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Ethereum Plasma Release

Vitalik Buterin: Sharding And Plasma Could Scale Ethereum By 10,000x

Vitalik Buterin: Sharding And Plasma Could Scale Ethereum By 10,000x

Vitalik Buterin: Sharding and Plasma Could Scale Ethereum by 10,000x Vitalik Buterin has shed some light on the subjects of Sharding and Plasma while essentially suggesting that Ethereums network will ultimately be capable of supporting tens of thousands of transactions per second. OmiseGO (OMG) held a holiday special AMA on May 30, which featured Ethereums founder Vitalik Buterin. While the entire session was filled with interesting insight, what definitely caught the attention of most viewers were Buterins thoughts on Sharding and Plasma two major improvements to the Ethereum blockchain which are currently under development. As it stands currently, Ethereums blockchain can according to Buterin support up to 15 transactions per second (TPS). Recognizing that this has become widely inefficient and, for what its worth, insufficient, Buterin explained that the teams concentrated efforts have been to handle what could be a major roadblock for Ethereums further development. Vitalik explained that Sharding is a layer one scalability solution, which is designed to directly improve the existing blockchain essentially making it work a lot better. Currently, every node running on the Ethereum network needs to process every transaction going through it. While this validation provides for a high amount of security, it also suggests that the blockchain itself can be only as fast as its individual nodes disregarding the sum of their parts. Sharding, on the other hand, describes a condition of the blockchain where the network is split into smaller partitions called shards, which contain independent transaction history. In this scenario, individual nodes would only have to process transactions for certain shards, hence allowing the overall transactional throughput in total to be grea Continue reading >>

Can Casper, Plasma And Sharding Elevate Ethereum To New Heights?

Can Casper, Plasma And Sharding Elevate Ethereum To New Heights?

Can Casper, Plasma and Sharding Elevate Ethereum to New Heights? Can Casper, Plasma and Sharding Elevate Ethereum to New Heights? New solutions are currently in development to solve some of Ethereums most pressing issues. Casper, plasma and sharding are all about improving the network and its performance. Ethereum has serious scaling issues at the moment, evidence of which was highlighted when the network almost ground to a halt under a pile of digital kitties in December last year. A couple of days ago co-founder Vitalik Buterin posted a breakdown of the sharding technology that could rescue Ethereums blockchain from its current woes. Sharding is coming. pic.twitter.com/FXEQeiKGDr Vitalik "Not giving away ETH" Buterin (@VitalikButerin) April 30, 2018 Without getting bogged down in the technicalities of it all, sharding will basically divide data across multiple servers instead of just the one. Essentially the ledger will be fragmented in this scaling out process, Buterin elaborated on Reddit; This is a proof of concept of (part of) a fork choice rule-based mechanism for how sharding can be bolted on top of the current ethereum main chain, with a specialized random beacon and shard block times of <10 seconds. Transaction times will be reduced as they will not have to be broadcast across the entire network, only the relevant shard handling the data for that specific part of the ledger. Plasma is another Ethereum scaling solution which involves a second layer of smart contracts over the main blockchain. Similar to sharding this method will mean that the entire network does not have to validate and broadcast every contract transaction. In theory Plasma would replace server farms with a peer-to-peer network upon which users collectively run dApps in a scalable and decentra 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 >>

Vitalik Buterin, The Founder Of Ethereum, Uncovers New Idea For Plasma Scaling On The Ethereum Blockchain Tue Jul 17

Vitalik Buterin, The Founder Of Ethereum, Uncovers New Idea For Plasma Scaling On The Ethereum Blockchain Tue Jul 17

