Home / Ethereum / Vitalik Buterin, the founder of Ethereum, discovers a new idea for the downsizing of plasma on Ethereum Blockchain -Sat Nov 10

Vitalik Buterin, the founder of Ethereum, discovers a new idea for the downsizing of plasma on Ethereum Blockchain -Sat Nov 10



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During an Ethereum conference in Paris, Vitalik Buterin, the founder of Ethereum, gave a presentation on a scaling solution for Ethereum. According to him, the new system of smart contracts will increase the computational potential of the Ethereum Blockchain.

March 2018

What does the scaling solution involve?

Co-creator of Bitcoin Lighting Network, Joseph Poon and Buterin, has created the scaling solution as one of the new developments that aim to increase the capacity of Ethereum. The idea is to develop a layer of Ethereum smart contracts that efficiently interact with the main blockchain.

The lack of the prototype is that users will have to validate each contract in the system after manually downloading. However, Buterin said he had found a possible solution to the problem.

In the words of Buterin:
"The main advantage of this new development is that the amount of data to be downloaded will be significantly reduced."

Users will not need to download the entire plasma history but only generate some plasma coins. This will be done by making deposits to the contract. All that is left for users to track is tokens created in that system.

They will be able to verify the accuracy of the plasma chain on the specific 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 much blockchain. For starters, it can be used to protect exchanges from large-scale hacks. It will also help to increase the blockchain downsizing efforts. This is particularly important because the system is under pressure to meet an ever-expanding database.

Here are some important news about the founder of Ethereum Vitalik Buterin:

The founder of Ethereum Vitalik Buterin warns that cryptocurrencies could reach "almost zero"

Vitalik Buterin, the co-founder of the Ethereum blockchain and its associated cryptocurrency, does not yet want people to throw their life savings into virtual coins.

"Reminder: cryptocurrencies are still a new hyper-volatile asset class and could go down almost to zero at any time," he tweeted this weekend. "Do not put more money than you can afford to lose, if you're trying to figure out where to save the savings of a lifetime, traditional resources are still your safest bet."

Vitalik "Do not give away ETH" Buterin ✔ @VitalikButerin
Reminder: cryptocurrencies are still a new class of hyper-volatile assets and could fall to almost zero at any time. Do not put more money than you can afford to lose. If you're trying to figure out where to save the savings of a lifetime, traditional resources are still your safest bet.

7:25 – 17 February 2018

Buterin is not kidding about volatility. An "Ether" coin was worth about $ 13 a year ago, but currently costs $ 950. In the last two months alone, it has gone up to $ 1,400 and from $ 580.

Bitcoin, meanwhile, underwent several arrests during the same period, although it is currently heading north again (at $ 11,050, up 5% on the day).

Although it may seem strange to see an important cryptocurrency adopting a more cautious note associated with Wall Street giants and financial regulators, rather than making wild statements about future growth, Buterin is a relatively cautious figure on the scene.

More than once, Buterin has warned investors about the bubbles and volatility in the world of cryptocurrencies. In December, he criticized some players for being obsessed with showing off their wealth derived from cryptocurrency, arguing that they should instead think about how to use technology to "get something meaningful for society".

Vitalik "Do not give away ETH" Buterin ✔ @VitalikButerin
The cryptocurrency media is now, even if out of ignorance / stupidity, complicit in making Twitter scams look more legitimate.

Furthermore, the ECF is not * an EF initiative; is an independent community organization with some EF participants as consultants.

Shame, http://ccn.com.

22.53 – 17 February 2018

At the moment, he is also deeply annoyed by the fact that people impersonate him on Twitter to defraud others of their Ethereum.


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