Steemit Crypto Academy Contest / S14W1 -Plasma Chains
Steemit friends! I am happy to have you here reading through my post, in which I talked about "Plasma Chains" which is organized in the SteemitCryptoAcademy community.
What is a plasma chain in the context of blockchain? And how do plasma chains help solve blockchain scalability issues? |
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In the context of blockchain, "Plasma chain means a blockchain that has its mechanism for validation of nodes, transactions, and so on. In other words, it means an off-chain solution that stands to increase the performance of the Ethereum blockchain network, such as creating a structure that looks like a tree of many smaller chains.
Edited By Canva
Plasma is connected to Ethereum and is a subsidiary of the Ethereum blockchain which was introduced by Vitalik Buterin who is the founder of the Ethereum network with another co-founder Joseph Poon to increase the Ethereum network (scale). This means plasma is to increase the capacity of a blockchain network so a blockchain network can be able to perform numerous amount of transactions within a second.
The idea behind the creation of an off-chain in which plasma is one in a cryptocurrency comes from the concept of creating a small blockchain. With the help of plasma, the Ethereum blockchain, is stands as the main blockchain whereas the plasma chain serves as the small blockchain since it is a subsidiary blockchain.
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Edited By CanvaThe plasma chain is the chain that inherits the security and decentralization of the main blockchain networks while offering the main blockchain the means of increasing transaction speed, increasing scalability, and solving issues.
Based on the fact that plasma is created with layer 2 chain scaling solutions that improve the efficiency of a main blockchain network. Plasma is part of Merkle trees and smart contract. In a blockchain, Merkle trees are the driving force behind the creation of an additional chain.
Plasma is what makes it possible for blockchain networks, to implement scalable solutions in different ways, by what they are created.
What is the main difference between a plasma chain and the main blockchain? |
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Based on how far I have understood what the plasma chain is and what the main blockchain is.
To this, the main difference between the plasma chain and the main blockchain is that the plasma chain serves as a layer 2 blockchain network which is used as a scaling solution for a certain blockchain network, while the main blockchain works independently on it own which I have further discussed the key difference in a tabular form below.
| Plasma Chain | Main Blockchain | |
|---|---|---|
| Plasma chain has a high scalability | The main blockchain has a limited scalability | |
| Plasma chain performs a higher transaction per second | Main Blockchain performs a lower transaction per second | |
| The security in plasma is lower which is not guaranteed | The security in the main blockchain is higher and guaranteed | |
| Plasma chain is less decentralized | Main Blockchain is more decentralized | |
| Plasma chain has limited smart contract support | Main Blockchain has full smart contract support | |
| Lowe transaction fees | High transaction fees |
Are there any concrete examples of applications or projects using plasma chains successfully? |
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source
An example of an application or project using plasma chains successfully is OmiseGo (OMG) which is an online exchange and payment platform that has been using plasma chains for cost-effective transactions.
OMG is a project that is built on the Ethereum blockchain network and at the same time supplemented by a plasma chain for cost-effective transactions.
Currently, I strongly believe some many applications or projects use plasma chains. However, research has shown that plasma chains can best be used in medical and telemedicine research. In a nutshell, the plasma chain ensures that there are lower fees, scalability, and speed and also eliminates data from the main blockchain.
How could the potential integration of plasma chains on the Steem Blockchain influence the speed of transactions and associated costs? |
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The truth is on the steem blockchain transaction speed is high and there is no cost associated with transactions on the steem blockchain which all of us are enjoying.
With the integration of the plasma chain on the Steem blockchain I think the Steem blockchain will become the fastest blockchain in terms of speed of transaction and associated costs.
Also, the potential integration of plasma chains on the steem blockchain, is that there will be more scalability, low transaction cost on exchange, and more operations speed.
Are there any plans or discussions within the Steem Blockchain community regarding the exploration or implementation of plasma chains? |
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For now, I don't know if there is any plans or discussion within the Steem blockchain community regarding the exploration or implementation of plasma chains as the Steemit team hasn't made any announcement regarding the exploration or implementation of plasma chains for everyone to be aware of.
@dave-hanny, @yakspeace, and @kuzyboy I am inviting you all
Greetings Friend 😀
I have just stopped at your publication and very glad to read your valuable insights and views about the plasma chains and their affect on the Blockchain. You have nicely covered the whole and explained very about. You have also discuss about the examples of network which are working on Plasma Chains. Thank you so much for sharing with us.
Best of luck 🤞
Plasma chains can do a lot in improving the layer 1 Blockchain in terms of scalability, txn fees and speed. Like you mentioned, presently, only few known projects are utilizing. We hope to see more application of this in the future.
Wish you the best in this contest.
Plasma chain is a great project indeed ma.
Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
Hello friend greetings to you. Hope you are having good days there.
Plasma Blockchain work as s side one. It helps the the main Blockchain to reduce it's burden. Plasma Blockchain always improve transection, will have no or less fee. Give more security to the main Blockchain.
I wish you very best of luck in the contest.
Thank you, friend!
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@your1crypto! 🚀 Your explanation of plasma chains is clear and concise making it accessible for readers. I appreciate how you've linked the concept to real-world examples like OmiseGo (OMG) and emphasized the potential benefits of plasma chains in terms of scalability speed and cost-effectiveness. Your comparison between the plasma chain and the main blockchain is well-structured providing a comprehensive understanding of their differences.
Highlighting the potential integration of plasma chains on the Steem Blockchain and its potential impacts on transaction speed costs and scalability adds depth to your discussion. The acknowledgment that you are not aware of any specific plans or discussions within the Steem community regarding plasma chains shows honesty and awareness of the current situation.
Que bueno que resaltas la importancia de la estructura de la cadena de plasma organizada jerárquicamente en forma de árbol de Merkle y el uso de contratos inteligentes. A partir de allí nacen las cadenas hijas teniendo la posibilidad de expandirse y abrir un campo libre para el desarrollo de nuevas aplicaciones.
Has abordado el tema con conocimiento lo que demuestra tu esfuerzo.
Te deseo mucha suerte y éxito.
Thank you so much for sharing such an informative post with us and I really agree with you that plasma chain is just like blockchain that verifies nodes and also verifies off chain transactions that's why it is considered something which process everything in more cheapest and fastest way
I agree with all the things that you have explained about integration of plasma chain at steem blockchain then we will get more scalability more security more privacy less transaction fees and many other benefits also over all it was a good insight of your knowledge that you have shared with us I wish you success