Steemit Crypto Academy Contest / S14W1 -Plasma Chains
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INTRODUCTION |
Greetings friends and welcome to the first week of engagement for this 14th season. A few weeks back, when we discussed the topic of Layer 2 blockchain, we came across a Layer 2 solution called "Plasma". Today we are to discuss Plasma Chains, knowing that they are Layer 2 solutions that can help make blockchain transactions faster and more efficient.
What is a Plasma chain in the context of blockchain? And how do plasma chains help solve blockchain scalability issues? |
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We all live in a city and community, and within that city or community, we have different neighbourhoods or districts, don't we? But then, each neighbourhood carries out its activities and has specific rules that govern the neighbourhood. However, all these neighbourhoods come together to form the big city, allowing them to share information and connect.
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Relating this to Blockchain, we can say the entire city is the main blockchain, with each neighbourhood representing a plasma chain.
Therefore, each plasma chain operates independently. Just like the neighbourhoods have their unique activities, these plasma chains have their own set of rules and can process transactions and execute smart contracts within their neighbourhood.
However, just like the neighbourhoods are connected to the city or community, all plasma chains are still connected to the main blockchain, allowing them to communicate and share information with the main blockchain, ensuring that everything stays in sync.
Hence, in the context of Blockchain, we can say that a plasma chain is a smaller, self-contained version of the main blockchain, designed to handle specific tasks, such as transactions and smart contracts independently and efficiently.
The Plasma chain helps with the scalability issues of the main blockchain by carrying out some of the transaction processing of the main blockchain off-chain, thereby allowing the main blockchain to scale a larger volume of transactions in a short time.
Sometimes the main blockchain struggles to process high volumes of transactions quickly. This is where plasma chains come in, they act as side chains that connect to the main blockchain but can handle their own set of transactions and smart contracts, taking some of the workloads away from the main blockchain.
Let's say the main blockchain is just one lane, hence if multiple vehicles (transactions) use the lane at once, it gets congested, but when more lanes are added, vehicles (transactions) can flow smoothly. Hence, plasma chains act as the extra lanes to the blockchain for transactions to take place, thereby making the process faster and more efficient.
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This is because, when the plasma chains take some of the transaction processing away from the main blockchain, it gives the main blockchain freedom to focus on its core functions, while the plasma chains handle their specific tasks, bringing about a division of labour, which helps to scale up the blockchain system and handle a larger number of transactions. We all know how division of labour can help us handle our workload in time, hence same happens for Blockchains with Plasma chains or another layer 2 protocols.
What is the main difference between a plasma chain and the main blockchain? |
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Some differences between the main blockchain and plasma chains include;
| Main Blockchain | Plasma Chain | |
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| Scope and Purpose | The main blockchain is the central hub that handles all the transactions and smart contracts. | Plasma chain only handles a specific set of transactions and smart contracts. |
| Transaction Processing | Handles all the transactions and verifies them. It's like the bookkeeper who checks every transaction to ensure they're valid and secure. | It handles its own set of transactions and smart contracts independently. It's like having separate teams taking care of specific tasks, to make the whole process faster and more efficient. |
| Scalability | The main blockchain may sometimes struggle to process a large number of transactions quickly. | Plasma chains can handle their transactions and take some of the load off the main blockchain. |
| Division of Labor | The main blockchain has the responsibility of maintaining the overall integrity and security of the entire system. | Plasma chains focus on their own set of transactions and smart contracts. Hence, it allows for more efficient processing and helps to scale up the blockchain system. |
Overall, The main difference between a plasma chain and the main blockchain is in their scope and purpose.
The main blockchain is the central hub that records and verifies all transactions and smart contracts, like the main headquarters of a company, where all the important decisions and operations take place.
Whereas, Plasma chains are like a branch or department within the company that focuses on handling only some specific set of transactions and smart contracts in a more efficient and streamlined manner.
Therefore, Plasma chains are like having different departments that handle different issues inside the company (the main blockchain).
Another vital difference is that Plasma chains are designed to process transactions off the Main Blockchain, which means, they do not require all the nodes on the network to validate every transaction, thereby significantly increasing the number of transactions carried out on the network.
