On Friday, March 9th, during the Ethereum community conference in Paris, Ethereum co-founder Vitalik Buterin introduced a new blockchain scaling solution called Plasma Cash, which he described as an even more scalable alternative to existing solutions. Developed by Buterin along with developers Dan Robinson and Karl Floersch, Plasma Cash builds upon the earlier Plasma framework, which was first proposed in August 2017 by Joseph Poon, the creator of the Lightning Network.
The main goal of Plasma is to reduce transaction costs for smart contracts and decentralized applications (dapps) by optimizing the data that is passed to the main blockchain. However, Buterin pointed out that one of the limitations of the original Plasma model is that each user must download and verify every single Plasma block, which hinders exponential scalability.
To address this issue, Plasma Cash introduces a more efficient approach. Instead of requiring users to track all blocks, they only need to focus on the blocks that contain the specific coins they are interested in. As Buterin explained, "Users actually only need to verify the availability and correctness of the Plasma chain for specific index coins, themselves, and any coins they care about."
In practice, Plasma Cash works by allowing users to deposit ether into a plasma-based system, where it is converted into a unique, non-fungible token known as a Plasma Coin. Each coin has a distinct identifier, making it traceable and secure. This means that no one can take another user's coin without the owner being aware, as the owner can provide proof of their coin’s history to prevent fraudulent exits.
Buterin also emphasized that even if a hacker attempts to exploit the system, users won’t lose their funds. He stated, "No matter what happens during the exchange process, users can exit their program through the Plasma to retrieve their money and take it out safely."
Looking ahead, Buterin expressed optimism about the future of Plasma Cash, saying, "When a next billion-dollar deal written by a completely incompetent developer is hacked, no one will lose any money." His confidence stems from the security and transparency features embedded in the Plasma Cash model.
Meanwhile, in the broader cryptocurrency space, Bitcoin's SegWit technology has seen growing adoption. The Bitfinex exchange implemented SegWit on February 20th, followed by Coinbase on February 23rd. On February 26th, the Bitcoin Core client released a fully SegWit-compatible version, marking a significant step forward in Bitcoin’s scalability efforts.
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