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Ethereum Plasma

Bankex Solution

Bankex Solution

BANKEX developed Plasma protocol implementation BANKEX has released a proof-of-concept of the Plasma Protocol ETH Exchange network - a Plasma Protocol compatible private blockchain aimed to make ETH send/receive transactions cheaper and faster. No smart contracts or multisignature transactions are allowed on this private blockchain yet. Using different structures of blocks, transactions and consensus algorithm, it can reduce the cost of transactions as well as make them faster, simultaneously having a master contract on the main Ethereum network that can enforce proposed transaction rules on private network. Currently, Ethereum is able to conduct roughly 20 transactions per second. Further, with the current growth rate of Ethereum, the cost of transactions will continue to increase. BANKEX technical team developed the world first private blockchain that supports Plasma Protocol for public audit. And BANKEX immediately got feedback from the community. We are thankful for the support and review! We'll do our best to develop Plasma on Ethereum. Plasma implementations are already happening: @BankExProtocol Plasma concept is simultaneously a protocol for building blockchains that can are supervised by some upper blockchain (in our case - BANKEX Plasma PoC is supervised by the main Ethereum network) and a possible solution to scalability problem. Here at BANKEX we believe that efficiency can be improved by offloading some transactions from Ethereum blockchain to Plasma chains, especially if proper incentives are given to Plasma operators (such incentive can we even in a form of completing with other operators for obtaining end-users). Another advantage is the flexibility of Plasma chain implementation as long as it can be effectively cross-checked by contract on a parent cha Continue reading >>

Plasma In 10 Minutes Chain.cloud Company Blog Medium

Plasma In 10 Minutes Chain.cloud Company Blog Medium

Today Vitalik Buterin and Joseph Poon released a working draft of Plasma project . Let me explain how it should work. I hope it will save you a little time. There is a Lightning Network implementation (still not production ready) for Ethereum that is called Raiden . The basic idea is to switch from a model where all transactions hit the shared ledger on the blockchain (which is the bottleneck) to a model where users can privately exchange messages which sign the transfer of value. Raiden uses a network of p2p payment channels and deposits in Ethereum to preserve the guarantees expected from a blockchain system. Raiden is implemented as an extension to Ethereum. A Raiden node runs alongside an Ethereum node and communicates with other Raiden nodes to facilitate transfers and with the Ethereum blockchain to manage deposits. Even if you send millions of transactions off-chain, your gas fees are still very low, because only a small number of on-chain transactions is needed to secure the settlement (say, you send tx to the chain once in 24h). Transactional capacity is increased dramatically as channels are net-settled on the blockchain. Payments can be routed across a network of these channels. But Lightning Network approach is not limited to payments only. It can be used to scale smart contracts state changes too. So this is what Plasma is all about Welcome the new layer to the Ethereum architecture: Similar to the Lightning Network, Plasma is a series of contracts which runs on top of a root blockchain (i.e. the Mainnet Ethereum blockchain). The root network contract processes only tiny amount of commitments from child blockchains that are able to do an incredibly large amount of computations in most cases. Commitments are broadcasted periodically to the root blockchain f Continue reading >>

Plasma Can Save Ethereum From Cryptokitty Level Congestion

Plasma Can Save Ethereum From Cryptokitty Level Congestion

Plasma Can Save Ethereum From CryptoKitty Level Congestion Earlier this year, Ethereum co-founder Vitalik Buterin and Lightning co-author Joseph Poon announced Plasma, a second-layer scaling infrastructure for the Ethereum protocol. In a recent blog post, the development team behind Bankex, an Ethereum-based open-source digital asset exchange, noted that the implementation of Plasma could reduce the congestion of the Ethereum blockchain network which continues to increase the fees of Ether transactions. Currently, as the most popular and widely utilized decentralized application, CryptoKitties accounts for approximately 20 percent of the Ethereum networks daily transaction volume. An application like CryptoKitties which relies on digital asset trading and the seamless exchange of tokens can stress any public blockchain network because its operations lead to a myriad of transactions which are broadcast to the main blockchain. Recently, the Bankex development team revealed that it had tested the Plasma protocol on the Rinkeby test network, to evaluate its effect on expanding the networks bandwidth and transaction capacity. The test results demonstrated that Plasma is capable of increasing the transaction capacity of the Ethereum network by a massive margin. While the implementation of Plasma on the main Ethereum protocol could take months to years of development, Bankex researchers noted that the Plasma protocol could one day allow Ethereum to process 100,000 transactions per second. During the first test of the Plasma protocol, conducted December 14th on the Rinkeby test network, the transaction per second ratio is estimated to be around 5 thousand per second. This is 250 times faster than Ethereums current bandwidth. The working version of Plasma is expected to boost t Continue reading >>

Ethereum Will Introduce Plasma, A New Architecture To Ethereum Blockchain.

Ethereum Will Introduce Plasma, A New Architecture To Ethereum Blockchain.

in cryptocurrency 2 years ago (edited) Vitalik Buterin and Joseph Poon are going to Launched Plasma Project. There is a model called Raiden which is a lightening Network for Ethereum. The Idea behind this is to Switch from a model where all Transactions hit the shared ledgers on the Blockchain to a model where users can privately exchanges message which sign the transfer of value. Raiden is implemented as an extension to Ethereum. A Raiiden node runs alongside an Ethereum node and communicates with other Raiden nodes to facilitate transfers and with the Ethereum Blockchain to manage deposit. Raiden uses a network of p2p payment channels and deposit in Ethereum to preserve the guarantees expected from a Blockchain system. In this way you can send Million of transaction off-chain, and you need only small number of on-chain transaction to secure the settlement. So you fees are very low. Now Plasma is a series of contracts which runs on Top of a root Blockchain that is Main net Ethereum Blockchain and similar to Lightening Network, that is Blockchain under Blockchain. The root network contract process only very small amount of commitment from child Blockchain which can do a huge number of computation. The special things is that all commitment are broadcasted periodically on the root Blockchain time to time from the child. The Blockchain are hierarchically arrange in a trees. This will create a well balanced system to maximize data security and data availability and minimise cost. The mining is done only on root network and proofs flowing from the roots. Scaling is eliminated by this as everytime no need to watch the all chains, when there is a need then check the all chains and correct the system. Transactions capacity increased in huge amount with this, as channels are ne Continue reading >>

Construction Of A Plasma Chain0x1

Construction Of A Plasma Chain0x1

Plasma is a blockchain scaling solution designed by Joseph Poon and Vitalik Buterin that uses child chains reporting to root chains (i.e. Ethereum) to increase transaction throughput without any of the safety concerns that usually come with using smaller chains. The OMG (OmiseGO) decentralized exchange was designed in anticipation of Plasma. Well utilize Plasma to support a scalable, fully on-chain exchange without sacrificing security. In this piece Im going to describe how were building Plasma. Goal: To create a blockchain that doesnt rely on itself forsafety. Weve achieved this by requiring users to exit the child chain theyre using if anything goes wrong. Heres how itll work: If an invalid transaction is included in a child chain, all users must exit the child chain within 7 days. If a user cant access a child chain, but a child chain block is submitted to its parent chain, the user must regain access to the child chain and check its validity or exit within 7 days. Withdrawals (aka exits) are processed in the order of the creation of the transaction theyre referring to. Unspent transaction output (UTXO) withdrawals referencing a transaction that was included in a parent chain at a lower block height (i.e. older transactions) have priority over transactions included in a later block. This causes exits referencing recently included invalid transactions to have a lower priority than exits referencing older valid transactions. Transactions are only valid if the owners of the inputs sign confirmations verifying that their transaction has been included in the appropriate parent chain. Client Watches Ethereum and runs the child chain, detecting fraudulent behavior as soon as possible and exiting. Child chain Watches Ethereum for deposits and performs all computations rega Continue reading >>

