Vitalik Buterin has expressed his positivity on a Plasma-like scaling solution on Ethereum, which allows for handling 500 transactions per seconds or more.
‘Amazingly Cool’ – 500 TPS on Ethereum
Developers at a start-up called Matter Inc, in collaborations with the Ethereum Foundation, have launched a Plasma-like scaling solution.
Ignis, as the project is called, allows Ethereum to handle 500 transactions per second (TPS) or more, which is a significant improvement of the current 15 TPS.
According to the official Medium article describing Ignis, the solution changes the way transactions are verified by users with a new approach.
In Ignis verification of transactions by users is replaced by the following approach: operator(s) proposing blocks must submit a SNARK proving that the new block is correct, which is verified automatically by the smart contract. No incorrect block can ever be included by an operator, so users do not need to always be online and constantly monitor transaction activity. – Reads the article.
Ethereum’s co-founder, Vitalik Buterin, has already expressed his positivity on the matter, calling the solution “amazingly cool.”
This is NOT technically Plasma (the usual name is "rollup") but it's still amazingly cool. I did not expect it to be implemented so quickly. Great job TheMatter team. https://t.co/f6hpAMhwnZ
— Vitalik Non-giver of Ether (@VitalikButerin) January 6, 2019
Plasma is intended to be a layer-two scalability solution. In other words, it’s not supposed to improve the blockchain itself but instead create a special construction connected to it and, as such, provide greater throughput.
In its essence, Plasma could be described as a child-chain that’s designed to conduct off-chain transactions.
The idea is to run entire applications which feature thousands of users and secure minimal interaction between Plasma and the main chain of Ethereum.
Additionally, though, Plasma should also be able to generate its own child-chains, eventually producing numerous branched blockchains, each one of which is connected to the main one.
Because operations on all of those sub-chains wouldn’t have to be replicated across the main network, they could essentially move a lot faster and substantially reduce the transaction fees.
Put simply, the intention of Plasma is to enable Ethereum’s blockchain to continue handling a large volume of smart contracts while, at the same time, only broadcast completed transactions.
Back in 2018, Buterin said that Plasma and another scaling solution called Sharding could scale Ethereum by 10,000X.
What do you think of Ethereum scaling to handle more transactions per second? Don’t hesitate to let us know in the comments below!