On November 14th, BlockBeats released news that Ethereum's co-founder, Vitalik Buterin, has proposed employing new technology to revamp Ethereum's scalability solution, Plasma. This notion was communicated in his newest article where he sheds light on the evolution of Plasma since its 2017 introduction.

Plasma, by design, facilitates most data and calculations to be retained off-chain, apart from deposits, withdrawals, and Merkle roots, thereby amplifying scalability. However, given its high client data storage cost and limited applicability outside the realm of payments, Plasma's prominence has gradually been overthrown by rollups.

With the advent of validity proofs such as ZK-SNARKs, Buterin suggests a reconsideration of Plasma technology, particularly for the payment sector. Under the proposed framework, the renovated Plasma chain would operate on Ethereum's Virtual Machine (EVM). While all-encompassing security wouldn't be guaranteed, majority asset safety can still be practically ensured.

Additionally, this proposal looks forward to fostering Plasma technology's role in the payments field, thereby broadening its utility beyond initial limitations.
 

In an article dated Nov. 14, Ethereum co-founder Vitalik Buterin delves into the intricacies of Plasma and the associated challenges in extending it to tokens and the Ethereum Virtual Machine (EVM). 

While acknowledging rollups as the industry’s primary preference, Buterin highlights the potential advantages of Plasma, particularly in reducing transaction fees and enhancing security.

Plasma blockchain 

Plasma, introduced in 2017, represents a category of blockchain scaling solutions designed to achieve significant scalability gains by moving most data and computation off-chain, with exceptions for deposits, withdrawals and Merkle roots. 

Despite multiple iterations, such as Minimal Viable Plasma, Plasma Cash, Plasma Cashflow and Plasma Prime in 2018, Plasma has faced challenges. It has, to a large extent, been overshadowed by rollups, mainly due to concerns related to substantial client-side data storage costs

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In his concluding remarks of the post, the Ethereum founder states that in 2023, Plasma is an underappreciated design space within the blockchain landscape. While acknowledging rollups as the gold standard with unmatched security properties, especially concerning the developer experience, Plasma’s distinct advantage in circumventing the data availability issue led to a significant reduction in transaction fees.

Another publishing

Just two weeks earlier, on Oct. 31, Buterin shared another article, this time emphasizing the significance of connectedness to the blockchain network, specifically focusing on the security aspects associated with withdrawing to Ethereum and reading Ethereum. 

While many are speculating on Ethereum’s value following ETF announcements, the founder has shown his continued interest in showing just what the technology is capable of.

Read more: Vitalik Buterin publishes article discussing dimensions of connectedness to Ethereum

In the effort to enhance the scalability of Ethereum, developers have been actively constructing mechanisms known as “rollups” that function more efficiently atop the foundational blockchain.

While these rollups have captured significant market share, a lesser-known scaling solution called Plasma deserves more attention, according to Ethereum co-founder Vitalik Buterin. Despite losing popularity since its introduction in 2017, Buterin suggests that it is now opportune to explore Plasma, particularly with the upcoming launch of ZK networks this year.

Role of ZK-SNARKs in Plasma’s Resurgence

In a recent blog post, Buterin said that Plasma is an “underrated design space.” Despite initially taking a backseat to roll-up technology because of constraints in client-side data storage and adaptability beyond fundamental payments, Plasma is now gaining renewed interest.

Buterin’s thesis centers around leveraging the advancements in validity proofs, particularly ZK-SNARKs, which, according to the exec, could help Plasma potentially overcome its previous limitations.

Plasma is a class of blockchain scaling solutions that enables all data and computation, except for deposits, withdrawals, and Merkle roots, to be kept off-chain. The largest challenge of making Plasma work for payments, client-side data storage, can be efficiently addressed with validity proofs, according to Buterin.

Moreover, validity proofs offer a diverse set of tools that enable the creation of a Plasma-like chain running an Ethereum Virtual Machine (EVM). While the security assurances of Plasma may not cover all users due to the inherent difficulties in extending Plasma-style exit games to various complex applications, a substantial portion of assets could still be practically secured.

“Plasma can be a significant security upgrade for chains that would otherwise be validiums. The fact that ZK-EVMs are finally coming to fruition this year makes it an excellent opportunity to re-explore this design space, and come up with even more effective constructions to simplify the developer experience and protect users’ funds.”

Plasma: Post-2019

Various iterations, including Minimal Viable Plasma, Plasma Cash, and Plasma Cashflow, have emerged from the initial concept of Plasma. Polygon Labs, the company behind Ethereum layer-2 scaling, adopted Plasma in 2019 but has since integrated several alternative solutions.

The shift away from Plasma was influenced in part by the decision of Plasma Group, a nonprofit Ethereum research organization, to halt its work on Ethereum-based scalability in January 2020.

The post Plasma’s Renaissance: Vitalik Buterin Advocates for a Comeback appeared first on CryptoPotato.

