The Ethereum community has been growing strong over the past few months. However, it seems that its founder Vitalik Buterin follows the growth and is active in the crypto world recently too.
At the Ethereum community conference EthCC in Paris this Friday, the founder presented a scaling solution for Plasma (a system of smart contracts) that seeks to increase the computational potential of the second largest blockchain in the world.
The Plasma is created by Buterin and Bitcoin Lightning Network co-creator Joseph Poon last year – as a scaling solution that aims to boost the capacity of Ethereum, working by creating a layer of smart contracts that will interact with the main blockchain. However, while the current iteration of the prototype requires every user to download and validate each smart contract in the Plasma system, Buterin described an entirely new way to limit this to a handful of data points.
As he explained, “The main benefit here is that basically the amount of data that clients need to process goes down by a lot,”
This means that rather than having to download the entire Plasma history, now every user will be able to generate “Plasma coins” by sending a certain deposit to the contract. This will also let users track the tokens they have created with the 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 summed the idea up.
Even though from this point, the idea looks awesome – there is still a lot of testing before it makes official news. However, according to Buterin, this system could have a number of important use cases such as protecting cryptocurrency exchanges from being hacked which is a big issue nowadays.
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