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Ethereum With Plasma Could Be Suitable For India Chain - Omise_go

Ethereum With Plasma Could Be Suitable For India Chain - Omise_go

Ethereum with Plasma could be suitable for India Chain India is looking to create an India Chain with sidechains. India Chain will be the main blockchain and each department like payments, health, agriculture, land records, etc can be side chains. Ethereum and Plasma would be suitable for India Chain with sidechains. For the sidechain, EVM based Plasma could be suitable. OMG could provide a Ethereum Plasma based SDK for this. Ethereum along with Niti Aayog(India's policy think tank) is conducting a Hackathon in Delhi. Check out @IndiaConsenSyss Tweet: Exciting. See folks, here's how I see it. Virtually every organization (in the literal sense of the word) will at some point want to leverage block chain technology. It is likely the ethereum and plasma will be the default means of doing so because it will be the most robust and trusted trust-less system. This is an Ethereum Hackathon being organised by Consensys India and held in India. I don't see anything about India "looking to create an India Chain with sidechains." Do you have any source for that claim? Hardly. They didnt provide any source in the original post, so I asked if they had one, which they provided. Hi, govt of india & some private big organizations are extensively working on blockchain tech ..you can find these hackathons in various website like hackerearth.com a competitive coding website. .omisego should take an intiative and move one step forward to intiate talk with Indian govt. Or private organizations like publics sapient ...they are also working in blockchain field..please convey this message to vansa , jun and team. Continue reading >>

Eos Scalability Rocks (inside Plasma, With Ethereum Providing Decentralization And Safety Properties)

Eos Scalability Rocks (inside Plasma, With Ethereum Providing Decentralization And Safety Properties)

EOS scalability rocks (inside Plasma, with Ethereum providing decentralization and safety properties) So there is this thing called the scalability trilemma. It says that there is an inherent tradeoff between the three defining properties a blockchain has: distributed block production, safety, scalability.. EOS is a dPoS blockchain which sacrifices much of it's distributed block production properties (decentralization) for its scalability (which is high). So we have a blockchain which has only 21 block producing nodes but has high vertical scalability. This as a root blockchain for various ecosystem which attach to it like Plasma subchains, state channels, decentralized supercomputers (golem), stablecoins (maker) and things like Loom doesn't make much sense. It's a weak foundation because we might see cartels and plutocracy like structures evolve around those 21 block producing entities. Those unfavorable structures directly affect every ecosystem on top.. But you can use the EOS consensus and security model inside a plasma chain or loom chains, so u get the scalability without sacrificing decentralization. When Plasma-like system become fraudulent we just exit it through the Ethereum main chain.. My point is: the deeper we go into the blockchain stack the more important things like censorship resistance and cartel resistance becomes. We should trade decentralization for scalabilty on higher level subchains but we should absolutely not do that at the foundational layer. With Plasma like systems we can make the decentralization properties available to ecosystems that attach to it (for exactly that reason!). Tl;dr: EOS like systems which sacrifice decentralization for scalability don't make much sense as a bottom layer blockchain but are perfect for achieving scalability Continue reading >>

Plasma Is Going To Change The Game.....but Theres Something You Should Consider : Omise_go

Plasma Is Going To Change The Game.....but Theres Something You Should Consider : Omise_go

I know that plasma Is a big part of what draws a lot of people into this sub from elsewhere. 1 million tps is a gobsmacking number. I see a lot of questions in regards to its release so Ill say , If you are basing your decision to be part of this project on its implementation you are making a mistake. Omg on Plasma is what will potentially connect the ENTIRE world. We likely arent any where near the need for that kind of throughput yet. It is very important to remember that adoption ultimately takes time. Fortunately for us we have a rockstar (quoting Forbes on that one) team with a very real level of adoption built in, but even without knowing the exact numbers Id be willing to wager they dont process enough to need 1 million tps as that is 20x visas theoretical limit (they average 1500-2000 tps typically) For those who watched the ethereum meetup and saw the speed/confidence of how David answered the question of what the current capabilities of the network are you got all the reassurance you need. If you have any experience with the world of fintech , you understand just how important safety is. As an investor , if it isnt necessary yet , I would rather they take the time until it is bullet proof and Im sure most in this sub will agree. Like my father has always told me measure twice , cut once I personally believe there will be a bunch of moons before plasma gets here (for those concerned about prices). But unless you plan on selling , thats irrelevant. The coming months are going to be exciting ladies and gents, Im glad to have found such a cool community to share it with. Ps. If you would like my personal estimate on when plasma will be ready, Im sticking with Medium Soon....hang in there plama gang Continue reading >>

