The team behind BANKEX project has recently introduced the globe’s first private blockchain technology with support of the Plasma Protocol for public auditing. The solution will enable users to send financial assets directly to other users, without having to deal with intermediaries.
The demo version of the solution was developed in just 36 hours during the ETH Waterloo hackathon that took place in October. After presenting a demo of the project, the BANKEX team has successfully completed the development of the first working version of its Plasma-like protocol.
The new project is promised to solve the key problems faced by Ethereum users today. One of them is the scalability issue. Currently, to monitor transaction history on blockchain, users have to save copies of all transactions and calculations, but with the ongoing growth of the network, they will soon be unable to store data due to the lack of available space.
By moving transactions into a subsidiary blockchain, the solution will allow reducing the load of the Ethereum network. Besides, the technology will significantly increase the speed of transactions and will cut their cost. Another benefit of the technology is the ability to minimize gas consumption, which remains to be high.
The project is powered by the working draft of the Plasma project unveiled by Viatalik Buterin and Joseph Poon this August. Technically, Plasma is another blockchain compatible with the main Ethereum blockchain. The system itself has a simple structure allowing undividable assets to be transferred from one owner to another. Calling the protocol “Bitcoin in Ethereum”, BANKEX believes that it is “a prominent upgrade of the Ethereum blockchain”.
BANKEX has created a server side solution comprised of an operator and a smart contract that facilitates the return of input funds that have not been included by the operator into the Plasma-blocks and also allows UTXO withdrawal from your Plasma sidechain to the main network. The functionality of the solution also includes proof of double spend and proof of ownership that prevent duplicate transfers.
Last week, the team started an ICO, managing to reach its targeted soft cap 20 000 ETHs in the first day of the sale. By now, the project has already secured more than $28 million in investments and has attracted significant attention from both private and institutional investors. BANKEX’s token sale is planned to be finished in December 28, 2017.
The project is now supported by 9 major banks with an overall capitalization of 431 billion USD, as well as Microsoft Azure, Symphony Software Foundation and ConsenSys’s formation Balanc3.