According to Cointelegraph, Ethereum co-founder Vitalik Buterin has suggested that teams working on zero-knowledge Ethereum Virtual Machines (EVMs) should revisit Plasma, a once-prominent Ethereum layer 2 scaling solution. Invented in 2017, Plasma diverts data and computation to an off-chain environment, except for deposits, withdrawals, and Merkle roots. It was eventually superseded by optimistic and zero-knowledge (ZK)-rollups, which offered cheaper client-side data storage costs and unmatched security properties.

Buterin stated that while rollups remain the 'gold standard,' Plasma is an 'underrated design space' that should not be forgotten. He believes that Plasma could be a significant security upgrade for chains that would otherwise be validiums. With ZK-EVMs coming to fruition this year, Buterin sees it as an excellent opportunity to re-explore the design space and develop more effective constructions to simplify the developer experience and protect users' funds.

Validiums, like Plasma, move data and computation off-chain but implement ZK-proofs to validate transactions. Plasma, however, uses fraud proofs, which are much slower. Buterin argued that improvements in ZK-proofs, such as validity proofs, address the past limitations of Plasma, making it more viable as a scaling solution. He also acknowledged that adapting Plasma for applications beyond payments has been a challenge before ZK-proofs entered the mainstream. Buterin expects the Ethereum layer 2 ecosystem to evolve with diverse technological approaches.

Ethereum (ETH) co-founder Vitalik Buterin published a new blog on Tuesday coming into action after a long period of time. He titled his blog “Exit Games for EVM validiums: The Return of Plasma”. Vitalik resurfaced the concept of Plasma, a blockchain scaling solution. 

Vitalik looks to revive Plasma

Plasma was originally introduced in 2017. It allows off-chain storage of all data and computation, excluding deposits, withdrawals, and Merkle roots. It is being highlighted that Plasma’s approach offers substantial scalability advantages without being constrained by on-chain data availability. However, plasma faced challenges related to large client-side data storage costs and fundamental limitations, leading to its eclipse by rollups.

In the blog, Buterin proposes a reconsideration of Plasma’s potential. He shed light on its validity proofs, also known as ZK-SNARKs. He argues that these proofs can effectively address the hurdles faced by Plasma in payment scenarios. ETH co founder particularly showed his concern about client-side data storage.

He added that validity proofs present a diverse set of tools that could facilitate the development of a Plasma-like chain running an Ethereum Virtual Machine (EVM). Buterin believes a substantial percentage of assets could still be securely managed in practice through this revived approach. However, Plasma’s security guarantees may not cover all users due to inherent complexities.

Can Plasma help ETH?

Vitalik Buterin highlighted that in 2023 Plasma is still an underrated design space. He emphasized the Rollups gold standard and its security properties that cannot be matched. However, he concluded by stating that this all comes from the developer experience perspective.

He informed that ZK-EVMs are finally coming to fruition this year making it an excellent opportunity to re-explore this design space. This could allow them to come up with even more effective constructions to simplify the developer experience and protect users’ funds.

On the market side, Ethereum is riding on an upward rally. ETH price is up by 31% in the 30 days. It is trading at an average price of $2,034, at the press time. ETH’s 24 hour trading volume is up by 35% to stand at $13 billion.

The post Vitalik Buterin’s blog signals the return of Plasma appeared first on Todayq News.

Ethereum’s founder Vitalik Buterin has once again demonstrated his legendary prowess in the blockchain world by reintroducing Plasma, a concept that represents a significant breakthrough in blockchain scalability and efficiency.

Originally conceived in 2017, Plasma is a framework for blockchain scaling solutions, enabling the majority of data and computations to be conducted off-chain, thereby opening pathways for substantial scalability enhancements not limited by on-chain data availability.

With its evolution, Plasma now re-emerges, addressing the fundamental challenges of scalability and applicability in more complex blockchain applications, including those beyond simple payments.

Plasma: The Path to Enhanced Scalability

The evolution of Plasma over the years has been marked by various iterations, including Minimal Viable Plasma, Plasma Cash, and Plasma Prime.

Each version aimed to solve specific issues related to blockchain scalability and efficiency, particularly in the realm of payments.

However, the journey of Plasma was not without its challenges. The initial versions grappled with complexities such as client-side data storage costs and limited applicability beyond simple payment systems.

The breakthrough came with the advent of validity proofs, especially Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (ZK-SNARKs).

These technologies provided a pathway to overcome previous limitations, paving the way for a Plasma framework that could support the Ethereum Virtual Machine (EVM).

This advancement means that Plasma could now be utilized in more complex blockchain applications, potentially transforming various sectors that rely on blockchain technology.

Revolutionizing Blockchain Applications with Plasma

The integration of Plasma with the EVM opens up a plethora of possibilities. It allows for the creation of parallel Unspent Transaction Output (UTXO) graphs for ETH and ERC20 tokens, enabling traditional Plasma systems to operate over these UTXO graphs.

This methodology simplifies interactions with the EVM and mitigates some of the challenges associated with account-based systems, where unauthorized account modifications are a concern.

However, fully supporting EVM applications with Plasma presents unique challenges. Many state objects in the EVM do not have an identifiable owner, which is crucial for maintaining Plasma’s security framework.

