OMG Network

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’s native token to skyrocket by 16%. A unique scaling solution “Plasma is a class of blockchain scaling solutions that allow all data and computation, except for deposits, withdrawals, and Merkle roots, […]
The post Vitalik Buterin Touts Plasma Technology; OMG Token Briefly Skyrockets 16% appeared first on Cryptonews.

Vitalik Buterin Touts Plasma Technology; OMG Token Briefly Skyrockets 16%

Ethereum co-founder Vitalik Buterin has recently expressed his support for Plasma, a Layer 2 scaling solution for Ethereum. This endorsement has led to a significant increase in the value of the OMG Network token, which surged by 10% following Buterin’s comments. Plasma, which Buterin also created, is designed to allow the Ethereum blockchain to handle ... Read more

Vitalik Buterin’s Support for Plasma Boosts OMG Network Token


                    
                    Vitalik Buterin called the early Ethereum scaling solution Plasma “underrated” and a “significant security upgrade” for chains that would otherwise be validiums.
                    Plasma, a once-prominent Ethereum layer 2 scaling solution, should be revisited by teams currently working on zero-knowledge Ethereum Virtual Machines (EVMs), says Ethereum co-founder Vitalik Buterin.Invented in 2017, Plasma diverts data and computation — except deposits, withdrawals and Merkle roots — to an off-chain environment. It was superseded by optimistic and zero-knowledge (ZK)-rollups as the two solutions offered cheaper client-side data storage costs and security properties that “cannot be matched,” Buterin explained in a Nov. 14 X (Twitter) post.Exit games for EVM validiums: the return of Plasmahttps://t.co/QgyzXAl0wv— vitalik.eth (@VitalikButerin) November 14, 2023

Buterin said rollups remain the “gold standard,” but Plasma is an “underrated design space” that shouldn’t be forgotten.“Plasma can be a significant security upgrade for chains that would otherwise be validiums.” Buterin added.“The 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' funds.”Like Plasma, validums move data and computation off-chain but implement ZK-proofs to validate transactions. Plasma, on the other hand, uses fraud proofs — which are much slower.Buterin argued improvements in ZK-proofs, such as validity proofs, address the past limitations of Plasma, making it more viable as a scaling solution.Adapting Plasma for applications beyond payments has also proven to be an Achilles heel for Plasma before ZK-proofs entered the mainstream, Buterin acknowledged.Buterin expects the Ethereum layer 2 ecosystem to evolve with diverse technological approaches.Babe wake up Vitalik just revived Plasma— sassal.eth  (@sassal0x) November 14, 2023

Related: Did Ethereum Silently Give Up on Plasma? Minimal Viable Plasma, Plasma Cash and Plasma Cashflow are among the iterations that have stemmed from Plasma.Ethereum layer 2 scaling-focused firm Polygon Labs implemented Plasma in 2019 but has implemented several other solutions since.The movement away from Plasma was partially attributed to Plasma Group, a nonprofit research firm announcing that they would cease working on Ethereum-based scalability in January 2020.OMG, the token of OMG Network — which uses Plasma — spiked 28.6% to $0.78 in a three-hour window following Buterin’s post, according to CoinGecko. However, it has since fallen 14.3% to $0.67.Magazine: ZK-rollups are ‘the endgame’ for scaling blockchains: Polygon Miden founder


Ethereum’s rollups are 'gold standard’ but Plasma needs a revisit: Buterin

OMG, the native token of the OMG Network, surged 16% to a six-month high of $0.77 after Ethereum creator Vitalik Buterin published a blog post on how Plasma, the technology the network is based on, has the potential to reduce transaction fees and improve security.

OMG Token Surges 16% as Vitalik Buterin Hails the 'Return of Plasma'

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