Ethereum’s Use of Plasma Framework in Blockchain Technology and Why It Failed?

[LeziT]

Table of Contents

What Really Happened with Plasma?
What Was Wrong with Plasma?
Conclusion
Ethereum has held its high and mighty position as the second-largest cryptocurrency by market cap for as long as the community can remember. Officially launching its very own public blockchain in 2015, Ethereum became the concrete ground for leading Defi projects and Dapps in no time. To those who don’t know, Ether is the native currency that regulates the Ethereum network.

Coming to the year that is marked in the history of cryptocurrency, by 2017 Ethereum blockchain became host to more users than its network was designed to handle efficiently. In the middle of a frenzy with debates over possible scaling solutions simmering across the globe, Ethereum announced its plans to use plasma framework in blockchain technology and the release of the version of Plasma paper. The Ethereum team hoped for the solution to handle almost all financial computation worldwide, as was written in the official document explaining the use of the framework. However, writing this in 2021, the solution clearly didn’t see the light of day.

While Ethereum has surged quite magnificently in the past 6 months all the way until it broke the $2000 mark, the much-needed scaling solution, although officially in its early phases, is still a bit away from complete implementation. Where Ethereum 2.0 did take its sweet time to roll into its starting steps and establish the genesis block for the beacon chain, plasma has disappeared altogether when it comes to the future of Ethereum. It was a matter of discussion then, and even now, that led to the dismissal of the scaling solution that once claimed to match transactions on the Visa level.

Ethereum’s Use of Plasma Framework in Blockchain Technology and Why It Failed?
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