Plasma Definition
Plasma is an off-chain scaling solution, usually for Ethereum, that enables faster and cheaper transactions. It carries out computations off the main Ethereum network in a secondary layer, reducing the load on the main blockchain while ensuring the security of the network.
Plasma Key Points
- Plasma is a layer-2 scaling technique that operates on top of a blockchain.
- It increases the transaction speed by handling transactions off-chain and only broadcasting the final state to the main network.
- Plasma reduces the costs associated with transactions by decreasing the amount of data stored on the main chain.
- Even though it operates in a separate layer, it maintains the security and decentralization aspects of the main blockchain, usually Ethereum.
What is Plasma?
Plasma is a protocol that was designed to scale Ethereum’s capabilities by moving a major chunk of computations and processes off the main Ethereum network and making it occur on a ‘child chain.’ This strategy reduces congestion on the main chain, thereby helping the blockchain scale whilst keeping transaction fees lower.
Why was Plasma Created?
Ethereum’s network had started showing signs of strain due to the large amount of transactions it was dealing with. High gas prices and long waiting times for transactions became a common occurrence, leading to the creation of Plasma. The development of Plasma was to deal with these efficiency issues by not burdening the main chain with too many transactions, leading to faster and more cost-efficient operations.
Who Developed Plasma?
Plasma was conceptualized by Joseph Poon and Vitalik Buterin, who is the co-founder of Ethereum. The goal was to create an effective off-chain solution that would enhance the scalability of Ethereum without compromising on the security and decentralization offered by blockchain technology.
How Does Plasma Work?
Plasma works by operating a network of child chains on top of the main Ethereum blockchain. Transactions occur off the main chain and are batch processed before being submitted to the main chain. Essentially, the main Ethereum network only has to process a handful of ‘batched’ transactions instead of a larger number of individual ones. This significantly enhances the speed while reducing the need for large transaction fees.
Where is Plasma implemented?
Plasma is commonly implemented on the Ethereum network, as it was initially designed to ease the scalability issues present in Ethereum. However, the protocol can also be potentially implemented on other blockchains that are looking to improve their scalability while maintaining security and decentralization.