Vitalik Reveals New Idea For Plasma Scaling On Ethereum

Vitalik Reveals New Idea For Plasma Scaling On Ethereum

Vitalik Reveals New Idea for Plasma Scaling On Ethereum Mar 9, 2018 at 21:02 UTC|UpdatedMar 10, 2018 at 12:32 UTC In a surprise appearance at the ethereum community conference EthCC in Paris on Friday, ethereum founder Vitalik Buterin presented a scaling solution for Plasma, a system of smart contracts that seeks to increase the computational potential of the world's second-largest blockchain. Created by Buterin and Bitcoin Lightning Network co-creator Joseph Poon last year, the scaling solution is one of many under development that aims to boost the capacity of ethereum, specifically working by creating a layer of smart contracts that can interact with the main blockchain. But while the current iteration of the prototype requires all users to download and validate each smart contract in the Plasma system, in his new talk, Buterin described a way to limit this to a handful of data points. "The main benefit here is that basically the amount of data that clients need to process goes down by a lot," Buterin explained. Rather than having to download the entire Plasma history, users would be able to instead generate "Plasma coins" by sending a deposit to the contract. As such, instead of downloading and verifying everything, users could simply track the tokens they have created within that system. "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," Buterin said. Created by Buterin and developers Dan Robinson and Karl Floersch, the idea has yet to undergo testing. However, according to Buterin, this minimized system could have a number of important use cases, such as protecting cryptocurrency exchanges from larg Continue reading >>

Ethereum Co-founder Vitalik Buterin Upgrades Plasma Proposal With Plasma Cash

Ethereum Co-founder Vitalik Buterin Upgrades Plasma Proposal With Plasma Cash

Ethereum co-founder Vitalik Buterin is constantly innovating his blockchain and smart contract technologies. At the Ethereum Community Conference in Paris on Friday, March 9th, 2018, he introduced Plasma Cash to bring more scalability to the Ethereum blockchain. Plasma was originally proposed in August 2017 by Buterin and the co-creator of Bitcoins Lightning Network , Joseph Poon, as a scaling solution for Ethereum. The technology would enable the Ethereum blockchain to represent a significant amount of decentralized financial applications via incentivized and enforced smart contracts. Further, it introduces proof-of-stake to Ethereum, and has the possibility of creating a decentralized alternative for centralized data farms. Plasma Cash serves as an upgrade to Plasma that aims to further solve problems of scalability and security, improving on the existing Plasma proposal. A blockchain scaling solution offering more security Plasma is a scaling infrastructure designed to allow the Ethereum blockchain to manage larger data sets. Currently, scaling is a massive problem for digital currencies that rely on entire blockchains to process transactions. The problem arises from the process of mining or verifying transactions on a blockchain network, which is both time and energy consuming. While the Ethereum blockchain is already faster than the Bitcoin blockchain, it still cannot compare with the likes of Visa, for instance, for transaction processing speed. Like Ethereum, Plasma will handle smart contracts. The change is that Plasma will only transmit completed transactions on the public Ethereum blockchain, as opposed to the existing Ethereum blockchain where every transaction is processed. Plasma optimizes the data transferred, which reduces the amount of time and CPU powe Continue reading >>

Ethereum Scaling Solution, Plasma, Could Facilitate Billions Of Transactions Per Second

Ethereum Scaling Solution, Plasma, Could Facilitate Billions Of Transactions Per Second

