Quasar Smart Contracts And The Need For Level 2 Solutions

• Quasar is a decentralised appchain that provides interchain digital asset management (DAM) by giving developers a transparent, safe, and regulated platform to create management containers that can be used for many different purposes, or ‘vaults.’
• Quasar intends to deliver an open, safe, and controllable platform for managing digital assets by utilizing trustless consensus security, censorship resistance and publicly traceable and verifiable transactions.

DAM refers to the application of tools and infrastructure that are permissionless, transparent, and composable for asset management services made possible by blockchain technology and decentralized finance (DeFi). According to Quasar, a DAM application can enable DAM to reach its full potential in both the present and future DeFi eras.

Smart Contracts

Vaults enhance the CW-20 fungible token standard (based on ERC-20) by implementing the CW-4626 standard (based on ERC-4626). With it, vaults may support multi-party membership and governance while serving as vehicles for yield-bearing assets. 

Vaults keep track of assets that are combined from several people’s wallets in a non-custodial way for use in schemes. Like a bookkeeping system, they keep track of who is a vault member, their possessions, their awards, and their share of governance. Vaults can flexibly connect to strategies, which are independent smart contracts, to deploy assets.

The Need For A Level 2 Solution

High transaction costs and issues with scalability have plagued the Ethereum blockchain. This is because the blockchain needs to be decentralized to preserve security. Quick and effective transaction processing becomes challenging as a result. A second layer of transactions is being developed by projects like Plasma to address these problems.

Plasma contains numerous copies of the primary chain that coexist side by side. Before being bundled and sent back to the parent chain as a single transaction, these chains process thousands of transactions. A kid chain is an untrusted chain where users control their own money. If there are any errors, they can retrieve their tokens by referring to the most recent, accurate snapshots of the plasma chain.

Plasma layers offer low-cost, high-throughput transaction and swap execution. They are ideal for trades and swaps but not for smart contracts. Plasma layers are used by two projects: Polygon and OMG Network.

Conclusion

Quasar is an appchain that offers a decentralized platform for interchain digital asset management, as summarized above. Quasar intends to deliver an open, safe, and controllable platform for managing digital assets by utilizing trustless consensus security, censorship resistance, publicly traceable and verifiable transactions, permissionless access, and trustless smart contracts of decentralized blockchains. 

IBC integration makes it a globally implementable cross-chain infrastructure for a multi-chain ecosystem by allowing independent blockchains to connect. Quasar thinks that by concentrating on DAM applications, appchains can provide a greater degree of sovereignty and adaptability, maximizing the potential of DAM in both the present and future periods of DeFi.