The BANKEX Plasma allows users to exchange different assets directly between each other on blockchain without intermediaries. It solves one of the most pressing problems of the blockchain world — high levels of gas consumption.
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.
Technically the Plasma is just another blockchain that can be efficiently integrated on the parent Ethereum blockchain. It is well protected by smart contracts on Ethereum from potential abuse from both Plasma operators and Plasma blockchain participants.
The function of the BANKEX Plasma incorporates efficiency strategies of off-chain transactions and is similar to the Lightning/Raiden network, but with one crucial difference — transaction dispute resolution on the BANKEX network can take place between users and BANKEX and they are automatically resolved via smart-contract. This differs from Raiden where disputes are resolved between end users interacting during a transaction. The difference makes the BANKEX Plasma attractive to financial institutions integrating such technology into pre-existing technologies and financial procedures.
BANKEX developers first created a Plasma-like prototype platform at the ETHWaterloo Hackathon in October 2017 in just 36-hours. The BANKEX Foundation team then released an improved platform for the creation and exchange of smart assets using Plasma shortly afterwards. This is the same platform that has been upgraded and released today.