Ethereum Plasmapart 3: What Itenables

Ethereum Plasmapart 3: What Itenables

Written by Collin Cusce , editing and illustrations by John Fitch . This is a three-part series. Part one and part two are already up, when youre ready to check those out! In part one of this three-part series, we discussed the importance of scalability, the limitations and flaws in current blockchain systems for reaching this level of scalability, and what Plasma offers to businesses looking to scale their blockchain operations while remaining connected to the single-source-of-truth that is ethereum main network. Part two focused on the solutions proposed by Vitalik Buterin and Joseph Poon by examining, on a mid-level, what Plasma offers the future of blockchain. In the third part of the series, I explore architecture opportunities that Plasma enables, and talk on some of the criticisms to the approach. If you want to build a private blockchain, you need plasma. Talk done. Dr. Corey Petty , mainstay host of The Bitcoin Podcast [1] and blockchain researcher at Booz Allen Hamiltons spookily-named Dark Labs [2], when asked how hed convince people to hop on the Plasma-train. Wow. Strong statement. And I believe its totally and absolutely correct. Plasma brings security. Plasma brings scalability. Plasma brings flexibility. Plasma brings interoperability. Plasma does all this while still retaining a single point of truth for the entire ecosystem of blockchains. Guys. Thats not just rad, its necessary for the next stage of dapp development, both public and private. Lets take a gander at some of the things Plasma enables according to its paper [3, pg. 4042]: Decentralized News Aggregators (a la reddit.com) Thats just five! What about decentralized social networks? Decentralized ad networks? Decentralized instant messengers? Decentralized IoT managers? Decentralized shopping Continue reading >>

Eos Scalability Rocks (inside Plasma, With Ethereum Providing Decentralization And Safety Properties) - Ethereum

Eos Scalability Rocks (inside Plasma, With Ethereum Providing Decentralization And Safety Properties) - Ethereum

EOS scalability rocks (inside Plasma, with Ethereum providing decentralization and safety properties) So there is this thing called the scalability trilemma . It says that there is an inherent tradeoff between the three defining properties a blockchain has: distributed block production, safety, scalability. EOS is a dPoS blockchain which sacrifices much of it's distributed block production properties (decentralization) for its scalability (which is high). So we have a blockchain which has only 21 block producing nodes but has high vertical scalability. This as a root blockchain for various ecosystem which attach to it like Plasma subchains, state channels, decentralized supercomputers (golem), stablecoins (maker) and things like Loom doesn't make much sense. It's a weak foundation because we might see cartels and plutocracy like structures evolve around those 21 block producing entities. Those unfavorable structures directly affect every ecosystem on top. But you can use the EOS consensus and security model inside a plasma chain or loom chains, so u get the scalability without sacrificing decentralization. When Plasma-like system become fraudulent we just exit it through the Ethereum main chain. My point is: the deeper we go into the blockchain stack the more important things like censorship resistance and cartel resistance becomes. We should trade decentralization for scalabilty on higher level subchains but we should absolutely not do that at the foundational layer. With Plasma like systems we can make the decentralization properties available to ecosystems that attach to it (for exactly that reason!) Tl;dr: EOS like systems which sacrifice decentralization for scalability don't make much sense as a bottom layer blockchain but are perfect for achieving scalability in 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 >>

Lets Talk About Plasma Cash - Plasma With Much Less Per-user Data Checking - Ethereum

Lets Talk About Plasma Cash - Plasma With Much Less Per-user Data Checking - Ethereum

Lets talk about Plasma Cash - Plasma with much less per-user data checking Very interesting talk and idea. Vitalik proposes that exchanges should seriously consider to implement/integrate this idea. With plasma cash the exchange can create fast central order matching, with decentralized crypto asset management. This is amazing and gives me hope. Can you imagine if this was used with a stablecoin like Dai or Basecoin (or something like Seigniorage shares maybe?) to have a price stable token that can be moved around at the speed of light, no scaling issues?? That would change the entire world. Won't someone give him a doctorate already??? Guy's done more than enough to merit three... You think I guy like Vitalik cares about Earthly papers than can be bought like ph. D's? He is on a plain ten levels higher. Saying that Ph.D. can be bought is an insult to all those who dedicated years of their life to research, favoring science and knowledge over their own wealth. We are not all geniuses like Vitalik but we are not fraud either! Also, doctor honoris causa is a recognition, by a university, that amazing research can also be done outside of academia. It really means a lot, not only for the one that receives it but also for the institution that endorses/supports him. that is why we have 6 people with ph D's applying for my offices GS-5 technician positions, because ph D's are so valuable... Many PhDs lack the skills to operate in businesses. Lack the skills to have a successful job interview. Theyve just never had to develop that skill. However, that is not really the point. It is to recognize that original research can, and is, undertaken outside of the walls of academia, and is of sufficiently rigorous quality to have been accepted by other research professionals. Whilst I Continue reading >>