Additionally, the EVM’s inherent complexities, such as unbounded dependencies, pose difficulties in ensuring the validity of state changes, as the validity of any state is contingent on the entire network.

Plasma’s Impact on the Future of Blockchain

Buterin’s reintroduction of Plasma is not merely a technical update; it’s a visionary step towards realizing the full potential of blockchain technology.

While Plasma continues to evolve and address its inherent challenges, it offers an innovative approach to tackling issues of scalability and efficiency in blockchain networks.

This development is particularly timely, as the blockchain community increasingly focuses on creating more versatile and efficient systems.

As ZK-EVMs become more prevalent, the potential applications of Plasma could be far-reaching.

From enhancing the speed and efficiency of transactions to enabling more complex and secure applications on blockchain networks, Plasma holds the promise of propelling blockchain technology into new frontiers.

Buterin’s ongoing contributions and thought leadership continue to drive innovation in the blockchain space, constantly pushing the boundaries of what’s possible.

In any case, the reintroduction of Plasma by Vitalik Buterin marks a significant milestone in blockchain development. It showcases the ongoing efforts to enhance blockchain scalability and efficiency, offering new possibilities for the future of decentralized technology.

As the blockchain community delves deeper into the capabilities of Plasma, it stands on the brink of a new era of blockchain innovation, driven by scalability, efficiency, and versatility.

Plasma, a once-prominent Ethereum layer 2 scaling solution, should be revisited by teams currently working on zero-knowledge Ethereum Virtual Machines (EVMs), says Ethereum co-founder Vitalik Buterin.

Invented in 2017, Plasma diverts data and computation — except deposits, withdrawals and Merkle roots — to an off-chain environment.

It was superseded by optimistic and zero-knowledge (ZK)-rollups as the two solutions offered cheaper client-side data storage costs and security properties that “cannot be matched,” Buterin explained in a Nov. 14 X (Twitter) post.

Exit games for EVM validiums: the return of Plasmahttps://t.co/QgyzXAl0wv

— vitalik.eth (@VitalikButerin) November 14, 2023

Buterin said rollups remain the “gold standard,” but Plasma is an “underrated design space” that shouldn’t be forgotten.

“Plasma can be a significant security upgrade for chains that would otherwise be validiums.” Buterin added.

“The fact that ZK-EVMs are finally coming to fruition this year makes it an excellent opportunity to re-explore this design space, and come up with even more effective constructions to simplify the developer experience and protect users' funds.”

Like Plasma, validums move data and computation off-chain but implement ZK-proofs to validate transactions. Plasma, on the other hand, uses fraud proofs — which are much slower.

Buterin argued improvements in ZK-proofs, such as validity proofs, address the past limitations of Plasma, making it more viable as a scaling solution.

Adapting Plasma for applications beyond payments has also proven to be an Achilles heel for Plasma before ZK-proofs entered the mainstream, Buterin acknowledged.

Buterin expects the Ethereum layer 2 ecosystem to evolve with diverse technological approaches.

Babe wake up Vitalik just revived Plasma

— sassal.eth (@sassal0x) November 14, 2023

Minimal Viable Plasma, Plasma Cash and Plasma Cashflow are among the iterations that have stemmed from Plasma.

Ethereum layer 2 scaling-focused firm Polygon Labs implemented Plasma in 2019 but has implemented several other solutions since.

The movement away from Plasma was partially attributed to Plasma Group, a nonprofit research firm announcing that they would cease working on Ethereum-based scalability in January 2020.

OMG, the token of OMG Network — which uses Plasma — spiked 28.6% to $0.78 in a three-hour window following Buterin’s post, according to CoinGecko. However, it has since fallen 14.3% to $0.67.

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OMG, the native token of the OMG Network, climbed to a six-month high after Ethereum creator Vitalik Buterin published a blog post on how Plasma, the technology behind the OMG Network, has the potential to reduce transaction fees and improve security.

The token rallied 16% to $0.77.

"Plasma lets us completely sidestep the data availability question, greatly reducing transaction fees," Vitalik wrote in a blog post titled 'Exit games for EVM validiums: the return of Plasma.' "Plasma can be a significant security upgrade for chains that would otherwise be validiums."

OMG Network, formerly known as OmiseGO, was among the first layer-2 scaling products when it debuted with an initial coin offering (ICO) in 2017. It aimed to increase the efficiency of the Ethereum blockchain by using Plasma, a framework that bundles transactions together off of Ethereum and segments them into "child chains."

Plasma has largely been replaced over the years by Ethereum rollups, which also take transactions off the main chain before sending the data back to the network.

Buterin said he believes Plasma still has a role to play, noting now is an "excellent opportunity to re-explore this design space, and come up with even more effective constructions to simplify the developer experience and protect users' funds."

OMG Token reached a record high $25.4 in January 2018 as the positive narrative around Plasma began to proliferate. It has since lost more than 97% of its value following the emergence of rollups like Arbitrum, Optimism and zero-knowledge rollups like Mina and Dusk Network.