During an Ethereum conference in Paris, Vitalik Buterin, the founder of Ethereum, made a presentation about a scaling solution for Ethereum. According to him, the new system of smart contracts will increase computational potential of the Ethereum Blockchain.
What Does The Scaling Solution Involve?
Co-creator of Bitcoin Lighting Network, Joseph Poon, and Buterin, created the scaling solution as one of the new developments that aim to increase Ethereum’s capacity. The idea is to develop a layer of Ethereum smart contracts that efficiently interact with the main blockchain.
The shortcoming of the prototype is that users will need to validate each contract in the system after download manually. However, Buterin said that they had found a possible solution for the problem.
In Buterin’s words:
“The main advantage of this new development is that the amount of data to be downloaded will be reduced significantly.”
Users will not need to download the whole plasma history but would only be required to generate some plasma coins. This will be done by making deposits to the contract. All that will be left for users to do is track the tokens created in that system.
They will be able to verify the accuracy of the plasma chain at the particular index they intend to spend. The new idea to improve the plasma scaling system was developed by Karl Floersch, Dan Robinson, and Vitalik Buterin himself. However, it has not been tested yet.
Buterin is optimistic that this new system will increase the potential of the blockchain a great deal. For starters, it can be used to protect exchanges from hacks on a larger scale. It will also help increase the scaling efforts of the blockchain. This is especially important because the system is under a lot of pressure to meet up with an ever-expanding database.
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