Ethereum scaling solution, Plasma, could facilitate billions of transactions per second Christine Chiang , 18 Aug 2017 - Development , Ethereum , Plasma The architect known for conceptualizing the Lightning Network, an off-chain scaling solution for Bitcoin, has done it again. On August 8, Joseph Poon, and Ethereums Vitalik Buterin, published a white paper titled Plasma: Scalable Autonomous Smart Contracts . Poon first conceived the high-level construction for Plasma in mid-2014, before the Lightning Network paper was published, before Frontier was released on Ethereum, and when scaling on Bitcoin Talk was just a theoretical slow moving disaster. However, since the Initial Coin Offering phenomenon culminated into a mad dash for cheap funding, which then proceeded to clog the Ethereum network, it became apparent that this Turing complete virtual machine is massively unscalable . In its current form, every single smart contract and transaction executed on the network must be processed globally. This Turing complete design makes syncing the Ethereum blockchain crushingly slow. The issue of scaling has since been prioritized at the Ethereum Foundation. The Plasma paper details a framework that tackles the problem of throughput. Plasma is structured in a way that allows the technology to perform potentially billions of computations per second. Instead of a decentralized application, or dApp, running as a smart contract on the consensus layer itself, the Plasma design reimagines dApps running as their own blockchains. These smart contracts are incentivized to continue operation autonomously via network transaction fees, explains the paper, Which is ultimately reliant upon the underlying blockchain (e.g. Ethereum). The design results in decentralized application blockchains ( Continue reading >>

Why Plasma Is Relevant For Ethereum

Why Plasma Is Relevant For Ethereum

Ethereum has some serious scaling issues. Since its launch in mid-2015, the blockchain 2.0-darling has struggled to chug along; gasping for transaction breathing room with every successful initial coin offering. Lets do some quick math by comparing Ethereums current capabilities to a flagship social utility app such as Facebook. Currently, the Ethereum network currently caps out at around 13 transactions per second; ETH-based tokens such as OMG, Golem, & Civic cap out at around half of that, 7 transactions per second. An app of Facebooks size makes around ~200K API requests per second. In Ethereum world, instead of API requests, users pay ether gas to run smart contracts. This means Ethereum transaction capability needs to grow by an astounding multiple of x25,000 to handle the network traffic of a decentralized app comparable to Facebook. Running these smart contracts counts as a transaction. This gas has a maximum limit set per block in the Ethereum protocol. Simply increasing the block size to allow for a higher amount of gas wont work because it sacrifices decentralization only industry-size miners could afford to participate. In addition, whatever scaling solution we introduce must also not sacrifice a reasonable amount of security. The challenge is what Vitalik calls the scalability trilemma: building a system that fulfills decentralization, scalability, and security. Enter Plasma, Vitaliks & the Lightning Networks Justin Poons scaling solution for Ethereum. Quietly released mid-August, the Plasma whitepaper ( ) details a collection of standard smart contracts used to create a tree of side-chains aptly called Plasma chains. These Plasma blockchain trees allow for off-chain transactions; transactions that only periodically commit hashed updated balances to its adu Continue reading >>

Scalability - Difference Between Sharding And Plasma - Ethereum Stack Exchange

Scalability - Difference Between Sharding And Plasma - Ethereum Stack Exchange

What are the differences between Ethereum Sharding Proposal and Plasma? I know plasma can run on top of sharding, but what are the differences innterms of paradigm and technology? The first phase implementation of sharding and Plasma are both essentially sidechains that tie into the main chain via smart contracts. However, the responsibilities of these smart contracts and properties of the sidechains is different for each project. Plasma sidechains are somewhat similar to state channels (e.g. Lightening and Raiden) in that they use the main chain primarily to adjudicate fraud on the sidechain. Anyone can create a Plasma sidechain, which itself may consist of subchains, so any number can be created. In contrast, shard sidechains act more like extensions to the main chain by periodically commiting a state root hash of transactions from their shard. There are no deposits to bond the sidechain transactions. Instead a proof of stake process on the main chain assigns validators from a pool to validate blocks (called collations) on a fixed (SHARD_COUNT) number of shards. Continue reading >>

Ethereum Founder Says Plasma Cash Will Prevent Crypto Exchanges From Getting Hacked

Ethereum Founder Says Plasma Cash Will Prevent Crypto Exchanges From Getting Hacked

