One of the largest blockchain-platforms in the world ETHEREUM has several problems with throughput and increasing price of the smart contract. Briefly, the scalability problem is the following. While checking the transactions history of Ethereum, users are required to retain copies of the entire blockchain, a complete history of their transactions and all the calculations. For “supercomputer” it is not a problem, but most users likely will not be able to store this amount of data on their devices.
This August Vitalik Buterin and Joseph Poon have published a working draft on Plasma project.
BANKEX team have found ideas stated there interesting and useful and started working on it. At ETHWaterloo hackathon in the middle of October BANKEX team has presented it’s groundwork at this field.
In January 2017, BANKEX developed the original Plasma compatible with Proof-of-Concept in January 2017, conducting a test of its prototype on the Rinkeby network. The results were striking — reaching a network speed of 5,000 transactions per second, 250 times faster than Ethereum, at zero gas cost.
We got feedback from Vitalik: