Ethereum returns to power. Founder of the giant network Vitalik Buterin is preparing to improve an existing project. He has announced on March 6, 2018 during the EthCC Conference held in Paris that will release a new scaling solution for Plasma- a system based on Smart Contracts.
The new idea aims to increase the technological potential of the second most influential blockchain network in the world.
The scaling solution was already designed by Vitalik Buterin and Joseph Poon, the Co-founder of Bitcoin Lighting Network in 2017. Its main purposes were to boost the Ethereum’s capability and to corelate the Smart Contracts with the base- blockchain.
New idea for Plasma Scaling on Ethereum
“The main benefit here is that basically the amount of data that clients need to process goes down by a lot,” Buterin explained.
During the conference, Buterin revealed that he wants to innovate the existing prototype. Currently, it requires Smart Contracts to be downloaded and validated by each user, which offers complexity in processing. What Buterin plans to do is to simplify the operations.
“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.
Users can generate “Plasma coins”
Thus, there will be no need to download the entire history of Plasma. Instead, they will be able to generate “Plasma coins” by transferring a deposit to contracts. The process is simplified, and users can easily check the tokens they have created.
Plasma Scaling may will protect crypto exchanges
The idea has yet to go under testing period. In Buterin’s opinion, the new innovation may also be beneficial from a security perspective. It will protect crypto exchanges from scale hacks or financial losses.
“Hopefully when the next multi-billion dollar exchange written by a totally incompetent developer gets hacked, no one will lose any money,” Buterin said.
Buterin added that “It’s just one simple way to make Plasma more scalable and vastly reduce its usage requirements for regular users.”
New ideas are going to be tested soon. This project will lead the platform to a different level, and the services they offer will attract and reassure a new clientele with certainty.