Steemit Crypto Academy Contest / S14W1 : Plasma Chains

Hi , Greetings to Everyone

I sincerely hope that everyone enjoys the educational themes of the Steemit Engagement Challenge S14-W1. subsequently, the competitors' epic entries under the designated subject. I was eager to learn more about this new topic, so I did some research and shared my own opinions with you all. I hope that my contribution will also be valuable.

What is a plasma chain in the context of blockchain? And how do plasma chains help solve blockchain scalability issues?

In the context of blockchain, a layer 2 scaling solution called a plasma chain is intended to increase the efficiency and scalability of a blockchain network. It functions by linking the primary blockchain root chain to a secondary chain plasma chain. With its own consensus method, the plasma chain can manage a higher transaction volume. It also sends a summary of its transactions to the main chain for validation on a regular basis.

While maintaining the security and decentralization of the main blockchain, this structure enables quicker and more affordable transactions on the plasma chain. A larger initiative to address blockchain technology's scalability issues includes plasma chains.

And how do plasma chains help solve blockchain scalability issues?

Plasma chains provide a layer 2 scaling solution that helps address blockchain scalability problems. In this way, they assist:

• Enhanced Transaction Throughput:

The network as a whole is able to manage a higher throughput of transactions by offloading a considerable amount of transactions to a secondary plasma chain. As a result, there is less congestion on the primary blockchain.

• Decreased Transaction Costs:

Compared to the main blockchain, transactions on the plasma chain can be completed more quickly and for less money. When interacting with the plasma chain, users gain from faster and more economical transactions.

^Freepik

• Scalability without Giving Up Security:

By utilizing the main blockchain's security features, plasma chains stay connected to it. The integrity of transactions on the plasma chain is maintained by the regular submission of a summary or proof to the main chain. This makes it possible to scale without compromising the underlying blockchain's security guarantees.

• Flexibility and Customization:

Use cases and specifications can be taken into consideration when designing plasma chains. Because of its adaptability, developers can customize the plasma chain to meet specific needs and maximize efficiency for specific kinds of transactions.

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What is the main difference between a plasma chain and the main blockchain?

In order to handle particular types of transactions more effectively while maintaining reliance on the main blockchain for security and finality, a plasma chain functions as an additional layer to the main blockchain.A plasma chain and the main blockchain differ primarily in their functions and methods of handling transactions:

With Respect to Process of Transactions

Plasma Chain	Main Blockchain
All transactions are processed and validated by the main blockchain, which maintains the network's decentralization and security. Nevertheless, this frequently leads to increased expenses and slower transaction times.	A portion of transactions are handled off-chain by the plasma chain, which provides quicker and more economical processing. For transaction validation, it uses a consensus mechanism of its own.

With Respect to Security Framework

Plasma Chain	Main Blockchain
In this case processes all transactions and keeps the canonical record of the entire blockchain, offering the highest level of security and decentralization.	Security is dependent on recurring interactions with the main blockchain. Without requiring continuous on-chain validation, the plasma chain guarantees the integrity of its transactions by sending condensed data or proofs to the main chain.

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Are there any concrete examples of applications or projects using plasma chains Successfully?

These are some examples of projects that were investigating or using plasma chains as of my most recent update.

• OMG Network (previously OmiseGO): Although OMG Network was actively working on implementing plasma technology, it's important to stay up to date on the most recent developments regarding successful implementations and the current state of the project.

• Loom Network: Loom Network used sidechains resembling plasma to implement a scaling solution. With the aid of these sidechains, developers could produce high-throughput, scalable decentralized apps (dApps).

^{Free Pik}

• Mattereum: With the goal of bridging the gap between the digital and physical worlds, Mattereum investigated plasma chains for managing contracts and tangible assets on the blockchain.

• Supply Chain Management: Transactions pertaining to supply chain procedures can be monitored and validated through the use of plasma chains. This has the potential to improve traceability and transparency, particularly in sectors where real-time goods tracking is essential.

• Cross-Chain Interoperability: Plasma chains might help make various blockchain networks more interoperable. They can serve as a link, making it easier for resources or data to move between different blockchains.

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How could the potential integration of plasma chains on the Steem Blockchain influence the speed of transactions and associated costs?

It is noteworthy that the effective incorporation of plasma chains necessitates meticulous planning, execution, and evaluation to guarantee the safety and accuracy of the transactions. Additionally, the specific effects on transaction costs and speed would vary depending on the features of the used plasma chain and the specifics of the integration.In the event that plasma chains were integrated into the Steem Blockchain:

• Faster Transactions:

Off-chain transactions can be handled by plasma chains at a higher throughput. Users interacting with the plasma chain may see faster transaction confirmation times as a result of integration. This would be especially helpful when network activity is high.

• Diminished Transaction Expenses:

Generally speaking, fees for transactions handled on a plasma chain are less than those for transactions processed on-chain. Interacting with the plasma chain may result in lower costs for users, which makes it more economical for small transactions or frequent user actions.

• Enhancement of Scalability:

By shifting some transactions to a secondary chain, plasma chains offer a scalability solution. By reducing congestion on the main blockchain, this can increase overall scalability and facilitate the efficient processing of a higher volume of transactions.

• Efficiency of Consensus Mechanism:

Plasma chains frequently employ lighter consensus techniques designed for their particular application. Contributing to overall transaction speed, this may lead to faster block generation and transaction confirmation on the plasma chain.

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Are there any plans or discussions within the Steem Blockchain community regarding the exploration or implementation of plasma chains?

Accordingly to my research on this given theme and my 3 year's experience on Steemit , I have come to know that the launch of the "Steem Layer 2" initiative by the Steem community is encouraging and shows that layer 2 scaling solutions which might involve technologies like plasma chains are being seriously considered.

^CoinDesk

Through the use of secondary chains or off-chain transaction processing, Layer 2 solutions aim to improve scalability while maintaining the main blockchain's security. In the event that the "Steem Layer 2" project looks into plasma chains, this might help the Steem Blockchain scale more readily overall and result in faster transaction times.

I really appreciate the initiative advancement of Steemit. Because of it ,The Steem Blockchain valuable ecosystem's projects and advancements can be kept up to date with the help of official announcements and community discussions.Hence, Blockchain systems that use the concept of a plasma chain can benefit from increased efficiency and scalability, enabling quicker and more affordable transactions. The performance and user experience on Steemit could be improved if the platform has a plasma chain in place or is thinking about implementing one.

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^{In the end, I would like to invite my Steemit fellows @drhira @suboohi @ashkhan @goodybest to take part in this informative engagement challenge and share your valuable feedback. Thanks}

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Kind Regards

@uzma4882