During an Ethereum conference in Paris, Vitalik Buterin, the founder of Ethereum, made a presentation about a scaling solution for Ethereum. According to him, the new system of smart contracts will increase computational potential of the Ethereum Blockchain. >>>Make Money by Helping Others over the Phone Co-creator of Bitcoin Lighting Network, Joseph Poon, and Buterin, created the scaling solution as one of the new developments that aim to increase Ethereums capacity. The idea is to develop a layer of Ethereum smart contracts that efficiently interact with the main blockchain. The shortcoming of the prototype is that users will need to validate each contract in the system after download manually. However, Buterin said that they had found a possible solution for the problem. The main advantage of this new development is that the amount of data to be downloaded will be reduced significantly. Users will not need to download the whole plasma history but would only be required to generate some plasma coins. This will be done by making deposits to the contract. All that will be left for users to do is track the tokens created in that system. SEE ALSO: Ethereum price predictions: ETH price is rising and can gain further upside momentum - Ethereum News Today - Tue Jul 17 They will be able to verify the accuracy of the plasma chain at the particular index they intend to spend. The new idea to improve the plasma scaling system was developed by Karl Floersch, Dan Robinson, and Vitalik Buterin himself. However, it has not been tested yet. Buterin is optimistic that this new system will increase the potential of the blockchain a great deal. For starters, it can be used to protect exchanges from hacks on a larger scale. It will also help increase the scaling efforts of the blockchai Continue reading >>

Omisego, Cosmos & Ethereum: Hard Spoon & Plasma To Be Released In 2018

Omisego, Cosmos & Ethereum: Hard Spoon & Plasma To Be Released In 2018

OmiseGo, Cosmos & Ethereum: Hard Spoon & Plasma to be released in 2018 OmiseGo and Cosmos announced a few days ago that they will perform a hard spoon based on a hard fork. From the investors point of view, the hard spoon differs from a hard fork in that token holders receive two free tokens. For the crypto currency OmiseGo, as well as for Ethereum, however, there is much more behind the spoon. The development of the plasma scaling solution has progressed so far that this step became necessary. But first things first. According to Cosmos Jae Kwon, investors in Ethereum and OmiseGo (OMG) can be twofold pleased : OMG and Cosmos have decided to start forking spooninghard. Thats right, you get a token, you get a token, everybody gets two tokens! Without going into the technical details, the process can be explained as follows: The hard spoon takes the balances of two given tokens in the existing block chains and duplicates these two account balances to a new block chain. Here is a detailed explanation of hard spoon. In the case of OmiseGo, the OMG token balances are duplicated to the Tendermint blockchain. The Cosmos network will spoon Ethereum by duplicating the account balances of Ethereum owners to the new blockchain. Thus, Ethereum owners will also benefit from the Hard Spoon. Introducing the blog post on medium Vitalik Buterin describes the process of hard spoon, in a few words, as follows: A hard spoon is a meta-protocol on top of a blockchain creating a token that inherits the blockchains underlying tokens balances. The idea of a soft spoon would be to create two competing *branches of a protocol* within *the same blockchain. The hard spoon is necessary because the development of the Ethereum scaling solution Plasma, which is supposed to process millions of transact Continue reading >>

Explained: Ethereum Plasma Argon Group Medium

Explained: Ethereum Plasma Argon Group Medium

On August 10th 2017, Vitalik Buterin and Joseph Poon released an initial draft of the Plasma project . As an implementation of the Ethereum scaling solution nears, we want to take a closer look at what Plasma actually is. Note: As Plasma has some similarities to the Bitcoin Lightning Network, we recommend reading this article first to better understand the fundamental concepts. Cryptocurrencys future real-world application and feasibility rely on the technologys scalability. Unfortunately, in its current state, the two major blockchains, Bitcoin and Ethereum, are still fairly limited in the amount of transactions that can be processed in a given time. This results in cases where a single application can bring the network to its knees . A common example how these scalability issues are limiting blockchains competitiveness with centralized systems is the comparison with VISA. While the popular credit card provider is handling up to 2000 transactions per second, Ethereum is currently capped to roughly 15 transactions per second. Ethereum Plasma introduced a novel scaling solution that could enable Ethereum to reach many more transactions per second than currently possible. Like payment channels in the Bitcoin Lightning Network , Plasma is a technique for conducting off-chain transactions while relying on the underlying Ethereum blockchain to ground its security. Thus, Plasma can be categorized to the increasing group of off-chain technologies which also includes state channels and Truebit . While solving different problems, they all take operations away from the Ethereum main chain and are performing them off chain instead. Still, these techniques sufficiently guarantee a certain level of security and finality. But Plasma takes this idea even further by allowing for the c Continue reading >>

