{"id":85716,"date":"2023-11-17T11:40:11","date_gmt":"2023-11-17T16:40:11","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/vitalik-buterin-touts-plasma-technology-omg-token-briefly-skyrockets-16-vitalik-buterin-touts-plasma-technology-omg-token-briefly-skyrockets-16\/"},"modified":"2023-11-17T11:40:12","modified_gmt":"2023-11-17T16:40:12","slug":"vitalik-buterin-touts-plasma-technology-omg-token-briefly-skyrockets-16-vitalik-buterin-touts-plasma-technology-omg-token-briefly-skyrockets-16","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85716","title":{"rendered":"Vitalik Buterin Touts Plasma Technology; OMG Token Briefly Skyrockets 16% Vitalik Buterin Touts Plasma Technology; OMG Token Briefly Skyrockets 16%"},"content":{"rendered":"<div>\n<figure id=\"attachment_124459\" aria-describedby=\"caption-attachment-124459\" style=\"width: 911px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-124459\" class=\"wp-caption-text\">Source: youtube\/ VICE News<\/figcaption><\/figure>\n<p>Ethereum founder, Vitalik Buterin, touted emerging Plasma technology in a new blog post this week, prompting the Plasma-supported OMG Network\u2019s native token to skyrocket by 16%.<\/p>\n<h2>A unique scaling solution<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>\u201cPlasma is a class of blockchain scaling solutions that allow all data and computation, except for deposits, withdrawals, and Merkle roots, to be kept off-chain,\u201d wrote Buterin. \u201cThis opens the door to very large scalability gains that are not bottlenecked by on-chain data availability.\u201d<\/p>\n<p>Originally launched in 2017, Plasma provided a pioneering layer 2 off-chain solution that maintains all data and computation except withdrawals, deposits, and Merkle roots. They are often considered \u201cchild chains\u201d off of the primary Ethereum blockchain.<\/p>\n<p>However, in recent years, rapid technological advancements have thrown Plasma to the wayside.<\/p>\n<h2>Plasma\u2019s potential<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Other scaling solutions and rollups like Optimism, Arbitrum, and Mina have since largely overshadowed Plasma, causing the OMG token to have lost over 97% of its value. However, the momentary spike in OMG\u2019s value following Buterin\u2019s publication could be a promising signal for the technology\u2019s future staying power.<\/p>\n<p>In part, Buterin argues that Plasma\u2019s unique underlying technology makes it quintessential to lowering costs and providing greater data availability.<\/p>\n<p>\u201cPlasma lets us completely sidestep the data availability question, greatly reducing transaction fees,\u201d claimed Buterin.<\/p>\n<p>Similarly, Buterin claims validity proofs, also known as (zk-SNARKS), can serve to further advance the technology.<\/p>\n<p>\u201cPlasma can be a significant security <i>upgrade<\/i> for chains that would otherwise be validiums,\u201d wrote Buterin.<\/p>\n<p>\u201cRollups remain the gold standard, and have security properties that cannot be matched,\u201d the blockchain platform founder continued. \u201cThis is particularly true from the developer experience perspective: nothing can match the simplicity of an application developer <i>not even having to think<\/i> about ownership graphs and incentive flows within their application.\u201d<\/p>\n<p>With numerous ZK-EVMS in the works, the Ethereum founder believes now is an opportune time to rediscover Plasma technology.<\/p>\n<p>\u201cThe 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\u2019 funds,\u201d Buterin stated.<\/p>\n<h2>Allegations of fraud<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Buterin\u2019s blog post touting the benefits of Plasma technology comes following a week of turbulent claims made against him by his former advisor, Steven Nerayoff.<\/p>\n<p>Nerayoff released recordings from 2015 he had with Buterin, suggesting the Ethereum founder stole his ideas. Moreover, he is expected to file a lawsuit alleging fraud against Buterin.<\/p>\n<p>Buterin has not publicly responded to the claims.<\/p>\n<p>\u00a0<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/vitalik-buterin-touts-plasma-technology-omg-token-briefly-skyrockets-16.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: youtube\/ VICE News Ethereum founder, Vitalik Buterin, touted emerging Plasma technology in a new blog post this week, prompting the Plasma-supported OMG Network\u2019s native token to skyrocket by 16%. A unique scaling solution \u201cPlasma is a class of blockchain scaling solutions that allow all data and computation, except for deposits, withdrawals, and Merkle roots, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":85358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-85716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vitalik Buterin Touts Plasma Technology; OMG Token Briefly Skyrockets 16% Vitalik Buterin Touts Plasma Technology; OMG Token Briefly Skyrockets 16% | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: youtube\/ VICE News Ethereum founder, Vitalik Buterin, touted emerging Plasma technology in a new blog post this week, prompting the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=85716\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vitalik Buterin Touts Plasma Technology; 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