Why Vitalik Buterin Talked About BankEx?

Plasma implementations are already happening: https://t.co/CCRnRCrD6A@BankExProtocol

— Vitalik Buterin (@VitalikButerin) November 17, 2017

Ethereum blockchain has been enduring a common issues to all blockchain when the size of the database underlying the blockchain grows without bounds, and in direct proportion to the number of people using the blockchain. It leads to major overhead and challenges that are getting worse over time for the underlying infrastructure needed to run Ethereum. For example, the Ethereum database has grown over the last few years from being under a gigabyte to tens of gigabytes today and it appears to be growing on an exponential trajectory. Which is clearly not sustainable.

Plasma is implemented as an extension to Ethereum. A Plasma node runs alongside an Ethereum node. It is a series of contracts which runs on top of a root blockchain (i.e. the Mainnet Ethereum blockchain). The root network contract processes only tiny amount of commitments from child blockchains that are able to do an incredibly large amount of computations in most cases. Commitments are broadcasted periodically to the root blockchain from the child. One can view the root blockchain as the Supreme Court from which all subordinate courts derive their power.

Plasma will help the Ethereum blockchain handle much larger data sets than is currently possible.

Plasma is still in the development process and not fully implemented by any company within the Ethereum blockchain.

Recently, BankEx team developed the world first private blockchain that supports Plasma Protocol for public audit that will allow users to transfer different assets directly to each other leaving intermediaries behind and with far lower gas consumption.

Plasma enables a persistent operating decentralized applications at high scale which allows for scalable, low-cost transactions and computation.

The solution provided by BANKEX can increase the transactions to 100,000 per second with almost zero transaction cost.

It is obvious that BankEx Proof-of-Asset is a top notch technology. The team filled with high quality and professional engineers aim to solve the liquidity issue of fungible assets, providing Banking-as-a-Service on Blockchain and ensuring that all process is scalable, to work well in any situation and condition.

Learn more about BankEx at https://bankex.com/en/, join the token sale and discover the benefit of BKX token.