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Plasma Group Prefer Gitcoin Over Ethereum Network

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Plasma Group Prefer Gitcoin Over Ethereum Network

  • Plasma Group established in January 2016 with the primary aim of researching a second layer scalability solution for the ethereum network.
  • Plasma Group had used their initial funds to solve the feasible obstructions to the development of a second-layer scaling solution.
  • Ethereum founder Vitalik Buterin also expressed similar feelings back in 2014 about funding public goods in the ethereum space.

Plasma Group established in January 2016 with the primary aim of researching a second layer scalability solution for the ethereum network using their Plasma technology, similar to Bitcoin’s Lightning Network.

The second layer was supposed to help the ethereum blockchain expand more efficiently while increasing the speed of the network, and it received very positive feedback from the community and a good deal of funding from a variety of organizations, including the Ethereum Foundation and OmiseGo.

Plasma Group states in a blog post on the occasion of their first operation anniversary, 10 January 2020.

Annotation 2020-01-11 121627
Source: Medium.com

Plasma group has realized that after working on ethereum scalability for about a year now, their research has brought tremendous progress into the field. Still, as times change, priorities change too, and ethereum has new problems that the minds of the research tank need to tackle.

To allow the community to continue on the excellent work it had done in the ethereum space, it has pledged a donation of all the leftover funds to the open-source, crowdfunded platform Gitcoin.

Plasma Group had used their initial funds to solve the feasible obstructions to the development of a second-layer scaling solution. They made several achievements in this sector, including building a general Plasma specification, the Plasma Cashflow implementation, and coining Optimistic Rollup.

These mainly served a way to make Plasma sidechains into their individual fully-functional blockchains with full support for smart contracts, rather than just transactional capabilities.

While the non-profit think tank still acknowledges that scalability is still an issue in the ethereum network, they have identified the problem of funding and sustaining public goods as a new challenge they want to address.

Ethereum founder Vitalik Buterin also expressed similar feelings back in 2014 about funding public goods in the ethereum space and its development as one of the 16 significant challenges within ethereum.

The Ethereum network needs more technological commodities like open source software and dApps to be developed, a feature that makes it unique against the more popular bitcoin cryptocurrency.

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