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

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

By Amrit Mirchandani access_time 3 weeks ago chat_bubble_outline Leave a comment Vitalik Buterin, the founder of Ethereum, has put his heart and soul into developing Ethereum to be the best amongst the cryptocurrencies. He had a positive message during the latest OmiseGo AMA session . The message will help silence the critics who pinpoint scalability issues. Vitalik explained that Ethereum would be able to process 1 million transactions per second soon thanks to second layer scaling solutions such as Sharding and Plasma. He further said that potentially 100 million transactions per second would be possible thanks to scaling solutions being developed. Sharding splits the network into multiple smaller networks which are known as shards so that all transactions dont need to be sent across the entire network for validation. Hence it enables the processing of transactions in much less time thanks to the information validation process being optimized. Plasma will enable the processing of micropayments as it will create small networks within the original blockchain for faster processing of information. Vitalik Buterin realizes that large blockchain networks like Bitcoin and Ethereum face scalability issues. In an interview in September 2017 with angel investor Naval Ravikant at Disrupt SF 2017, he said, Bitcoin is currently processing a bit less than three transactions per second, and if it goes close to four, it is already at peak capacity. Ethereum has been doing five per second, and if it goes above six, then it is also at peak capacity. On the other hand, Uber on average does 12 rides per second, PayPal several hundred, Visa several thousand, major stock exchanges tens of thousands, and in IoT, youre talking hundreds of thousands per second. In a May 30th OmiseGO AMA on Y Continue reading >>

Ethereum Creator Says Sharding Is Coming, Significant Improvement In Scaling

Ethereum Creator Says Sharding Is Coming, Significant Improvement In Scaling

Ethereum Creator Says Sharding is Coming, Significant Improvement in Scaling Ethereum creator Vitalik Buterin has announced that Sharding, a much awaited scaling solution for the Ethereum blockchain protocol, is coming. In essence, Sharding is a solution that optimizes the process of verifying transactions and smart contracts by splitting the blockchain network into partitions called shards. Instead of having every single node go through the entire transaction history of the Ethereum blockchain network, Sharding allows certain nodes to be assigned to certain shards, optimizing the process of nodes verifying transactions. Previously, James Ray, an Ethereum developer working on a scaling solution called Drops of Diamond, said that the requirement of nodes to verify all transactions in a blockchain network limits the ability of the blockchain to scale. He noted: In large part because of this, Bitcoin is limited to ~3-7 transactions per second, Ethereum to 7-15, etc. However, this poses a question: are there ways to create a new mechanism, where only small subset of nodes verifies each transaction? Contrary to bitcoin, Litecoin, and other payment-focused blockchain networks, blockchain protocols like Cardano, Ethereum, and EOS are in need of a larger blockchain capacity and flexible network as they support large-scale decentralized applications. Apps like CryptoKitties and decentralized exchanges such as Kyber Network and AirSwap broadcast substantially large amounts of transactions to the Ethereum network per second, even with the use of off-chain methods that reduce the burden on the main chain. As such, Buterin revealed a proof of concept of Sharding uploaded to GitHub and hinted that the development of Sharding is near on social media, as he wrote Sharding is coming. O 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 >>

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 >>

How Is Bitcoin Helping Venezuela Ethereum Plasma Timeframe

How Is Bitcoin Helping Venezuela Ethereum Plasma Timeframe

How Is Bitcoin Helping Venezuela Ethereum Plasma Timeframe Ethereum What is Ethereum? I'll buy your ETH for 50 cents on a dollar just to relieve your stress. And crucially, the discovery could help accelerate scaling efforts at a time where the platform is under pressure to keep up with the demands of an expanding user base. BTC is going higher, and this is maybe because the forthcoming 2 hard forks. Stock markets have been going without a major correction for so long now, I wouldn't mind if we also kept going a bit. When broken down by geographic region, the search interest for this term has been quite varied, according to additional data from Google Trends. However, for the reason given above, it is not highly likely. Kraken, Bitfinex, Coinbase and Gemini followed suit shortly after, with some offering US dollar trading. Top 10 Companies of the Blockchain Industry in Jan T he Petro coin would be backed by the oil reserves of the country. Am I the only one nervous about BTC going higher? Submit a new text post. You may also like. You can read it. They got way too greedy. How Do Smart Contracts Work? Two word flairs require a hyphen in between. Nothing about eth will have changed but it will be significantly cheaper. You can How Is Bitcoin Helping Venezuela Ethereum Plasma Timeframe inaccurate link-flair Bitconnect Bitcoin Talk Ethereum Stupidity by typing "[AutoMod]" along with the flair name in a top-level comment, e. Track the price of ether on CoinDesk's new ethereum price page. 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 companies paid with Petro as per agreement. CoinDesk examines the ar Continue reading >>

