Zcash Tech fires Ethereum towards true scalability


What a difference it makes a new year. The cryptography market is definitely positive, with almost all the top 10 cryptocurrencies sold in the green, including Ethereum (ETH). With the price of ether, which hovers above $ 150, the community is optimistic about the imminent date of the rigid fork on January 16th.

The planned update, dubbed Constantinople, could be part of why Ether's prices remain resilient after a series of beats and delays deflated sentiment around the largest dApp platform.

To this resilience is added the unexpected but welcome integration of zk-SNARKs on Ethereum & # 39; s Plasma testnet, which is a positive indication for the future scalability of the network. Zk-SNARKs are the zero knowledge encryption form used by Zcash (ZEC) for privacy transactions.

ETH strongly influences the broader cryptic market – in both directions. While the predominance of bitcoin is around 51.7%, ETH could return on its own. After having recently reclaimed point n. 2 among the cryptocurrencies of XRP, Ethereum again offered investors something to celebrate.

Because matter

Matter Inc., based in Moscow, is a team of developers trying to solve the weaknesses of blockchain scalability. They recently launched what the development team describes as a SNARK-powered implementation of plasma on the Ethereum testnet Rinkeby. Nicknamed Ignis: Fire, it strengthens the scalability of Ethereum to 500 transactions per second (TPS).

Compared to the current Ethereum limit of 15 TPS, the new technology pushes the registers distributed in the realm of the Visa network, which operates at 2,000 TPS.

Plasma stems from an idea of ​​Vitalik Buterin and Lightning's Joseph Poon. It has been likened to Bitcoin's Lightning Network, which combines off-the-shelf transactions with the security of the main Ethereum chain.

Buterin previously suggested that zk-SNARKs had the potential to climb Ethereum at a capacity of 500 TPS. So it is not surprising that the co-founder of Ethereum was struck by Matter, although he made it clear that it was "Not technically [a] Plasma" implementation.

Materia's team knew they were stretching the "Restricted meaning of the term plasma" but say the ability to "Achieving a reduction in gas costs by a factor of 50 compared to normal transfers of tokens" classification is justified.

The three main priorities for the Ethereum project in 2019 are scalability, scalability and scalability. As a result, the Ethereum Foundation awarded $ 5 million "Scalability, usability is security guarantee " to Parity technologies. The parity was a "Self-financed and open source effort since their foundation" and now the Foundation is encouraging them to work faster.

Parity will direct funds to Casper, sharding and other scaling solutions, with funds to be distributed in tranches with each milestone achieved.

The more we are, the better

Meanwhile, another founder to cheer the development of zk-SNARK was Zooko Wilcox, who expressed his support for the community forum. He inspired the founder of Zcash a "Pursue this kind of approach for Zcash" although he stressed that it is more difficult to scale private transactions.

And although Ethereum is approaching SNARK technology, Wilcox has suggested that Zcash could go in another direction:

I'm a bit disenchanted with zk-SNARKs and I want to upgrade to systems free of toxic waste like STARK and Bulletproofs instead of using zk-SNARKs for more things, but this makes it even harder and pushes back a likely launch date of about two years.

If Wilcox wants to know the impact that such delays could have on the value of a currency, he might want to ask Vitalik Buterin.

The author is invested in digital resources, including Zcash and bitcoins mentioned in this article.

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