Vitalik Buterin is positive on the recent progress on Ethereum’s scaling solution. The Plasma-like scaling solution reportedly can handle 500 transactions per seconds or even more.
The developers at the startup Matter Inc. have partnered with the Ethereum Foundation to develop a Plasma-like scaling solution.
The project, which is called Ignis, allows Ethereum to handle 500 transactions per second (TPS) or more. This is a huge improvement based on the current 15 TPS.
The official article in Medium that describes Ignis said that the solution employs a new approach that changes the way transactions are verified by users:
“In Ignis verification of transactions by users is replaced by the following approach: operator(s) proposing blocks must submit a SNARK proving that the new block is correct, which is verified automatically by the smart contract. No incorrect block can ever be included by an operator, so users do not need to always be online and constantly monitor transaction activity.”
Ethereum co-founder Vitalik Buterin has expressed his excitement on Twitter, calling the Plasma-like scaling solution “amazingly cool.”
Plasma is intended to work as a layer-two scalability solution. It doesn’t necessarily improve the blockchain itself, but rather provide a special construction connected to it, which results in greater output.
Simply put, Plasma is like a child-chain that’s created to implement off-chain transactions.
The goal is to run all applications that have thousands of users and ensure minimal interactions between Plasma and the Ethereum’s main chain.
In addition, Plasma is also capable of generating its very own child-chains. This will eventually lead to the production of many branched blockchains that are connected to the main chain.
Since transactions on all these sub-chains don’t need to be replicated over the entire network, they can actually move faster and thus, reducing the transaction fees.
Overall, the goal of Plasma is to allow Ethereum’s blockchain to handle a large volume of smart contracts, while only broadcasting completed transactions at the same time.
In 2018, Vitalik Buterin announced that scaling solutions like Plasma and Sharding could scale Ethereum by 10,000X.