Topic: [ANN] Ethereum: Welcome to the Beginning - page 348. (Read 2006413 times)

Meanwhile ETC is proceeding towards the flippening of ETH.. one day at a time.

Prolly not tomorrow and prolly not next month. I remember though that some of the ETH guys said we should see some improvements in 2018.

So Bankex Plasma is just a Plasma implementation? This means that there can be many Plasma's implementations? I'ts not trustless because you have to trust a Plasma operator you said, but in the future we'll see trustless transactions thanks to smart contracts?

BANKEX has launched the beta version of BANKEX Plasma, the first realization of a Plasma blockchain originally envisioned by Vitalik Buterin for the main Ethereum network. During its first month in beta, BANKEX Plasma has reached a capacity of 22k simultaneous transactions per second without sharding at a cost of less than 0,5  cent (half cent) per transaction. The protocol currently has replication in 3 data centers, can verify client software for integration capacity and provides instant liquidity for users. The high speed protocol is fully operational, but will undergo additional stress testing in beta.

BANKEX Plasma is a new scalability solution for the Ethereum network. The speed issue is crucial to scaling the Ethereum network. In its current state, the Ethereum network can handle about 22 transactions per second. While this is faster than Bitcoin, which handles up to 7 transactions per second, it is not comparable with the VISA processing network that can work with more than 20,000 transactions per second. In order to be compatible with traditional banking systems supporting the global economy, blockchain developers have been working to increase the capacity of a blockchain based processing system for stable, high speed cryptocurrency transactions. BANKEX Plasma is the first such protocol to have met or surpassed the speed of VISA processing.

“At the moment, the actual speed of Plasma has reached 22,000  transactions per second,” said BANKEX creator of BANKEX Plasma Alex Vlasov. “Having reached this speed, the transaction rate has ceased to be our priority and the focus has shifted to finalization of the smart contract for servicing the Plasma operation and the client application that verifies the volume of transactions in real time.”

The technical realization of a Plasma protocol with such speed makes its implementation possible among corporate clients, including stock exchanges. Exchanges could offer inner transactions free of charge while offering a higher level of security while maintaining the trust to Ethereum. The BANKEX Plasma B2B solution, called Plasma Enterprise, has the potential to open a new chapter in the history of the Ethereum blockchain as its applications are relevant to a wide range of fields and businesses that require high speed, high volume transactions.

BANKEX Plasma will run in beta for at least the next 6 months to undergo further stress testing for capacity and resolving residual technical issues. Moreover, at the moment there are no counterparties with enough cryptocurrency traffic to independently verify even 5k transactions, let alone the 22k transactions that BANKEX Plasma will need to verify.

BANKEX Plasma is an implementation of the Ethereum Plasma project originally developed by Vitalik Buterin and Joseph Poon in August 2017. Work on the BANKEX Plasma protocol begun in October 2017 when BANKEX developers introduced their own version of Ethereum Plasma at the ETHWaterloo hackathon. Technically, BANKEX Plasma is an ‘inner blockchain’ of the main Ethereum network.  It is protected by the smart contracts on Ethereum from the misbehaviors of Plasma participants and helps to increase the number of Ethereum transactions per second.

In other words, BANKEX Plasma proposes a slight redistribution of trust. BANKEX Plasma users extend a little more trust to one party, called a Plasma operator, and this enables that Plasma operator to produce blocks at a faster rate. This, in turn, enables faster transaction processing and achieves some additional functionality that can be very useful to the entire network. At the same time, the BANKEX Plasma protocol enables verification of the Plasma operator as a security measure against error or malicious behavior. Users can challenge an operator to demonstrate that its performance is correct and error free. Should a Plasma operator be unable to prove this, users can stop interacting with this party and this minimizes the risks of losing value in unreliable transactions.

The BANKEX Plasma protocol is simple to use. A user makes a transaction request for a particular sum on the Plasma smart-contract in Ethereum. This takes place completely in the Ethereum root network and does not depend on the Plasma blockchain. After this, however, the requested sum is transferred to a smart-contract on the branch Plasma blockchain and is managed by a Plasma operator, accelerating the transaction speed. Running Plasma requires operators to have some basic infrastructure – servers, databases and a volume of ETH to operate a smart contract. The infrastructure requirement means that a Plasma operator will either have charge fees in some form or obtain a grant from the Ethereum Foundation to cover these costs.

