Matter Inc and Ethereum Devs Launch zk-SNARKs Plasma Scaling Solution on Test Net

[et_pb_section fb_built=”1″ _builder_version=”3.0.47″][et_pb_row make_fullwidth=”on” _builder_version=”3.17.6″][et_pb_column type=”4_4″ _builder_version=”3.0.47″ parallax=”off” parallax_method=”on”][et_pb_text _builder_version=”3.17.6″]

Matter Inc and Ethereum Devs Launch zk-SNARKs Plasma Scaling Solution on Test Net

Matter Inc and Ethereum devs have launched zk-SNARKs Plasma scaling solution on test net around a week ago, already in the first week of January with the idea of enabling scaling that would allow around 500 transactions in a second.

The ultimate goal of the network once Serenity phase goes live is to enable up to 1 million transactions in a second, but for now, Ethereum and Matter Inc are testing the zero-knowledge based solution.

The verification process is dubbed Ignis and it comes with Plasma wallet that can be live tested by users through Ethereum-supported browser, MetaMask.

Matter Inc Introduces Ignis “Fire Plasma” Scaling Solution

On January 4th, more than a week ago, Matter Inc published an official release on Medium where they presented their latest achievement – Ignis Plasma solution driven by SNARK technology.

The zero-knowledge protocol called zk-SNARKS may ring a bell as this protocol is in a way a signature algorithm of a well-known privacy coin, Zcash (ZEC).

Described as a “novel form” of zero-knowledge cryptography, Zcash is able to acquire an ultimate level of privacy for its users through strong encryptions that enable shielded transactions, yet allowing valid verifications through the network consensus by using proof of zk-SNARKS.

Zk-SNARKs stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge” and it allows the involved user to prove the possession of a given information without the need to reveal its contents.

That is how the need for interaction between the verifier and prover is removed through zk-SNARKs.

What Matter Inc used the zero-knowledge proofs for is enabling 500 transactions in a single second on the test net, while claiming that although a lot of blockchain projects claim to have solved scalability issues, are often compromising decentralization and security.

In the mentioned post on Medium, Alex Vlasov and Alex Gluchowski emphasized that Ethereum can currently process only 15 transactions in a second, with Bitcoin being able to process only 5, comparing the two projects with Visa that is able to process up to 2,000 Tx in a single second.

Still, the team is challenged by data availability, while Ignis follows the proposal made by Vitalik Buterin for on-chain scaling.

From 5 to 500 Tx per Second with Plasma backed with SNARKS

As suggested by Vitalik Buterin in form of a small piece of data that “weighs” no more than 9 bytes, asset transfers can be scaled on the network in a massive amount (500 Tx per second in this case in oppose to the previous 5) without introducing second layer.

In this proposition zk-SNARKs would work on mass validation of transactions by posting each transaction on EVM, so that everybody can construct the Merkle state.

That means that transactions are actually being sent to smart contracts from where they are further processed by zk-SNARKs.

The team tested this concept on the Rinkeby Testnet, and as explained by Alex Gluchowski, one of the ETH developers, there must be at least 8 transactions on the network in order for the transfer to work as the block size is 8.

Gluchowski further stated that the number of transactions in production is able to go up to 1,600 Tx in a single second, also apologizing for the user-end experience as the current version on the test net is only a demo version made to demonstrate the functionality of SNARKS, waiting to be perfected.


Comments are closed.

Get News delivered to you free of charge.

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Coin Hooked - Crypto News Today will use the information you provide on this form to be in touch with you and to provide updates and marketing.