New Ideas for Ethereum (ETH) – Here’s what Ethereum has to say about Plasma
Ethereum (ETH) – Vitalik Buterin, the founder of Ethereum has recently announced (9th March 2018) in the conference EthCC, held in Paris that he had presented a scaling solution for Plasma.
For those who aren’t yet into Plasma system, Plasma is a system of smart contracts that can raise the computational potential of the Ethereum blockchain. It was created by Buterin and Joseph Poon (co-creator of Bitcoin Lightening Network) in 2017 to solve the scalability issues of Ethereum by producing a layer of smart contracts that will be in contact with the main blockchain.
Currently the ETH users must download and confirm each smart contract in the Plasma system and to improve that, Vitalik Buterin said that he has found a way that will reduce this to a handful of data points. With that said, he also stated that the principal benefit, in this case, is the reduction in the amount of data that the clients had to process.
The users will now be able to generate “Plasma coins” without downloading the whole Plasma history. The users will simply have to send a deposit to the contract to produce “Plasma coins”. This also means that the users can now track the coins ‘they care about’ (as said by Buterin) within the system instead of downloading and verifying everything.
Still, this idea of Buterin and developers Karl Floersch and Dan Robinson has not yet undergone testing.
Ethereum can Disrupt Tech Companies of High-Reputation
On 9th March 2018, Joseph Lubin (co-founder of Ethereum) gave a speech regarding this at the South by Southwest Interactive conference. Investors in the blockchain technology and the connoisseurs have often hailed blockchain as the “next internet”. Joseph Lubin, in the conference, had emphasized on the Ethereum’s promise of decentralized applications. According to him, personal data can be easily extracted from Google and Facebook when compared to the Ethereum blockchain.
“On the web right now, I would argue that identity is broken. We spray aspects of our identity around the web, it’s stored on corporate servers and is monetized by corporations, and often aspects of your identity aren’t well secured by those organizations.”
He continued to say that giants like Apple, Facebook, Amazon, Google, and Netflix have had faced glitches when it comes to data breaches and loss of user trust. He says that the flaws lie in security protocols as well as in fiat currencies.
Web 3.0, Ethereum’s approach has “reinvented” data collection, storage, and control. The users do not have to transact on the web with faceless corporations that may lose or even resell the user’s personal data.
Web 3.0 as explained by Lubin, “Instead of the client-server architecture where you’ve got one company, say Google, that has a bunch of servers and we’re interacting with them as a counter-party, this new kind of application paradigm has all the different nodes on the network and they are all effectively the back end of the application. So, nobody is in control of it, and you can build these platforms where no one’s overly monetizing it.”
Will these new ideas really go forward?
Ethereum (ETH) is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk. Implementing these new ideas not only will improve its rentability by its users but also gives ETH the x factor to continue on top.
Joseph Lubin is a co-founder of Ethereum and the founder of ConsenSys, a global blockchain company that creates and invests in software for the Ethereum blockchain ecosystem. Prior to ConsenSys and Ethereum, he worked for eMagine, Blacksmith Software Consulting, and Goldman Sachs.
Vitaly Dmitriyevich "Vitalik" Buterin is the co-founder of Ethereum, the world's most popular smart contract platform that enables developers to build decentralized applications (at the time of wirting this, ETH has a market cap pf $2B). Prior to his development of Ethereum, Buterin was the co-founder of Bitcoin Magazine.