layer 2</strong></a> blockchain projects &ndash;&nbsp;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>","level":"medium","meta_title":"What is Quasar Smart Contract (OMG Foundation)? 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":925,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Quantum Bit (Qubit)?","slug":"what-is-quantum-bit-qubit","section":"Q","keyword":"Quantum Bit (Qubit)","status":"published","definition":"In quantum data, a qubit is a unit of measurement for the number of bits.","content":"<p>A quantum bit is able to exist in superposition, which indicates that it can exist in several states at once. <strong>A qubit can keep a 0, a 1, or both of them at the same time.</strong> This means that it can operate very fast and do several calculations at once.</p>\n<p>In other words, it is the two-state quantum-mechanical method.</p>\n<p>There are some distinctions between qubits and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-bit-computing/">bits. A bit is the simplest unit of information in computing. It has two possible values, which are commonly labeled as 0 and 1, which signify off and on, low and high voltage levels, and so forth.</p>\n<p>From a traditional computing perspective, a bit can only maintain in one state at a time.</p>\n<p>In <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-quantum-computing/">quantum computing</strong></strong></a>, a qubit, on the other hand, is a data unit. Qubits in a quantum computer can reside in several states at the same time (superposition). Employing superposition to describe data has significant advantages over traditional computers.</p>\n<p>Quantum gates and measurements are the two primary processes conducted on qubits. They must be used with extreme caution since <strong>even the tiniest interference might ruin the vulnerable superposition situation</strong>.&nbsp;</p>\n<p>The rotation of the electron in a qubit is up and down at the same moment. The measurement of this superposition condition returns with equal chances - either up or down. It is one of many types of quantum superposition conditions.&nbsp;</p>\n<p>With algorithm complexity, the quantity of qubits required to create a quantum computer increases sharply. As a result, some tasks may be unsolvable for conventional computers but easily addressed on a quantum computer.</p>\n<p>The qubit has been shown to be ideal for straight optical quantum computing operations. It might be used as the foundation for a range of useful quantum algorithms.</p>\n<p>As an illustration, in one ten-thousandth of a second, the qubit is able to develop a safe communication channel. It can&rsquo;t be hacked remotely by manipulating entanglement, polarization, directionality, and other physical features.</p>\n<p>It can evaluate all possible passwords at once, as well as conduct an arbitrary chain of computations that rely on both the previous and next phases in processing. 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Definition & Meaning | Crypto Wiki","meta_description":"Quantum Bit (Qubit) meaning: Quantum Bit (Qubit) - In quantum data, a qubit is a unit of measurement for the number of bits.","meta_keywords":null,"language":"en","created_at":"2022-04-11T10:41:49.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-quantum-bit-qubit"},"prevSection":{"id":638,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Quorum (Governance)?","slug":"what-is-quorum-governance","section":"Q","keyword":"Quorum (Governance)","status":"published","definition":"the minimum number of members required for the proceedings of a meeting to be considered valid.","content":"<p>A <strong>quorum</strong> is the <strong>minimum number of members in a group required to be present at a meeting</strong> for the proceedings to be considered valid. Businesses often require the quorum of shareholders to be present at a meeting to confirm binding decisions.</p>\n<p>There is <strong>no universally accepted number or percentage of participants</strong> used to determine the quorum. The details of the minimum required number of participants may depend on the organizations. However, in many cases, it&rsquo;s suggested to consider the simple majority of members in an organization as the quorum.</p>\n<p>A frequent example is the <strong>51% majority</strong>, which means that more than half the members are required for decision-making. However, each organization may follow its own guidelines and create formulas to determine the quorum.</p>\n<p>The number of quorum participants must represent the members during decision-making processes. Members can <strong>sign binding contracts</strong> or vote based on the <strong>governance principles</strong> to decide on the quorum.</p>","level":"easy","meta_title":"What is Quorum (Governance)? Definition & Meaning | Crypto Wiki","meta_description":"Quorum (Governance) meaning: Quorum (Governance) - the minimum number of members required for the proceedings of a meeting to be considered valid.","meta_keywords":null,"language":"en","created_at":"2022-03-28T05:06:30.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-quorum-governance"},"currentChapter":"Q","currentSection":"what-is-quasar-smart-contract-omg-foundation","chapterTitle":"Q","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-quasar-smart-contract-omg-foundation","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter Q

What is Quasar Smart Contract (OMG Foundation)?

Quasar Smart Contract (OMG Foundation) MEANING:
Quasar Smart Contract (OMG Foundation) - Quasar Smart Contract – a smart contract that solves problems on layer 2 blockchains.
Medium
2 minutes

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.
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