Place/Date: - November 24th, 2017 at 1:39 pm UTC · 3 min read
BANKEX technical team has recently announced they have developed the world’s first private blockchain that supports 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 current crypto world – high gas consumption. The Plasma like protocol open source code is already available here.
Inspired by the Plasma project’s working draft written by Viatalik 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 a full transaction history and calculations, as the blockchain grows, the amount of available space needed is causing a lot of grief for it’s users.
Tackling with these problems, BANKEX releases 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 more information about BANKEX’s solution here.
BANKEX has developed a server side solution comprised of an operator and a smart contract that facilitate 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 BANKEX 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 the long overdue evolution that everyone has been waiting for.
Using standardized Fintech solutions, BANKEX, the decentralized Bank-as-a-Service enterprise, aims to bridge the gap between the emerging blockchain sector and traditional finance. Deploying smart contracts and enabling tokenization, the platform powers off-balance sheet crowdfunding, chain finance and leverages external infrastructure, creating efficient and time effective solutions. BANKEX’s innovative solutions have far-reaching areas of application and are posed to have transformative effects upon traditional finance and investment, micro-financing, real estate, as well as illiquid assets, natural resources, and futures markets.