Ethereum Founder says Plasma Cash will Prevent Crypto Exchanges From Getting Hacked Vitalik Buterin , the co-founder of Ethereum , recently proposed a new scaling solution called Plasma Cash. He made a rare appearance to speak at the Ethereum Community Conference in Paris, held on March 9, 2018. Plasma Cash is an extension of the Plasma scaling model and is being jointly developed by Vitalik Buterin, Dan Robinson, and Karl Floersch. Plasma was created as an on-chain blockchain scaling solution by Buterin and Lightning Network developer, Joseph Poon, in August 2017. The idea behind plasma was that to have a primary chain and on it, a plasma contract. In this plasma contract, the operator publishes a Merkle root, which is a tree of transactions. Several of these structures together make up a single plasma block. An individual user of any particular plasma system will need to first download and authenticate every plasma block, along with all of the data that exists within that plasma system. Plasma is considered to be only a marginal scalability improvement, even though users will just need to download plasma chains that they care about. Giving the example of a cryptocurrency exchange that could theoretically process 500,000 transactions a second, Buterin said that due to so many transactions, the Merkle tree would have more branches than usual. Every user will have to download more data now to keep a record of the entire Merkle tree. Such a process would be long and very slow. This is where Plasma cash helps as an even better scaling solution. In the Plasma cash scaling model , each cash deposit has a unique ID associated with the cryptocurrency. Coins cannot be merged or split. It is similar to having coins of different denominations. A transaction spending a coin needs Continue reading >>

What Is Plasma And How Will It Strengthen The Ethereum Blockchain?

What Is Plasma And How Will It Strengthen The Ethereum Blockchain?

What is Plasma and How Will It Strengthen the Ethereum Blockchain? By Joe Liebkind | August 16, 2017 10:22 AM EDT Hydropower: The Key to Bitcoin Mining in the Future? Ethereum co-founder VitalikButerin recently announced Plasma , a scaling infrastructure that will help the Ethereumblockchain handle much larger data sets than is currently possible. For this and other reasons, future cryptocurrency historians will reflect on the second half of 2017 and understand how important this period was for pushing the technology forward. So what problems does Plasma address? Cryptocurrencys future real-world application and feasibility rely on the technologys scalability. While anyone can connect with Bitcoin and begin a transaction, it may take up to several hours for the network to verify and send the coin. This is not a problem with the current uses cryptocurrencies have, but competing with major payment processors is still impractical. Major competitor VISAs credit card processing network can handle 2,000 transactions per second. This delayed transaction time became a sticking point earlier in 2017. Several influential miners and coin-holders gathered to debate a blockchain edit called SEGWIT short for Segregated Witness. The group successfully voted to alter the blockchain with no major chaos or third-party manipulation. The result is a faster Bitcoin, although it still lags compared to other transaction solutions without a clear fix in sight. As a result, other solutions are widening the gap between themselves and the major cryptocurrency, much like Ethereum did with its most recent announcement. Ethereum is an entirely different creature than Bitcoin. It uses similar technology but the coins real value is not its currency strength, but its status as an application platform. Continue reading >>

Plasma Guide: Scalable Autonomous Smart Contracts For Ethereum?

Plasma Guide: Scalable Autonomous Smart Contracts For Ethereum?

