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It was superseded by optimistic and zero-knowledge (ZK)-rollups as the two solutions offered cheaper client-side data storage costs and security properties that “cannot be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

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Ethereum scaling network Arbitrum set for major upgrade on Aug. 31

The Nitro upgrade will further improve the transaction fee crisis that has plagued the growth of the Ethereum network over the last two years.

Ethereum layer-2 scaling solution Arbitrum is set to undergo one of its most significant upgrades on Wednesday, set to increase transaction throughput, slash transaction fees and simplify cross-chain communication between Arbitrum and Ethereum.

Referred to as the “Nitro” upgrade, Arbitrum reconfirmed the date of the upgrade in a Twitter post on Aug. 29, confirming that the upgrade will take effect on Aug. 31 at 10:30 AM Eastern Time, while noting a two to four hours of network downtime period is to be expected.

Abritrum is an Ethereum layer-2 scaling solution that utilizes Optimistic Rollup technology to bundle large batches of transactions off-chain from Ethereum smart contracts and decentralized applications before submitting it to Ethereum.

According to Offchain Labs’ GitHub account, Nitro will represent a “fully integrated, complete layer 2 optimistic rollup system” that builds on Arbitrum One with newly improved fraud proofs, along with updated sequencers, token bridges and calldata compression mechanisms.

Offchain Labs is a blockchain-based company established in 2018 which builds a suite of Ethereum scaling solutions, with the Arbitrum One network being the most notable network deployed by the firm.

Offchain Labs also updated its ArbOS (Arbitrum Operating System) component, which is now rewritten in the software programming language Go. The new version will improve cross-chain communication between Arbitrum and Ethereum, as well as transaction batching and data compression, which will in turn minimize costs on the Ethereum mainnet.

The document also stated that the state of Arbitrum One “will be migrated seamlessly” on to Nitro, which should, if executed correctly, rule out any possibility of a chain split.

In an Apr. 2022 article, Offchain Labs said the Arbitrum Nitro upgrade would be “the most advanced Ethereum scaling stack” and that “Nitro will massively increase network capacity and reduce transaction costs,” stating:

“Today, we throttle Arbitrum’s capacity, but with Nitro we’ll be able to release those controls and significantly up our throughput. And while Arbitrum today is already 90–95% cheaper than Ethereum on average, Nitro cuts our costs even further.”

According to decentralized finance (DeFi) aggregator DeFi Llama, Arbitrum has $936 million total value locked (TVL) on the network spread across 111 different protocols, with GMX, Stargate, Curve and Uniswap among the most popular applications.

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Ethereum-Based Altcoin Quietly Rallies 122% in Five Days While Bitcoin and ETH Dip

One under-the-radar altcoin that’s designed to solve several of Ethereum’s biggest challenges is stacking up massive gains as ETH and Bitcoin (BTC) consolidate into the new year. The layer-2 scaling solution Metis Token (METIS) offers lower fees and faster transaction times than Ethereum, while still retaining the security of the leading smart contract platform. According […]

The post Ethereum-Based Altcoin Quietly Rallies 122% in Five Days While Bitcoin and ETH Dip appeared first on The Daily Hodl.

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Dex Aggregator 1inch Network Raises $175 Million in Series B Funding Round

Dex Aggregator 1inch Network Raises 5 Million in Series B Funding Round1inch Network, the decentralized exchange (dex) aggregation project, has announced the company has raised $175 million in a Series B financing round. According to the announcement, the fresh new capital will be leveraged to scale the team, foster additional 1inch token utilities, and build new protocols. 1inch Raises $175 Million From Strategic Investors Over the […]

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Privacy-Centric Crypto Mixing Protocol Tornado.cash Plans to Deploy on L2 Platform Arbitrum

Privacy-Centric Crypto Mixing Protocol Tornado.cash Plans to Deploy on L2 Platform ArbitrumOne of the largest cryptocurrency mixing protocols, Tornado.cash, has announced the project will deploy on the L2 (layer 2) Ethereum platform Arbitrum One. The creators of the Ethereum-based mixing application explain that settling on Arbitrum will allow Tornado.cash users to benefit from cheaper transactions. Tornado.cash to Deploy on Arbitrum – ‘Cheaper Transactions Being the Biggest […]

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Ethereum Transfer Fees Drop From Recent Highs, L2 ETH Solutions Between 46-97% Cheaper

Ethereum Transfer Fees Drop From Recent Highs, L2 ETH Solutions Between 46-97% CheaperAt the end of August, Ethereum network gas costs skyrocketed and tapped a high of $59 per transaction on September 7, according to the average transaction fee spent on that day. The median fee for an ether transaction on September 7 was around $20 per transaction. Days later, ether transaction fees have subsided to a […]

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Offchain Labs Launches Arbitrum One Mainnet — Startup Raises $120 Million

Offchain Labs Launches Arbitrum One Mainnet — Startup Raises 0 MillionOn August 31, 2021, Offchain Labs announced the official launch of Arbitrum One mainnet and further detailed that the company has raised $120 million in funding. The Series B financing led by Lightspeed Venture Partners gives the firm a $1.2 billion valuation. Arbitrum One Mainnet Is Now Live, Offchain Labs Raises $120 Million in Funding […]

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