Ethereum co-founder Vitalik Buterin presented a blockchain scaling solution for cryptocurrency exchanges that is more hack-proof. This scaling solution is called Plasma Cash, and it is an enhanced version of the already existing Plasma solution.
Plasma Cash = Will Crypto Exchanges No Longer Be Hacked?
In the last few months, there has been a lot of work around the world. cryptocurrency exchange hacked or attempted hacking. Hackers do not distinguish between language, cryptocurrency or platform. Some hacking reports in the news include attempts to Coincheck and Bitgrail.
Plasma Cash; Developed by Buterin, Dan Robinson and Karl Floersch. Created as a scaling solution, Plasma was introduced in August 2017. Plasma optimizes data, reducing transaction fees for smart contracts and decentralized apps (apps).
Of course, the results are far from perfect, but still helping the network they do. The main problem with Plasma is that users have to download and verify each block of Plasma, which can make it difficult to scale Plasma in the future.
Buterin explains how Plasma Cash works. Ether of equal value and an indestructible or indestructible ID are required to create a Plasma coin. This happens every time a user wants to deposit ether on an exchange or other independent platform.
“Actually, a user only needs to confirm the existence and correctness of the Plasma chain […] in a particular directory of the coin, they own or any coin they are interested in. Regardless of what happens on the exchange, users can execute their money through Plasma exit procedure and get their money back.”
With this new development, cryptocurrency exchanges will be safe from possible future hacks.. The Plasma coin will be linked to its owner and these coins will not be reimbursed or interchangeable in any way.. For someone to steal a coin, its owner will need to be aware of it.
Buterin explained: When the big multi-billion dollar cryptocurrency exchange is hacked, nobody will lose money.”
At the same time, Plasma Cash is being developed, Lightning Network is being tested on many different cryptocurrency platforms, and SegWit is starting to be implemented.
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