Casper Is Pretty Close, Sharding Number One Priority Says Vitalik Buterin

Casper Is Pretty Close, Sharding Number One Priority Says Vitalik Buterin

Casper is Pretty Close, Sharding Number One Priority Says Vitalik Buterin The simple implementation of Casper Proof of Stake (PoS) which is currently on testnet by two ethereum clients is pretty close, but not extremely close, Vitalik Buterin, ethereums inventor, said at a presentation in Singapore. There are now two implementations, one in Python and one in Harmonys Java. Basically things are going very well, he said, and we expect in the next couple of months more Harmony nodes to show up. Hopefully at some point soon, Go Geth and Parity will also implement Casper, he added. There is still some work left to do. We want to make some small changes, he said, and we are working with academic researchers on formal verification, he added. Theyve suggested some small changes too. The above does look like a lot, but it sound like they are at the final stage. This might therefore go in with Metropolis Constantinople perhaps by summer. Yet he doesnt mention specifics, such as how much you can stake, what would be the reward for Proof of Work miners, for stakers moving on instead to Plasma. Youre probably generally familiar with Plasma by now. Its a second layer that sort of bundles transactions or computations then settles on-chain. Plasma is happening, he said, without elaborating further on any time estimates. So moving on to sharding after a Plasma overview. Were not saying there is one scaling solution to rule them all, he said in the context of sharding. We say theres great ideas here, theres great ideas there, lets implement them all at the same time. The difference between sharding and Plasma is that if a block in plasma is invalid, there is an exit mechanism where everyone gets back their money, but the blockchain moves on. In sharding, it is tightly-coupled. So if a b Continue reading >>

Casper, Plasma And Sharding: A Light On Ethereum's Scaling Spectrum

Casper, Plasma And Sharding: A Light On Ethereum's Scaling Spectrum

Casper, plasma and sharding: A light on Ethereum's scaling spectrum Andrew Gillick , 03 May 2018 - Asic , Ether , Ethereum Several solutions are being worked on to scale out the Ethereum blockchain: sharding, Plasma and the Casper protocol being the most prominent. Hard forks and ASIC chips are also looming threats to the network's current Ethash mining protocol. So what does all this mean, in English please? Ethereum creator Vitalik Buterin recently teased a proof of concept scalability solution on Twitter: sharding the blockchains ledger into smaller blocks that are spread across the networks nodes. Sharding the network has been talked about for a while as a way to scale out the blockchain and was suggested in the Plasma whitepaper authored by Buterin and Joseph Poon, co-creator of the Lightning Network, back in August last year. Plasma is a separate scaling solution also being worked - that is a framework for smart contracts on which Dapps can run on their own blockchains instead running on the public (consensus) chain, analogous to Bitcoins Lightning. Ethereum has been trying to make the conversion from a proof-of-work (PoW) consensus to a proof-of-stake (PoS) consensus with the Casper protocol, which is a hybrid PoW/PoS. As far back as 2015 , developers tried to incentivize miners to switch to PoS by ramping up the difficulty rate to mine through PoW, which lead to far higher costs for miners and negated their rewards. Casper is in the second stage of testing and in the meantime Buterin is focused on sharding to introduce quadratic scaling . Buterin said : The primary goal is massive scalability improvement. Each one of the shards (12 in that simulation, likely 100 live) will have as high capacity (and likely more) than the current existing Ethereum chain. "The li 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 >>

