In March 2018 Vitalik Buterin introduced Plasma and Plasma Cash as a solution for some of the major difficulties faced by technology blockchain Downsizing, security and verification have long plagued the emerging field of blockchain technology and cast doubt on the minds of potential investors.
In 2017, the document describing the update came online from the title Plasma: Autonomous Scalable Smart Contracts written by Buterin and Joseph Poon, of Lightning Network. But in the end, what's the plasma? Also, what is the Cash Plasma? More importantly, can you solve some of the endemic problems of blockchain technology that claims you can do it?
What is the plasma?
The plasma is, inside, a system of secondary blockchains that act in concert with the root blockchain without disturbing the original. This is done through a series of smart contracts that maintain the integrity of primary and secondary blockchains. They work in tandem to maintain the immutability of the root chain while taking into account unforeseen events such as theft, fraud and large-scale hack.
Bitcoin and Ethereum are examples of root blockchains, which store and verify all information about user transactions on them. But, Plasma can act as a secondary blockchain that adds speed, security and scalability to these root chains. Basically, the root chain can delegate work to the Plasma chain, and everyone gets more.
A Plasma operator can act as a main chain checkpoint to verify transactions, remove malicious actors, or isolate the value in the chain in the event of an attack. In short, Plasma is a smaller blockchain that adds security, accountability and scalability to a root blockchain.
How does it work?
The task of plasma blockchain is to evaluate the veracity of transactions thus ensuring the integrity of the root blockchain. If a plasma blockchain fraud is detected, the wrong transaction will be kicked to the root and penalized.
By delegating plasma blockchain activities, they do not have to work on the same transaction data processed by the root blockchain. In reality, these data are not shared at all. The plasma acts as a kind of detective, collecting the hash of the previously collected transactions and returning fraudulent blocks to the root blockchain so that the creator of the block can be penalized. Plasma helps to divide and conquer a root chain.
However, this is not only used to penalize malicious actors but to give more peace of mind by allowing users to identify their specific tokens.
Scalability Questions
So we know what the plasma is, but how does this help with the difficulties of downsizing and security? Well, by isolating root blockchain from fraudulent actors and managing such transactions on the Plasma chain rather than on the root chain, more data can be processed by both.
Of course, Plasma, like many advances in the blockchain space, is not a panacea. Allows only quadratic resizing. Plasma must support exponential growth in order to revolutionize the platform of the future " computer world. " One of the problems that has affected the plasma is the fact that the plasma blocks should be downloaded together with the root blockchain to guarantee total security. This was an obvious drain on computing power and network resources.
Embedding with plasma
Now that we know the plasma and plasma chains, we can switch to Plasma Cash. To make Plasma scale exponentially, Buterin introduced the idea of creating a new coin giving each deposit a unique ID. This non-fungible currency which represents the exact amount of the deposit on the root chain. This currency can then be traced back to a specific user on the blockchain.
So when you deposit your currency, you will always be able to identify it based on its position on the chain and the value it carries. In this way, the activity related to your currency can always be monitored.
Individual coins for individual users
One of the advantages of Plasma Cash is that customers will now be able to download only the blocks related to their deposits. This way they will not have to download the entire block of plasma, which reduces the amount of data needed for transferring to clients. After all, it is not necessary for all those who participate in the blockchain to be aware of all the information contained therein. With Plasma Cash, all users need proof of their data in the Merkle tree.
A Merkle tree is also known as a hash tree. Basically, this is a cryptographic testing mechanism that allows content verification with large amounts of data. If a user has proof of their data on Merkle Tree this means that they are the verified owners of such data and that such verification is necessary to transfer their tokens or exit the system.
So clearly, Plasma and Plasma Cash addressed the problem of scalability. Awesome. But what do you do for the security of the blockchain?
Security Through Confirmation
As Plasma Cash creates new coin identities, each token must be transferred along with its history. This behaves like a property chain for that token, ensuring both value and ownership.
In addition, since each currency is identifiable with a specific user, it is clear to see any attempt to steal coins and whether those aimed at a specific user. This gives users the opportunity to deal with their specific complaint. This is a huge departure from the other blockchains that do not have the ability to isolate a specific threat or the victims. This means that the entire blockchain suffers from an attack that degrades community trust rather than a bad actor.
In addition, the user is armed with the history of his specific currency, so an evil actor can not withdraw the currency without being challenged by the rightful owner. So the main chain, the user and the community in general are protected by isolating conflicts and providing a mechanism through which the dispute can be resolved.
Exiting the Chain
But, what if you want to remove yourself from the blockchain entirely? Well, fortunately, you can identify your specific currency and remove it from the system after all, now you can identify each coin as the only property since it has been renamed with a name specific to you. The Plasma output allows users to withdraw their money from the system without interrupting the chain.
In addition, a plasma output automatically issues an exit request, forcing the party to verify that it is exiting with the appropriate token. This stops coming out of an already extracted coin or removing a coin with an invalid history. This also throws a huge obstacle on the path of the hackers who should pass the exit test to run away with the money.
Continuing the Revolution
Plasma and Plasma Cash are set to revolutionize the already revolutionary blockchain space. However, it is managed by Plasma operators that aggregate the plasma block transactions in the root chain during the publication of the Merkle root of each block.
While there are many projects, the plasma operator model allows an instant economic purpose which means that the plant operator can provide a guarantee to the user that his / her transactions are included in the block. The central operators also put a link against the lie to deceive the system by increasing user confidence. In this system, users are protected by bad operators penalizing them to allow invalid outputs.
At the end of the day Plasma and Plasma Cash are downsizing solutions that track ownership while keeping the token history in a side chain. This allows users to rest easily, knowing that their assets can not be stolen or destroyed. Although this does not solve all the problems of security, scalability and verification with blockchain technology but provides a platform for further progress.
The post Plasma and Plasma Cash: The Future of Scaling and Security first appeared on BTCMANAGER.
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