Useless Ethereum Token

Useless Ethereum Token

The world's first 100% honest Ethereum ICO. You're going to give some random person on the internet money, and they're going to take it and go buy stuff with it. Probably electronics, to be honest. Maybe even a big-screen television. Let's be honesteveryone's tired of ICOs. They get hyped up for weeks, and then they launch and clog up the Ethereum network for days, Coinbase goes down for a while, and then investors see the new tokens lose most of their value. This ICO is going to be different. The UET ICO transparently offers investors no value, so there will be no expectation of gains. No gains means few investors, few investors means few transactions, and few transactions means no Ethereum network lagnot to mention no depressing posts on /r/ethtrader about people losing all their savings! I learned all about Ethereum smart contracts and Solidity over a weekend so I could launch this ICO. Most of the smart contract contract code is copied from GitHub and Stack Overflow posts, so it should be pretty much right right? Also, I definitely didn't have any smart contract experts look at the contract before I launched it. I mean, why bother? All the other ICOs go through weeks of auditing and they still end up with bugs and vulnerabilities in their contracts. Unlike with every other token sale on the market, I can guarantee here and now that the value of UET will not (in fact, can not) reduce during or after the ICO. Since these tokens aren't worth anything to start with, there's nowhere to go but up! But rememberthis is a completely honest ICO, which means I don't want anyone to mistakenly expect the value of the tokens to go up, either. They're called Useless Ethereum Tokens for a reason. The UET crowdsale has finished. Thanks to everyone who contributed! (Regardless of th Continue reading >>

Here's My Extremely Rough Write Up Of Plasma Cash That I Made For My Channel. Let Me Know If It's Helpful Or Needs Improvement (it Does) : Omise_go

Here's My Extremely Rough Write Up Of Plasma Cash That I Made For My Channel. Let Me Know If It's Helpful Or Needs Improvement (it Does) : Omise_go

^ Heres a Plasma chain. Its a simple blockchain (Which is the Ethereum Blockchain), but contained within each block is a sort of root-system. The root system can theoretically reach infinite length, which is how OmiseGO boasts 1+ million TPS.The downside is that this creates a ton of data, and a ton of bloat. While this is certainly an improvement to linear scaling, its not maximally scalable due to the size generated from each block. Vitalik calls this quadratic scaling. The Plasma root chain is fully present. However, thanks to the functionality of ERC721, a single token can be generated that is equal to a certain denomination of ETH. You can put in 2.6515 Eth and basically receive a 2.6515 ETH ERC721 token. Its like creating a $2.6515 dollar bill. Its un-splitable and non-fungible, and most importantly, each token has its own transaction history stored inside it. This way, users of a plasma chain only have to download the merkle-tree root that is relevant to their token. If you have your ERC 721 Ether someone on one single branch of the plasma root system, you dont have to pay attention to any other branch of the system that doesnt contain your ERC721 token. This is what allows for what Vitalik calls exponential scaling and it is the best possible form of scaling imaginable by the current state of crypto. Potentially unlimited transaction volume. My biggest question is whether tokens are able to be used in the plasma cash system, or if it is reserved for just ETH. Can any Ethereum-compatible token be Plasma Cashed? Continue reading >>

Ethereum Plasma: What You Need To Know About The Upcoming Off-chain Scaling Solution - Ethereum

Ethereum Plasma: What You Need To Know About The Upcoming Off-chain Scaling Solution - Ethereum

Ethereum Plasma: What you need to know about the upcoming off-chain scaling solution OmiseGo have done Plasma MVP. They are now researching Plasma Cash. Plasma is moving forward. The following teams are working on Plasma: OmiseGo: Working on Plasma Cash. Status: Developing Leverj: Exchange on Plasma. Status: Testnet Launched, Mainnet just weeks away. Altcoin.io: Exchange on Plasma. Status: In development Leverj mentions their own version of Plasma called Gluon Plasma. Will have to see how it works and what tradeoffs they've made. Also they are using POA, so am not sure about the security and other tradeoffs. Will have to wait and see. OmiseGo has finished Plasma MVP research. They are developing the first version of their DEX with it. Plasma Cash Research is ongoing. Also look at BankEx. They are involved in Plasma too. The point is, plasma is not "far in the future" like the article suggests. Leverj could be the first implementation in a few weeks. In 12 months we could have 10 big implementations. Think of what this means for eth I'm actually very comfortable using a Plasma network that runs as PoA. Since I can always withdraw my funds back to a more secure layer, even if the block producers refuse to include my transactions, it doesn't matter very much. This is one reason why I think Plasma/Loom is going to be what major companies use for their blockchain solutions. They can be comfortable controlling their network (no worries that someone might censor their/their user's transactions, full control of throughput, etc...), and users can be comfortable knowing they can always exit. When companies use Plasma, they would'nt want to use the public network version of Plasma. They will want to run their own version of Plasma as a private chain with any consensus like POA, D Continue reading >>

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