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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 >>

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 >>

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 >>

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 >>

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 >>

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