The second largest blockchain in the world, Ethereum, has been downsized and the long-awaited solution has encountered pitfalls.
Ethereum Price (ETH) today – ETH / USD
Plasma has been at the forefront of this transition. The concept has been accepted as the best bet for short-term downsizing for the digital currency. Researchers have already developed five different versions of this protocol. However, within the distinct iterations, there is evidence that work has slowed down.
While the concept slows down, developers and others are faced with zk-snarks, a type of cryptography introduced by Zcash as a way forward. Startups are beginning to embrace technology as it allows developers to separate batch transactions.
For example, Gnosis, the predictive market platform is currently exploring the use of zk-snarks to reinforce a decentralized exchange in what is called snapp "(snark dapp) .Also, the pseudonym developer, barrywhitehat, has used the technology in creating a roll-up that can be applied to the downsizing of Ethereum in a broader sense.
The creator of Ethereum, Vitalik Buterin, wrote about the advantages of this approach. He also said that it could be applied to more than five hundred short-term transactions.
Problems with Devcon 4
During the annual Ethereum developer conference, participants were enthusiastic about zk-snarks and its applications. There were seven tracks dedicated to related systems and this technology. kelvin Fitcher, a plasma researcher at OmiseGo, defined the growing "snark-nado" hype.
CTO of Gnosis, Stefan George also spoke with Coindesk and explained that the approach is convincing because it has the potential to be more decentralized than plasma and is ready for deployment at any time.
"More and more people understand what the possibilities are. Even beyond zero knowledge, it is also a great scalability tool that is missing from Ethereum, and we can use it without waiting".
The pitfalls of the plasma
The founder of Ethereum, Buterin and Joseph Poon, conceived the system last year in April. Since it was released, several iterations of this method have emerged. Also a lot of research is dedicated to this. Each new iteration reveals a problem to be solved, leading to a series of variants that handle compromises in different ways.