Users can send funds to any address in Plasma – this is another distinction between Plasma and state channels, for example Lightning or Raiden. At the same time a user needs to be sure to send funds to what’s called an “externally owned address” – this is an address without code and that has an associated private key.

BANKEX Plasma can be used for more than the transfer for cryptocurrency.  The protocol has several standard transaction modes for different purposes:

• Split: This sends parts of a user’s unspent transactions to other parties (including self);
• Merge: This merges two inputs into a single output to reduce the number of unspent transactions that a client needs to scan and cache;
• Transfer: This transfers output in full;
• Fund and Withdraw: These modes are for depositing and withdrawing ETH from the main network.

BANKEX Plasma will be a key component for tokenization of the real-world assets, as it will enable the transfer of indivisible assets in full from one owner to another in a fast and secure way. BANKEX is the first fintech company to launch a high speed Plasma blockchain that will have a significant impact on the crypto community and one the off-chain world at large.

About BANKEX

BANKEX is a global top-50 fintech company developing the Proof-of-Asset Protocol to bring Bank-as-a-Service (BaaS) product modules and blockchain together for the digitization, tokenization & exchange of assets for the development of a global tokenized ecosystem.  Leading BANKEX technologies include the Proof-of-Asset Protocol for tokenization, the Plasma Protocol, BANKEX Scan, BANKEX Smart Justice, BANKEX Trust Service, and the Solidity Floating Point Library, among others.

For more information, please visit https://bankex.com/en/.

Video presentation

yes price is stable and in very good position
but eth network is currently facing alot of transaction load
and this its more then 50k pending transactions
gas price is very high more then 80 gwei gas price
i think i have to wait for gas price get low and then i will make transactions to the exchange

Has Ethereum network get congestions due to massive ICO and bounty payments.
It sounds a bit ridiculous!

Sharding and Casper to come. Don't worry.

Ethereum price stable around $460, as we know that ethereum network overloaded again. Few bounty payments stucked cause of the high gwei price. I also want to transfer ethereum to exchange but i can't, Transaction can be stuck for days.
Now only we can wait and keep my eyes on ethereum network. I also heard that Ethereum team going to improve the network. let's hope ethereum network will be normal soon. 

Be patience, sharding and casper update is on the way. You should not feel worried about that because it will be back after the dapps hype will be over. I guess there are some persons created a lot of spam transaction too. This makes the priority standard in the ethereum network has been increasing a lot.

I thought sharding is to solve this problem?

Vitalik is already talking about this problem and they of this so he is working on that issue to resolve this problem and give a nice solution there. So that I also think in future this network will get improved and it will keep continue to grow.

In 2019, it is a problem to be solved completely, and now there is an high interest in the Ethereum and the number of transactions has increased.

I am doubt EOS will be more faster in transaction processing due to ethereum transaction is still more better than EOS blockchain, we can see on here http://blocktivity.info/ ethereum is number three with more than 500.000 transaction per second, recorded more than 1.3 millions transaction per second. But EOS is just number 5 and huge number of transaction speed just around less than 400.000 transaction per second.

Sure looks like it. Also the cost for transfer is skyhigh from what it usually is, Gwei 70-100 or thereabaout.

Ethereum gaining so much followers now, has cause massive eth transaction worldwide. This has been with btc before. But Vitalik has always come thru with such adjustment on the eth coin. Correct, these adjustment should be solve accordingly or else other major coins will surpass eth as the 2nd most invested coin.

I hope that Ethereum can solve its problems in the near future. The current situation with the commissions is disappointing. I remember that very recently the gas price was 1 Gwei.

aura has launched the beta zero youstock platform these platforms are going to be the next stage of crypto because everyone can make a token currency easily then trade it easily and could be melded with social media platforms
https://github.com/YouStock/beta/releases/tag/0.0.0

https://bitcointalksearch.org/topic/annethashpow-aura-smart-contract-ledger-youstock-tokenized-selfhood-2818598

Do not forget about resistance especially today and a few days earlier, Ethereum good grow even now. And I basically confirm that 400-500$ is near the bottom area.

Ethereum should have died so many time...
The last time was caused by crytokitties,though the price went from 320$ to 1400$

The ethereum will not be destroyed by anybody, the above mentioned coins for the present moment are beyond competition.