Are there any concrete examples of applications or projects using plasma chains successfully? |
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There are some applications and projects that have successfully implemented plasma chains, such as;
OMG Network (formerly OmiseGO):
OMG Network is a project that aims to provide scalable and efficient financial services on the Ethereum blockchain. They utilize a plasma chain called More Viable Plasma (MoreVP) to process a high volume of transactions and enable fast and low-cost payments.
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MoreVP is designed to allow fast and secure off-chain transactions, meaning that transactions can be processed quickly and at a lower cost compared to the Ethereum mainnet. OMG Network leverages this plasma chain to enable scalable and efficient financial services on the Ethereum blockchain.
Matic Network (Polygon):
Matic Network is a layer 2 scaling solution on the Ethereum blockchain that uses a plasma chain to provide a layer 2 scaling solution for Ethereum. The use of the plasma chain enables Matic Network to process a large number of transactions off-chain, and then settle them on the Ethereum mainnet thereby improving the scalability of Ethereum-based applications, making them faster and more cost-effective.
Loopring:
Loopring, a decentralized exchange (DEX) protocol leverages a plasma chain to improve the efficiency and scalability of token trading. By utilizing a plasma chain, Loopring can handle a higher volume of transactions off-chain, reducing congestion on the Ethereum network, and allowing for faster and more cost-efficient token swaps on the Loopring decentralized exchange.
Loom Network:
Loom Network is a platform that allows developers to build scalable blockchain applications. They utilize a plasma chain called Basechain to provide high throughput and low-latency transactions, making it suitable for applications in gaming and social networking. Loom Network allows developers to build scalable blockchain applications that can handle a large number of users and transactions without compromising performance. Loom Network however focuses on gaming and social applications, to enable seamless user experiences.
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 potential integration of Plasma chains into the Steem Blockchain could bring significant impacts on the speed of transactions and associated costs as Plasma chains are designed to allow off-chain transaction processing and settlement, which means that transactions can be completed more quickly and at a lower cost compared to the main blockchain.
The implementation of plasma chains on the Steem Blockchain would help the Steem Blockchain be able to handle a higher volume of transactions without congesting the main chain, thereby resulting in faster transaction verifications and improving scalability by allowing users to experience reduced waiting time and enjoy fast and more efficient transaction processes.
Furthermore, the integration of plasma chains could also reduce transaction fees on the Steem Blockchain as with the off-chain processing, the cost of executing transactions can be lower compared to on-chain transactions, making it more cost-effective for users to engage in activities such as content creation, curation, and transfers on the Steem platform.
However, there is one potential downside of plasma chains, which is, that they require a certain degree of trust in the centralized entity that maintains the sidechain. Therefore, the risk of double-spending or other malicious activities may increase if centralized authorities operate plasma chains without proper oversight.
Are there any plans or discussions within the Steem Blockchain community regarding the exploration or implementation of plasma chains? |
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The Steem Blockchain currently uses a very powerful and efficient underlying layer in GRAPHENE that ensures transactions and interactions on the platform are carried out smoothly and quickly. With the ability to scale as high as 10,000 or more transactions per second.
While also adopting a zero-fee transaction structure to help promote its adoption while also making the platform accessible to all users.
Regardless, I can't say for sure if there are any discussions or plans to implement the use of plasma chains as I don't have any information within the Steem Blockchain community regarding the exploration or implementation of plasma chains.
However, such discussions or plans may be happening within the community as Blockchain projects are constantly evolving with new ideas and technologies often explored to improve scalability and transaction efficiency.
CONCLUSION |
In conclusion, Implementing Plasma chains in blockchain technology can be of great improvement in enhancing transaction speed, scalability, and cost-effectiveness, thereby allowing for faster transactions and lower costs, while also improving the overall user experience.
I wish to invite @starrchris, @yancar, @ngoenyi and @suboohi
Thank You for your Time
NOTE: Always have a smile on your face, as you are never fully dressed without one.
Amigo @shamie como siempre te luces en tus contenidos tan nutridos de conocimientos. Me gustó la comparación de la velocidad transaccional de diferentes plataformas. Allí podemos darnos cuenta como BTC está rezagado y OMG puntea grandemente con el plasma.