Plasma: Scalable Autonomous Smart Contracts

Plasma: Scalable Autonomous Smart Contracts

Plasma: Scalable Autonomous Smart Contracts Abstract: Plasma is a proposed framework for incentivized and enforced execution of smart contracts which is scalable to a significant amount of state updates per second (potentially billions) enabling the blockchain to be able to represent a significant amount of decentralized financial applications worldwide. These smart contracts are incentivized to continue operation autonomously via network transaction fees, which is ultimately reliant upon the underlying blockchain (e.g. Ethereum) to enforce transactional state transitions. We propose a method for decentralized autonomous applications to scale to process not only financial activity, but also construct economic incentives for globally persistent data services, which may produce an alternative to centralized server farms. Plasma is composed of two key parts of the design: Reframing all blockchain computation into a set of MapReduce functions, and an optional method to do Proof-of-Stake token bonding on top of existing blockchains with the understanding that the Nakamoto Consensus incentives discourage block withholding. This construction is achieved by composing smart contracts on the main blockchain using fraud proofs whereby state transitions can be enforced on a parent blockchain. We compose blockchains into a tree hierarchy, and treat each as an individual branch blockchain with enforced blockchain history and MapReducable computation committed into merkle proofs. By framing one's ledger entry into a child blockchain which is enforced by the parent chain, one can enable incredible scale with minimized trust (presuming root blockchain availability and correctness). The greatest complexity around global enforcement of non-global data revolves around data availability an Continue reading >>

Ethereum Transactions Fall Off The Cliff, Three Plasma Projects Close To Release Says Buterin

Ethereum Transactions Fall Off The Cliff, Three Plasma Projects Close To Release Says Buterin

Ethereum Transactions Fall Off the Cliff, Three Plasma Projects Close to Release Says Buterin Ethereums network is currently processing the lowest level of transactions for the year, down in a straight line from 840,000 on June the 25th to 450,000 on Independence Day. Yet fees currently stand at nearly 30 cent per transaction, down from $1 since a few days ago but still puzzlingly high considering the network is operating at just 1/3rd of its capacity. Ethereums transaction numbers dive, July 2018 This apparent detachment of fees and transaction numbers might be due to a misuse of gas calculations, yet it might also be due to a stickiness effect. Comparable to wages which are slow to rise or fall, fees too may experience the same because busy entities may have other things to deal with. Binance, for example, announced they will increase fees for eth withdrawals to 180 Gwei, or $2 per transaction. Double the recent high of $1 for the network. As fees have fallen, however, they have not yet made an announcement of lowering them. That in itself, if nothing else, suggests a level of stickiness that may be very slow to respond to actual facts on the ground. Arguably, however, it should have not reached this point at all. As can be seen above, transactions were somewhat flat with the network running at half of its capacity. Yet something happened, on or around June the 25th, and what that is exactly we havent been able to establish. There are many suggestions, but it does look very puzzling as to how transactions have not increased, but capacity was somehow full. We could speculate miners might be playing, but we wont because we have no basis for doing so. Some smart contract may have instead used some idiotic calculations. There is little to prevent that at near capacity ex Continue reading >>

Ethereum [eth]'s Sharding And Plasma - Will It Improve Scalability? - Ambcrypto

Ethereum [eth]'s Sharding And Plasma - Will It Improve Scalability? - Ambcrypto

Ethereum [ETH], which is ranked at number 2 spot in the rankings is gearing up to charge rent fees for the people who use their network to store data. This decision was taken by the creator of Ethereum, Vitalik Buterin who gave a detailed description of the ways and principles of computing such rent fees. Ethereum has dropped from an intraday high of $494.61 almost crossing the $500 mark to $455 swing low. This trend seemed to have set in about 12 hours ago when it started declining. As per Buterins plans, he looks forward to coming up with an estimate of the annual rewards given out by the Casper and Sharding mechanisms. Casper serves as an alternative to Satoshi Nakamotos consensus based on proof-of-work and is based on a security deposit. Sharded blockchain architectures seek to measure the capacity of the platform. This estimate amounts up to 10 million ETH staking at 5% interest, which is 500,000 ETH per year and approximately 0.22 ETH per block. His next step is to come up with a 500 GB state size to be stored in a node of computers RAM which he says will be 1-2 orders of magnitude higher than the actual state size. This is the maximum acceptable state size allotted by him. Storing 500 GB would cost around 500,000 ETH per year, hence he will charge a fee of 0.000001 ETH per year to store 1 byte of data on the network. A 24000-byte contract would cost 0.024 ETH which amounts to approximately $15 per year and a 250-byte account would cost 0.00025 ETH which is $0.15 per year. He also stated that the maximum acceptable state size would be per-shard and would decrease the above-mentioned fees by a factor of 100. This decision is to avoid the network from taking costs for storage by itself if too many people use the resource for free. However, Ethereum Project research 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 >>

