Users will not need to download entire plasma history hence the amount of data to be downloaded less. This will increase computational potential. It can also help protect exchanges against massive hacking
Ethereum unveiled a scaling solution for Plasma, targeted at improving the computational potential of its blockchain. Founder of Ethereum Vitalik Buterin revealed the answer when giving a presentation at EthCC Ethereum conference in Paris last Friday.
Plasma solution was created last year by Buterin and Bitcoin Lightning Network co-creator Joseph Poon previous year. Not only is it targeting at increasing the scaling efforts on the Ethereum. However which is one of the leading challenging issues facing the network. But will also protect exchanges from hacks on a larger scale. For instance, transfers can stop dealing with funds directly and instead provide order book functionality using the Plasma contracts and thus ensure against losses.
“Hopefully when the next multi-billion-dollar exchange written by an incompetent developer get restrict. Thus, no one will lose any money”, Buterin said.
The team is facing a challenge of the Ethereum’s ever-expanding database, and such solutions would be constructive.
The solution is a layer on top of the main chain and which interacts with the main chain. It improves computational potential by eliminating the need to download the entire plasma history. Hence reducing the amount of data to download. Instead, users will need to generate some plasma coins by making deposits to the contract. They can, afterward, track the tokens in the system.
Users can also only verify the accuracy of the plasma chain at the index they intend to spend.
“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.
It is created by Buterin and developers Dan Robinson and Karl Floersch
Users will not need to download entire plasma history hence the amount of data to be downloaded less. This will increase computational potential. It can also help protect exchanges against massive hacking.