On November 14th, BlockBeats released news that Ethereum's co-founder, Vitalik Buterin, has proposed employing new technology to revamp Ethereum's scalability solution, Plasma. This notion was communicated in his newest article where he sheds light on the evolution of Plasma since its 2017 introduction.
Plasma, by design, facilitates most data and calculations to be retained off-chain, apart from deposits, withdrawals, and Merkle roots, thereby amplifying scalability. However, given its high client data storage cost and limited applicability outside the realm of payments, Plasma's prominence has gradually been overthrown by rollups.
With the advent of validity proofs such as ZK-SNARKs, Buterin suggests a reconsideration of Plasma technology, particularly for the payment sector. Under the proposed framework, the renovated Plasma chain would operate on Ethereum's Virtual Machine (EVM). While all-encompassing security wouldn't be guaranteed, majority asset safety can still be practically ensured.
Additionally, this proposal looks forward to fostering Plasma technology's role in the payments field, thereby broadening its utility beyond initial limitations.