Por esa razón ETH tuvo que avocarse en buscar soluciones para el TRILEMA donde la escalabilidad, seguridad y descentralización son sus verdaderos desafíos.
Gracias por tus aportes, te deseo mucha suerte y éxitos.
¡Un fuerte abrazo!
Thank you so much for your kind words, I'm happy to hear that you found my content informative and rich in knowledge. Also, I'm glad you liked the comparison of transactional speed between different platforms, where it's clear that BTC lags behind while OMG shines with plasma technology.
I truly appreciate your support and well wishes. Good luck and success to you too
¡Saludos y feliz día!
Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
Saludos cordiales gran amigo sahmie, muchas gracias por la mención en tu participación.
Las Blockchain plasma, son las Blockchain de segunda capa que vienen a resolver problemas de escalabilidad en las Blockchain de primera capa, como vimos en un tema anterior estas son construidas a partir de la Blockchain principal, para así aprovechar su seguridad pero con nuevas cadenas y formas de trabajar para acelerar las transacciones por segundo.
Buena participación amigo, te deseo mucho éxito.
Learning we are told is a continuous process till our last breathe. Therefore, we keep on learning and exploring what makes the blockchain more efficient, which as brought us to the Layer 2 & 3 blockchains of which Plasma is one of them. Thank you for your support, I really appreciate it
Hello, @sahmie. Congratulations You're doing an excellent job. Your plasma chain information must be an amazing experience for everyone to comprehend, with many of examples. I wish you the best of luck in this contest, mate. Best wishes.
Thank you for your heartfelt comment, this has made my stressful day, less stressful. Thank you for your support all the best to you too.
@sahmie Fantastic explanation ! Your analogy comparing blockchain and plasma chains to a city and its neighborhoods makes the concept crystal clear. The examples of projects like OMG Network and Matic Network really drive home the practical impact of implementing plasma chains. The potential integration on Steem sounds promising for faster transactions and reduced costs but trust remains a key consideration. Best of luck in the contest! Your insights bring refreshing clarity to the often complex world of blockchain. May your contribution stand out & pave the way for even more innovation. 👏🚀"
Thank you so much for your kind words. I'm excited that my analogy helped you understand the concept of blockchain and plasma chains better. Projects like OMG Network and Matic Network truly showcase the practical impact of implementing plasma chains in real-world scenarios. And you're absolutely right, trust is crucial when it comes to integrating these technologies, especially on platforms like Steem.
I really appreciate your well wishes for the contest! It's exciting to be able to contribute my insights to the world of blockchain, and I hope my perspective can bring some clarity to the complex nature of this rapidly evolving field. Have a great time.
Upvoted! Thank you for supporting witness @jswit.
Hello friend greetings to you. Hope you are having good days there.
The best post here in this entire contest on this topic. You have beautifully explained us what is plasma Blockchain and how it deffers from the real Blockchain.
As we know the plasma chain transection than any other real Blockchain.
I wish you very best of luck in the contest.
Thank you so much for your kind words. I'm excited to hear that you think my post is the best in the entire contest. It means a lot to me that I was able to explain what plasma Blockchain is and how it differs from the real Blockchain in a way you like. As always, I put effort into making it clear and understandable for everyone. Your appreciation encourages me to do better and keep sharing valuable content. Thank you again for your support.
Greetings @sahmie Boy 😊
Just like your previous articles, that article about the plasma chains from your side is very interesting and well written. You have done a very wonderful job and briefly explained about the plasma and you have also explained very well the Steem Blockchain after the implementation of plasma chains in it. Your great work is totally admirable and thank you so much for sharing with us.
Best of luck 🤞
Hey there!
I'm so glad to hear that you found my article on plasma chains interesting and well-written, just like my previous articles. Thank you for your kind words
Like every other user, I put a lot of effort into research and in explaining the concept of plasma and how it works in Blockchain technology.
I'm happy to know that you found it helpful and that my work is admirable to you. You're very welcome, and thank you for taking the time to read and appreciate my content it means a lot to me.
You are always welcome brother 😊.
In fact your publication was really very informative and impressive. Blessings and have a great day
TEAM 4
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