Blockchain technology is advancing every day, and developers are continually seeking ways to improve the platforms. Vitalik Buterin of Ethereum has announced that he is developing a solution to make Plasma, the smart contract layer on Ethereum networks, more efficient and safe.
At the EthCC in Paris last Friday, Ethereum founder Vitalik Buterin had a new idea to present. No one was expecting him to speak at the conference, in the first place, so this announcement has some buzz around it. Buterin showed off an idea for a scaling solution for Plasma. Plasma is a system of smart contracts that aims to improve the computational potential for the Ethereum blockchain, which is the second largest blockchain in existence.
Improving on the old ways
Buterin teamed up with Joseph Poon, of Bitcoin Lightning Network in 2017 to create the Plasma system. The system creates a layer of smart contracts, which will be able to interact with the main blockchain. Currently, Plasma requires that users download and validate each contract on the system. The new solution will limit the need to download information to only the most pertinent points of data. This will bring down the processing requirements of running blockchain-based transactions, as well as add a layer of security.
The idea is that instead of downloading the complete history, only the information that relates to users own tokens would be accessed. The system would generate Plasma coins and send a deposit to the contract, then that would be verified and trackable. Users will only interface with the specific index that concerns them. This way, users aren’t wasting time and energy verifying the entire blockchain, and users don’t have access to the whole bank of information.
Many Uses if Successful
The idea has yet to be tested, but creators Buterin, Dan Robinson, and Karl Floersch say that this system could have countless benefits, including protecting against large-scale attacks. The Plasma Coin could act as a type of insurance for virtual currency holders, providing order book type performance in record keeping.
Additionally, scaling efforts can assist the technology in keeping up with increased demands. The user base for Ethereum is ever growing, so it will need to be able to access and distribute information in a smarter way. Reducing user requirements will open up the user base even more.
As this idea is expanded, we should see that using Ethereum blockchain will become simpler and safer. Combine this new system with the recently announced Fujitsu algorithm, which eliminates smart contract fail rates, and Ethereum will not only be easier, faster and safer to use, but risks will be mitigated. Ethereum is a tech to watch, as it is quickly finding its way into many industries, and very well could be the future in many industries.