Vitalik Buterin shares new Plasma scaling solution on Ethereum, which is aiming to boost the computational power of Ethereum. It creates a layer of smart contracts that are able to interact with the main Blockchain.
12 March, AtoZForex – This past Friday, the co-founder of Ethereum, Vitalik Buterin has appeared at the Ethereum community conference EthCC in Paris. During the conference, he has presented a scaling solution for Plasma. Plasma is a system of smart contracts that looks into increasing the computational capacity of the world’s second largest Blockchain.
Vitalik Buterin Shares New Plasma Scaling Solution On Ethereum
The scaling solution has been created by Buterin and Joseph Poon, the co-founder of the Bitcoin Lightning Network. The solution is aiming to boost the computational power of Ethereum. It creates a layer of smart contracts that are able to interact with the main Blockchain.
The current iteration of the prototype obliges all users to download and validate each smart contract in the Plasma system. In his speech, Buterin has described a method to simplify this process. He has explained:
“The main benefit here is that basically the amount of data that clients need to process goes down by a lot.”
Instead of having to download the entire Plasma history, users would be able to generate “Plasma coins.” They would do so by sending a deposit to the contract. Moreover, rather than downloading and verifying everything, users instead could track the tokens within the system.
What are the benefits of new Plasma solution?
Buterin has further stated:
“Now users only have to verify the availability and correctness of the Plasma chain only at the specific index that they want to spend, or the specific index of any coins that they own and coins that they care about.”
This initiative still has to be tested. Yet, according to the co-founder of Ethereum, this simplified system could hold a number of advantages. It could protect cryptocurrency exchanges from the large hack attacks. The key vision is that exchanges could provide order book functionality and not deal with user funds. Buterin has added:
“Hopefully when the next multi-billion dollar exchange written by a totally incompetent developer gets hacked, no one will lose any money.”
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