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Vitalik Buterin Announces New Scaling Solution for Plasma

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March 12, 2018 | 

Joanna Newman |  0 Comments| 

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Vitalik Buterin, founder of Ethereum, the most successful and the largest blockchain after Bitcoin, made an unexpected appearance in Paris at Ethereum Community Conference (ECC). In his presentation, Vitalik unveiled an innovative scaling solution for Plasma to up the computational power of the blockchain. It should be kept in mind that Plasma is a system of smart contracts developed by Ethereum foundation.

Keeping the trend consistent with other cryptocurrencies, Ethereum price hit its highest point during mid-January rising upwards of $1,300 only to fall well below $1,000 milestone barrier in subsequent months. Ethereum current price hovers between $700 and $800 corridor and has been a victim of volatility like other cryptocurrencies. Looking at Ethereum price chart on Coindesk it can be predicted, on the basis of historical statistical evidence, that Ether price will bounce back to go upwards of $800.

This announcement from altcoin's founder himself further solidifies traders’ confidence in the currency. The scaling solution is developed by Buterin and Joseph Poon who co-created Bitcoin Lightning Network with the founder.

Current prototype of Plasma system forces the users to download and verify every smart contract in the system. But according to Buterin, this new development will do away with the requirement as there will be only a few data points that will need to be validated increasing convenience and speed at which the transactions are processed. During the presentation, Buterin said,

"The main benefit here is that basically the amount of data that clients need to process goes down by a lot. Now users only have to verify the availability and correctness of the Plasma chain only at the specific index that they want to spend, or the specific index of any coins that they own and coins that they care about.

Hopefully when the next multi-billion dollar exchange written by a totally incompetent developer gets hacked, no one will lose any money."

This contemporary solution hasn't gone through the testing phase as of yet, however, Buterin has shown immense confidence in the scaling solution citing its ability as a defense mechanism against massive hacks on cryptocurrency exchanges.

This recent news coupled with current Ethereum coin price suggests that this may actually be a good time to buy Ether and diversify your portfolio of cryptocurrency investment. Backed by a talented and resourceful development team that has been known to deliver results, it wouldn't come across as a surprise if Ethereum value breaches the $1,000 barrier once again.

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