Plasma Could Enable Cbdcs, Says Ethereum's Buterin But Scalability Isnt The Only Hurdle

Plasma Could Enable Cbdcs, Says Ethereum's Buterin But Scalability Isnt The Only Hurdle

Plasma Could Enable CBDCs, Says Ethereum's Buterin But Scalability Isnt The Only Hurdle Vitalik Buterin believes Ethereums upcoming plasma implementation could make ERC20 central bank digital currencies viable. Well discuss which governments have considered these sovereign tokens and whether Plasma could, in fact, make Ethereum a good fit. In a recent Twitter poll by bitcoin investor Olivier Janssens, Vitalik Buterin voiced his support for an ERC20 central bank-issued digital currency (CBDC). When questioned about scalability, Buterin responded that the impending plasma implementation will address this concern and the Ethereum network will be sufficiently scaled for use by national banks. Plasma is one of Ethereum's upcoming potential solutions to its scalability problem. However, the version of Plasma Buterin is referring to, Plasma MVP , is one specific iteration of the concept, not the end-all-be-all of Plasma solutions. At the Ethereum Community Conference in March, developer at the Ethereum Foundation Karl Floersch explained , "Plasma is not a protocol, it is a design pattern, a technique." Announced in January, Plasma MVP, or "minimum viable plasma," is an open-source contract that is essentially Plasma's rough draft. However, because Ethereum contracts are incredibly complex, developers seem to be exercising some caution examining the code for bugs before rolling it out on the mainnet. Meanwhile, developers are improving the existing code and testing their own Plasma implementations. Floersch, who also worked as a blockchain engineer at ConsenSys, gave a great explanation of MVP on YouTube back in March. In it, he explained how the contract will create a "child chain," that enables incredibly fast transaction times 1000 transactions per second for every child ch Continue reading >>

Omisego Development Team Grows, Ewallet Integrates With Ethereum Blockchain And Plasma Inches Closer To Its Testnet

Omisego Development Team Grows, Ewallet Integrates With Ethereum Blockchain And Plasma Inches Closer To Its Testnet

/OmiseGo Development Team Grows, eWallet Integrates with Ethereum Blockchain and Plasma Inches Closer to its Testnet OmiseGo Development Team Grows, eWallet Integrates with Ethereum Blockchain and Plasma Inches Closer to its Testnet Decentralized financial platform and peer-to-peer cryptocurrency, OmiseGo , have released their monthly tech progress update , highlighting some exciting progress. April saw their development team grow by two: Kasima Tharnpipitchai and Pawel Nowosielski . Kasima will be joining the engineering team working on the Plasma protocol, while Pawel enters as an experienced blockchain developer. The Plasma protocol is the hotly anticipated framework central to the appeal of the OmiseGo network. It is a blockchain scaling solution first proposed by Lightning Network co-creator Joseph Poon and Vitalik Buterin, Ethereum s co-founder. This quote from the Plasma whitepaper explains its intention: Plasma is a proposed framework for incentivized and enforced execution of smart contracts which is scalable to a significant amount of state updates per second (potentially billions) enabling the blockchain to be able to represent a significant amount of decentralized financial applications worldwide.These smart contracts are incentivized to continue operation autonomously via network transaction fees, which is ultimately reliant upon the underlying blockchain (e.g. Ethereum) to enforce transactional state transitions. In laymans terms, the Plasma protocol builds extra layers of blockchains for scalability and efficiency, in this case, a series of smart contracts built on top of the Ethereum blockchain. Each smart contract would serve a different purpose: managing a decentralized exchange, a social network, a private blockchain and the processing of micropaymen Continue reading >>

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