Steemit Crypto Academy Contest / S14W1 -Plasma Chains

Assalam O Alaikum

Hello Steemians! Warm well come to my post. How are you all? I hope that you will be doing well. I'm also fine and enjoying my day. Today I'm here to participate in this Steemit Engagement Challenge Season 14 Week 1 in the Steemit Crypto Academy. The topic of this challenge is "Plasma Chains". Let's start without any more delay of time.

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Created by Canva

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What is a plasma chain in the context of blockchain? And how do plasma chains help solve blockchain scalability issues?

Basically in the context of Blockchain a plasma chain is refers as the secondary Blockchain and the main aim of plasma chain to improve the scalability of a Blockchain network. It is considered as the smaller or secondary version of a Blockchain and called the root chains of a Blockchain network. The plasma chain are called the side chains which works along the main Blockchain and allow the users to do faster transactions and made the Blockchain more scalable.

The example of plasma chain is like a highway which has more than one lane to provide the smooth way for traffic and avoid it from collapsing. Same like that the plasma chain solve the transactions off to the main chain and reduce the burden of transactions over the main chain and thus plays a major role in improving the scalability and allow the users to do faster transactions without any collapsing and wastage of time.

With the help of plasma chain the scalability and the overall working of a Blockchain improves because due to the addition of plasma chains the load on the main chain or root chain of a Blockchain is reduced. Due to the plasma chains a large number of transactions can be done at the same time and the transactions fees can also be reduced with the help of plasma chains in a Blockchain network.

What is the main difference between a plasma chain and the main blockchain?

Yes there is a huge difference between the plasma chain and the main Blockchain it includes their functions and structures. But the main difference is in their decentralization and the role which they plays within the Blockchain and the plasma chain are the side chains which are connected to the main Blockchain. let's discuss about the brief difference between both of them.

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Main Blockchain:

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• It is the primary framework which records all the transactions.

• It maintains the functioning and the security of a Blockchain network.

• The Main Blockchain is less scalable as compared to plasma Chains.

• The main chain has less transactions speed as compared to plasma Chains.

• The main Blockchain is very highly decentralized because it holds all the bases of the network.

• The main Blockchain has more transactions fees as compared to plasma Chains.

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Plasma Chains:

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• It is the secondary chains which are linked with main Blockchain to improve the functioning of main Blockchain.

• Plasma Chains offload the transactions and improve the scalability of Blockchain by reducing the burden of transactions on main Blockchain.

• The plasma Chains have very highly scalable as compared to the main Blockchain.

• The plasma Chains have very high speed of transactions as compared to main Blockchain.

• The plasma Chains are less decentralized because they are connected with the main Blockchain and rely on it.

• The rate of transactions fees is very low as compared to the main Blockchain.

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Are there any concrete examples of applications or projects using plasma chains successfully?

Yes indeed there are many projects or Blockchain networks which are using plasma Chains and getting benefits from them successfully. According to me when the traffic of transactions on any Blockchain network increases they definitely go for the use of plasma chains in order to improve the scalability of their Blockchain network and to manage the traffic of transactions. So let's discuss about the applications of plasma Chains.

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• OMG (OmiseGO) Network:

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Yes the OMG network is top of the list of networks which have successfully implanted the Plasma Chains in their network. The previous name of this network was OmiseGO and then it was changed to OMG network. Basically it is a assets based network which allow its users to do peer to peer transactions with the help of Ethereum network. The OMG network allow its users to do fast and smooth transactions with the help of plasma chains.

The Plasma Chains solution have been developed in the omg network which has triggered its scalability and security. The OMG network also use the Ethereum network to do the transactions directly with the help of decentralized apps D-apps.

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• Polygon Network:

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Polygon Network network is also another example and the applications of plasma chains solutions. It is also a Ethereum based network which is utilizing the Plasma Chains solution and doing the transactions off to the main Blockchain in order to increase the scalability and the security of the network. Thus with the addition of plasma chains that network is providing more scalability and the faster transactions to it's users.