The blockchain community is currently discussing different strategies on how to achieve scalability on the blockchain. Plasma is a framework for incentivized and enforced the execution of smart contracts on Ethereum . Plasma, at this point is a proposed framework by Joseph Poon and Vitalik Buterin and was published as a paper in September 2017. At the current moment, the team is about to start development. Plasma is a way to achieve scalable computation on the blockchain autonomously. It makes it possible for the contract creator to persistently use the blockchain without active state transition management. Furthermore, the scalability will also be achieved by decreasing funds that are represented in the spend on a contract to one bit in a bitmap. This will be combined with a MapReduce framework (a model for processing and generating big data sets with a parallel, distributed algorithm on a cluster). Plasma runs on top of an existing blockchain so that no one needs to create transactions on the underlying chain for every state update. The system is constructed to be blockchains on the blockchain. So the state of the child blockchains is committed to the root chain, for example, Ethereum. With Plasma you will set your own rules and set of consensus for your blocks, it doesnt require consensus changes to Ethereum, only rules on how to agree on the current state with the existing pool funds and contract rules. Plasma doesnt require Proof-of-Stake but Proof-of-Ffraud. So if any of your chains is submitted, anyone can see and can be able to disagree if there is an invalid block. Using a nested tree of blockchains that can to the computation. The result that Plasma wants to achieve is that one blockchain can encompass all worldwide computation and reframe them into a set of Continue reading >>

Why Ethereum Needs To Use Another Token To Implement Plasma. : Omise_go

Why Ethereum Needs To Use Another Token To Implement Plasma. : Omise_go

So why do you need a separate token like OMG, why cant you use ETH? Pretty much it all boils down to the economic incentive and does ETH have enough economic incentive to continuously run a plasma chain and the answer is no. If you are only looking to keep the integrity of the chain and the consensus mechanism then ETH works but the issues arise with the incentive to keep the chain running and also have it running fast (1 million + transaction per second). Since the value of ETH is not tied directly to the Plasma chain you cant guarantee that the economic incentive to stake to generate fees is there and then you end up getting chain halts, you would have to be sure that staking on the plasma chain always had enough incentive from fees to be appealing to stake with or you wont have validators. Then if there is enough economic incentive to make people stake on the Plasma chain with ETH you get the issues with ETH and liquidity, assuming the incentive to stake is there people would not use ETH for smart contracts and dapps rather to stake and then you get issues with the root chain. No matter how you look at it, it just is not possible to ensure the success of the network only using ETH. With the way Plasma is designed you need to have a token (e.g OMG) that has its value tied directly to the plasma chain, this way the economic incentive is there not only to act in the networks best interest but also ensure that the Plasma chain is continuously running and also running at a fast speed. How do you think they claim theatrically Plasma can process 1 million + transactions per second? It all has to do with the economic incentive, if the network got to a point it needed to process 1 million transactions or more per second then the value of the token must have enough economic i Continue reading >>

The State Of Ethereum Scaling, March2018

The State Of Ethereum Scaling, March2018

The State of Ethereum Scaling, March2018 Highlights from EthCC on Plasma Cash, Minimum Viable Plasma, andMore From the 8th to the 10th of March 2018, Paris got flooded with Ethereum professionals, researchers, investors and enthusiasts from all over the world for the Ethereum Community Conference ( EthCC ). EthCC is organized by Asseth which is a French non-profit organization that has been promoting and sharing knowledge on Ethereum and its ecosystem since early 2016. In total, more than 800 people attended (hint: metoo!). The metrics during the final talk on ScalingEthCC Over 100 talks were given over the 3 days of the conference, on topics ranging from Governance, Security and Privacy to DApp development, Gaming and Decentralized Exchanges. You can find most of the talks in the following spreadsheet. Describing each talk is out of scope of this article. So since our focus at Loom Network is on scalability , in this article well focus on covering the scalability talks of EthCC. On Day 2, Karl Floersch presented the latest progress on Plasma & Sharding. The talk is a slightly more detailed version of the Plasma explanatory video he uploaded last week . This was probably my favorite talk, primarily due to Karls energy and enthusiasm about the concepts he described. At the moment, Plasma is designed for simple token transfers (ERC20/Ether), but it is extensible for more complex tokens such as ERC721 or even more general state transitions. It should be understood that Plasma is not a protocol, it is a design pattern, a technique. The main requirement is that a Plasma Chain must be as secure as the rootchain. The main security mechanism behind the Plasma technique is Plasma exits, which is the process that allows a user who participates in a Plasma Chain to stop participa Continue reading >>

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