover their tokens if there are any mistakes or exploits.
Plasma layers are a high-throughput, low-cost way of conducting transactions and swaps. They are not suited for smart contracts, but are perfect for transactions and swaps. Polygon and OMG Network are two projects that use plasma layers.