In an unexpected appearance at the EthCC public conference in Paris, Ethereum founder Vitalik Buterin introduced a new solution for Plasma. It consists in the system of intellectual contracts, which is aimed at increasing the computing potential.
Created by Buterin and co-author of the Bitcoin Lightning Network by Joseph Poon last year, the Plasma scaling solution is one of the many projects being developed, which aims to improve the performance of the Ethereum network.
In particular, it's working on creating a layer of Smart contracts that can interact with the main blockchain.
But while the current iteration of the prototype requires that all users download and verify every smart contract in the Plasma system. In his last speech, Buterin described a way to limit this to several data points.
Vitalik Buterin spoke about the advantages of Plasma
"The main advantage is that the amount of data that customers need to process is greatly reduced, – explained Buterin.
Instead of downloading the entire history of Plasma, users could generate Plasma coins by sending a deposit to the contract. So, instead of downloading and testing everything, users can simply track the tokens that they created in this system.
"Now users only need to check the availability and correctness of the Plasma chain for the specific index they want to spend, or the specific index of any tokens that they have", – said Buterin.
Created by Vitalik Buterin and developers Dan Robinson and Karl Florsh, the idea has not yet been tested. However, according to Buterin, this minimized system can have a number of important uses, such as protecting crypto-exchange exchanges from large-scale hacks.
"I hope that when the next multibillion-dollar exchange created by completely incompetent developers will be hacked, no one will lose their money", – said Buterin.
"This is just an easy way to make Plasma more scalable and significantly reduce the requirements for its use for ordinary users."
Author: Olga Novikova, Analyst Freedman Club Crypto News
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