Ethereum
$146.34 -1.37%
ETH · 116w

What do we know about the new Plasma protocol by Vitalik Buterin and what problems does it solve?

What do we know about the new Plasma protocol by Vitalik Buterin and Joseph Poon. What problems does it solve?

Dmitry Korzhik is responsible for product development in Rocket ICO, the first DAO startup accelerator. The pre-ICO, which is currently live, already raised 94% of the cap. https://rocketico.io

On August 9, Vitalik Buterin and Joseph Poon (co-founder of Lightning) presented a Plasma project white paper to the wide audience. In fact, this is the implementation of Lightning and Raiden technologies using Ethereum. The existing version of WP will be greatly expanded and complemented, now it is practically a draft version. Nevertheless, the main essence of the project and its potential possibilities can be considered now.

One of the main obstacles to the full implementation of the crypto currency in the real world economy is the low productivity of the classic blockchain. At the present time there is not a single public blockchain that could be compared with the productivity of centralized solutions, such as Paypal, Mastercard or Visa.

Of course, this statement can be partially disputed, because the organizers of some blockchains say that they have solved this problem. However, all these blockchains achieve high performance due to the reduction of the safety parameters to a critical level. Therefore, they can be used only in private blockchains, where all validators must be conscientious by default.

The developers of the Lightning platform offer to solve the productivity problem by taking channels or sidechains out of the blockchain. Most of the transactions will occur in them, unloading the main blockchain. It will only record the finished result — the information about opening and closing channels.

Lightning works on Bitcoin Core, its analogue in the ethereum network is the Raiden sidechains system. But, unlike Bitcoin, Ethereum allows you to grow in many different ways.

One of these methods is offered by the P...

Continue on medium.com
Recent news
ETH -1.37% · twitter.com · 1h

ChainLink (LINK) was just listed on Bittrex

We've detected that ChainLink $LINK was just listed on Bittrex! View on Bittrex: https://t.co/Ksmpgmrsz2 https://t.co/EcooA4WgWd #crypto #Bitcoin $BTC— Cryptocurrency Alerting (@crypto_alerting) Decem...
ETH -1.37% · tokentuesdays.substack.com · 2h

The Rise of DAOs

Over the past year, we’ve begun to see increased traction surrounding distributed autonomous organizations - better known as DAOs. You can think of DAOs as a collective of like-minded individuals focu...
ETH -1.37% · theblockcrypto.com · 4h

Nike receives patent to tokenize shoes on Ethereum

Shoe manufacturer Nike just received a patent to tokenize shoes on the Ethereum blockchain.  In a document posted on the U.S. Patent and Trademark Office and dated Dec. 10, Nike stated that it intends...
ETH -1.37% · cryptotrader.tax · 6h

New IRS 1040 Schedule 1 has cryptocurrency question

Two days after the IRS released their updated and highly anticipated new cryptocurrency tax guidance in October of 2019, the agency circulated a draft of the new 1040 Schedule 1 for the upcoming 2019 ...
ETH -1.37% · twitter.com · 7h

Bitpay adds ERC20 Stable Coins

BitPay merchants around the world can now accept #stablecoin payments in PAX, USDC, and GUSD. Meet payments with the speed of blockchain and the stability of dollars 💸: https://t.co/F6R02uvANU #Block...
ETH -1.37% · blog.district0x.io · 8h

district0x Dev Update - December 10th, 2019

The Istanbul hard fork went live on the Ethereum Network over the weekend, and along with its successful deployment the district0x service providers capped off several major milestones for our…