When the bubble pops, people don’t realize it at first. When the bubble pops, it’s always just another volatile day. “It’s just a correction. A road bump on the way up. Buy the dip! It’ll bounce back, just you wait.”
Until it doesn’t and it becomes painfully apparent that the bull run is over and it’s a long — a very long — way down. And not just for the red candle addled price, but for the network, its transaction counts, and general interest as well.
No one likes the bear. But here’s some solace: It acts pretty predictably. Network data and activity follow the price, things bottom out, the ecosystem re-achieves an equilibrium and then it makes another run — rinse and repeat.
Here’s an infographic we made to illustrate what the numbers looked like when three big bitcoin [BTC] bubbles popped.
The technical team has recently announced they have developed the world’s first private blockchain that supports the 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 the current crypto world – high gas consumption. The Plasma-like protocol open source code is already available .
[Note: This is a sponsored article.]
Inspired by the working draft written by Vitalik 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.
Low transaction speed is not the only problem Ethereum users are currently facing. In order to keep track of the transaction history, users are forced to retain copies of the entire blockchain with full transaction history and calculations. As the blockchain grows, the amount of available space needed is causing a lot of grief for its users.
Tackling these problems, BANKEX has released a Proof-of-Concept in the form of a Plasma-like protocol, a solution that is compatible with the Ethereum blockchain. BANKEX strongly believes that the Plasma protocol is “a prominent upgrade of the Ethereum blockchain”, calling it “bitcoin in Ethereum” Find out more information about BANKEX’s solution
Plasma implementations are already happening:
— Vitalik Buterin (@VitalikButerin)
BANKEX has developed a server-side solution comprised of an operator and a smart contract that facilitates the return of input funds which have not been included by the operator into the Plasma-blocks and also allows UTXO withdrawal from the Plasma sidechain to the main network. The functionality of the solution also includes proof of double spend and proof of ownership that prevents duplicate transactions.
As more transactions demand decentralization, openness, and higher processing speeds, the BANKEX breakthrough is a long overdue evolution that everyone has been waiting for.
What do you think of BANKEX’s new protocol? Will it speed up and reduce the cost of transactions on the Ethereum blockchain? Let us know in the comments below.
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