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• Lighting Network (Bitcoin);

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Basically the lighting network is a solution for the Blockchain networks which are facing the scalability issues. This is because the lighting network is based on the 2 layered scaling solutions which allow its users to do transactions off to the main Blockchain which means that these transactions are not being recorded on the main Blockchain. Thus due to the lighting network the burdens of transactions on the main Blockchain is reduced and hence the scalability of that Blockchain network is increased.

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• Loom Network:

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Yes the loom network is another application of plasma chains. Basically the loom network is a Blockchain which utilizes the Plasma Chains solution to provide smooth and low fees transactions to it's users. In this network the transactions are recorded off to the main Blockchain and reduce the burden over the main Blockchain which improve its scalability speed of transactions.

More ever the loom network is based on the Ethereum Blockchain and use the delegated proof of stake (dops) along with the side chains to achieve higher speed of transactions. In addition the loom network also allows to create d-apps to make the platform more scalable.

How could the potential integration of plasma chains on the Steem Blockchain influence the speed of transactions and associated costs?

Friends as we all know that the Steemit is a social media platform which is based on the decentralized Blockchain system and the integration of plasma chains on Steem Blockchain can definitely influence the speed of transactions and associated costs. As we know the speed of transactions on the Blockchain networks is controlled by its scalability and in the above sections we have briefly discussed about the plasma Chains and their benefits.

So now it is clear that the integration of plasma chains in the Steem Blockchain definitely increase scalability (speed of transactions) of the Steem Blockchain. As we know the plasma chains have layer 2 scaling solutions and they are responsible for doing transactions off to the main Blockchain so due to the integration of plasma chains the burden of transactions on the main Steem Blockchain will be reduced and the speed of transactions will increase.

In addition the plasma chains are responsible for doing transactions off to the main Blockchain thus the offloaded transactions from main Blockchain to the plasma chains reduces the demand of on chain transactions which definitely lowers the fees of transactions on main Blockchain. So due to the addition of plasma chains in the Steem Blockchain the users may do transactions at very low fees.

So in results the addition of plasma chains in the Steem Blockchain increases the speed of transactions and the main Blockchain will be eligible for handling a large volume of transactions at the same time and it reduce the congestion of transactions on Steem Blockchain. By reducing the demand of on chain transactions the cost effectiveness of Steem Blockchain can also be improved.

Are there any plans or discussions within the Steem Blockchain community regarding the exploration or implementation of plasma chains?

Sorry to say still I didn't see any notification or announcement from the Steemit team about the implementation of plasma chains in the Steem Blockchain. More I haven't discussed directly with any of member of Steem Blockchain about the implementation of plasma chains in Steem Blockchain so I I'm unable to say anything about it. But here I can share only my thoughts and predictions about the future of Steem Blockchain.

Friends according to me I have realized that the Steem Blockchain is growing very fast and now a days many of new users are becoming a part of this amazing platform so we can realize that in the upcoming years the quantity of Steemit users will increase UpTo a next level. So in this situation It will become difficult for Steem Blockchain to handle a large number of transactions at the same time.

So in order to overcome this situation and to handle the large number of transactions the Steemit team will definitely go for the implementation of plasma chains in Steem Blockchain. On the other hand if they don't so then the steem platform may lose the interest of people and may become unable to maintain its stability, efficiency and security.

And after the implementation of plasma chains the steem Blockchain can easily handle all the transactions and the scalability of Blockchain will definitely increase. So now we can realize that the benefits and the positive impacts of plasma chains on any Blockchain. That was my own thoughts about it and I may be wrong so please ignore in this case thanks.

Friends that all was about that topic and I hope that you will like it. Now it is a time to say goodbye to everyone and I want to invite my friends @suboohi, @steemdoctor1, @aaliarubab, @ngoenyi @chefdanie, @patjewell and @malikusman1 to take a part in this amazing challenge of Steemit crypto academy.

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Written by @abdullahw2

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Thanks All ❤️

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