Dashing forward. BANKEX has developed world’s first working Plasma-like protocol bringing Vitalik Buterin’s Idea into life:
https://bitcoingarden.org/dashing-forward-bankex-developed-worlds-first-working-plasma-like-protocol-bringing-vitalik-buterins-idea-life/BANKEX technical team has recently announced they have developed the world’s first private blockchain that supports Plasma Protocol for public audit which will allow users to transfer different assets directly to each other leaving intermediaries behind and solving one of the most pressing problems of current crypto world – high gas consumption. The Plasma like protocol open source code is already available.
Inspired by the Plasma project’s working draft written by Viatalik Buterin and Joseph Poon, the BANKEX team has successfully completed the development of the first working version of the protocol after successfully developing its demo during a 36 hour hackathon. The protocol can sufficiently reduce the load of the main Ethereum blockchain by redirecting transactions into a subsidiary blockchain, thus creating faster and cheaper transactions...If this is really happening , then this might be the most awaited development in the world of block chain .
Every block chain associate is aware of the high gas rate which is imposed on the transactions of coins . Even though , you pay for a high gas there is a delay in the transaction for most of the times .
This wear and tear makes the perfomance of the block chain very rigid , thus leading to loss of interest among many people .The late transfer of funds to the people associated in the projects make this process more complicated and stressful. If this is real and effecient then everybody will be looking forward for it to go main stream .
The ongoing problem of the pending transactions of bitcoin also need to be solved and handelled using such new , innovative and user-friendly ways . I Hope such development is made for bitcoin as well.
