1. Home
  2. OMG Network

OMG Network

Ethereum’s rollups are ‘gold standard’ but Plasma needs a revisit: Buterin

Vitalik Buterin called the early Ethereum scaling solution Plasma “underrated” and a “significant security upgrade” for chains that would otherwise be validiums.

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It was superseded by optimistic and zero-knowledge (ZK)-rollups as the two solutions offered cheaper client-side data storage costs and security properties that “cannot be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.

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.

Related: Did Ethereum Silently Give Up on Plasma?

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.

Magazine: ZK-rollups are ‘the endgame’ for scaling blockchains: Polygon Miden founder

Bitcoin Bull Market May Drive Russian Miners Underground

Cardano (ADA), Shiba Inu (SHIB) and XRP See Surge of Interest As Crypto Markets Dip: Analytics Firm Santiment

Cardano (ADA), Shiba Inu (SHIB) and XRP See Surge of Interest As Crypto Markets Dip: Analytics Firm Santiment

A handful of crypto assets are witnessing a surge in social media interest despite the market’s price struggles this week, according to the analytics firm Santiment. Santiment notes Ethereum (ETH), XRP, Cardano (ADA), Shiba Inu (SHIB) and Polygon (MATIC) have been discussed more online in the past week, while most other crypto assets have been […]

The post Cardano (ADA), Shiba Inu (SHIB) and XRP See Surge of Interest As Crypto Markets Dip: Analytics Firm Santiment appeared first on The Daily Hodl.

Bitcoin Bull Market May Drive Russian Miners Underground

Coinbase Announces Support for Little-Known Ethereum Scaling Altcoin and Mid-Cap Stablecoin Project

Coinbase Announces Support for Little-Known Ethereum Scaling Altcoin and Mid-Cap Stablecoin Project

A layer-2 scaling solution is joining top US crypto exchange Coinbase’s roster of digital assets alongside an exchange stablecoin. Coinbase says Boba Network (BOBA) and Gemini USD (GUSD) will start trading paired with Tether (USDT) once appropriate liquidity conditions are met. Boba Network utilizes optimistic rollups, a less stringent and data-heavy method of transaction verification […]

The post Coinbase Announces Support for Little-Known Ethereum Scaling Altcoin and Mid-Cap Stablecoin Project appeared first on The Daily Hodl.

Bitcoin Bull Market May Drive Russian Miners Underground

World’s Largest Ethereum Whale Initiates Massive Altcoin Purchase – Here’s a Look at the Trader’s Top Crypto Allocations

The king of all Ethereum (ETH) whale wallets just added another big stack to its expanding trove of crypto holdings. Whale-tracking bot WhaleStats reports that Light, the biggest Ethereum wallet on record, scooped up 500,000 tokens of ETH layer-2 scaling solution OMG Network (OMG) for a whopping $2.06 million. The latest buy puts Light’s OMG […]

The post World’s Largest Ethereum Whale Initiates Massive Altcoin Purchase – Here’s a Look at the Trader’s Top Crypto Allocations appeared first on The Daily Hodl.

Bitcoin Bull Market May Drive Russian Miners Underground

Whales Are Gobbling Up Three Crypto Assets – And Unloading Three Others, According to Insights Firm

Crypto whales are acquiring three altcoins at a rapid rate while unloading three others, according to Santiment. The crypto analytics firm notes that the number of addresses holding between 100,000 and 10 million Sushi (SUSHI) makes this group of whales owners of close to half of the asset’s total supply. SUSHI is the governance token […]

The post Whales Are Gobbling Up Three Crypto Assets – And Unloading Three Others, According to Insights Firm appeared first on The Daily Hodl.

Bitcoin Bull Market May Drive Russian Miners Underground

Third-Richest Ethereum Whale Splurges Over $128,000,000, Accumulates Two Metaverse Tokens and Four Other Crypto Assets

One crypto whale just embarked on an altcoin shopping spree to the tune of $14.1 million. The blockchain-transaction tracker WhaleStats reveals that the Ethereum whale wallet named Light bought 642,999 Decentraland (MANA) for $1,845,409. Decentraland is a 3D virtual reality world that runs on Ethereum. The 43rd-ranked crypto asset is priced at $2.81. The 3rd-richest […]

The post Third-Richest Ethereum Whale Splurges Over $128,000,000, Accumulates Two Metaverse Tokens and Four Other Crypto Assets appeared first on The Daily Hodl.

Bitcoin Bull Market May Drive Russian Miners Underground

Massive Ethereum Whale Begins Accumulating Four Altcoins As Bitcoin and Crypto Markets Recover

One mega-whale just went on an altcoin shopping spree to the tune of $30.6 million. The blockchain-transaction tracker WhaleStats reveals that the Ethereum whale wallet named Light bought 399,999 OMG for $2,451,999. The OMG Foundation, formerly known as OMG Network, is layer-2 Ethereum scaling solution that integrates with mainstream wallets. The 122nd-ranked crypto asset, OMG, […]

The post Massive Ethereum Whale Begins Accumulating Four Altcoins As Bitcoin and Crypto Markets Recover appeared first on The Daily Hodl.

Bitcoin Bull Market May Drive Russian Miners Underground

Analyst Michaël van de Poppe Unveils Massive Price Target for Litecoin, Outlines Bullish Scenarios for Two More Altcoins

Closely followed trader and analyst Michaël van de Poppe is unveiling his bull market target for Litecoin (LTC) while mapping out potential plays for two low-cap altcoins. In a new strategy session, Van de Poppe tells his 142,000 YouTube subscribers that peer-to-peer payments network Litecoin can potentially ignite a 286% rally before the current market […]

The post Analyst Michaël van de Poppe Unveils Massive Price Target for Litecoin, Outlines Bullish Scenarios for Two More Altcoins appeared first on The Daily Hodl.

Bitcoin Bull Market May Drive Russian Miners Underground

Metaverse Tokens See Triple-Digit 7 Day Gains, Crypto Market Cap Inches Toward $3 Trillion

Metaverse Tokens See Triple-Digit 7 Day Gains, Crypto Market Cap Inches Toward  TrillionWhile bitcoin has been consolidating for a few days now, a number of other digital assets have seen solid seven-day gains. The two metaverse tokens sandbox and decentraland have skyrocketed over 170% during the last week. Crypto assets like loopring, crypto.com coin, and arweave have spiked in value more than 66% and up to 169% […]

Bitcoin Bull Market May Drive Russian Miners Underground