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)? Definition & Meaning | Crypto Wiki","meta_description":"Quasar Smart Contract (OMG Foundation) meaning: Quasar Smart Contract (OMG Foundation) - Quasar Smart Contract – a smart contract that solves problems on layer 2 blockchains.","meta_keywords":null,"language":"en","created_at":"2022-04-11T06:36:26.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-quasar-smart-contract-omg-foundation"},"prevSection":{"id":637,"original_id":null,"author_id":43,"translator_id":null,"title":"What is Quantum Computing?","slug":"what-is-quantum-computing","section":"Q","keyword":"Quantum Computing","status":"published","definition":"is a type of mathematical calculation that is based on specific quantum mechanics to greatly improve the performance of computer technology.","content":"<p><strong>Quantum Computing</strong> refers to <strong>the research of applying quantum physics for the creation of innovative computation methods</strong>. It started in the 1980s when researchers learned that quantum algorithms are better suited for certain computing operations than the methods being used at that time.&nbsp;</p>\n<p>These are the basics that you should know about quantum computing. In classical computing, a byte is a basic unit of information that consists of binary digits from 0 to 1. On the other hand, a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-quantum-bit-qubit/">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.

","level":"easy","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,"language":"en","created_at":"2022-03-25T16:01:20.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-quantum-computing"},"currentChapter":"Q","currentSection":"what-is-quorum-governance","chapterTitle":"Q","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-quorum-governance","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
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Crypto Terms: Letter Q

What is Quorum (Governance)?

Quorum (Governance) MEANING:
Quorum (Governance) - the minimum number of members required for the proceedings of a meeting to be considered valid.
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Let's find out Quorum (Governance) meaning, definition in crypto, what is Quorum (Governance), and all other detailed facts.

A quorum is the minimum number of members in a group required to be present at a meeting for the proceedings to be considered valid. Businesses often require the quorum of shareholders to be present at a meeting to confirm binding decisions.

There is no universally accepted number or percentage of participants used to determine the quorum. The details of the minimum required number of participants may depend on the organizations. However, in many cases, it’s suggested to consider the simple majority of members in an organization as the quorum.

A frequent example is the 51% majority, 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.

The number of quorum participants must represent the members during decision-making processes. Members can sign binding contracts or vote based on the governance principles to decide on the quorum.
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