Vitalik Buterin, the creator of Ethereum and co-founder for the Ethereum Foundation notes that Layer 2 scaling solutions on Ethereum are on the right track. He tweeted,
The Layer 2 scaling strategy pans beyond upgrades on Ethereum but includes Zero-Knowledge (ZK) implementations, state chains and the plasma framework. For deployment, wallet providers and users will need to choose these L2 solutions to carry out their applications. He added,
The challenge is that users would need to have wallets where their coins are stored in a rollup (or plasma). This is an adoption challenge, not a technical challenge (CC @metamask_io@ethstatus…).
Furthermore, the wallet providers and the rollup (or plasma) must ensure the security of L2 chains in their initial design. According to Buterin, if correctly designed in case of a crisis on the Layer 2 chains, it can assure quick withdrawals.
The Plasma Framework
The recent addition of USDT on OmiseGo can also be counted as a success of plasma. Plasma is not specific to a blockchain, but a framework initiated by Buterin and Joseph Poon, the co-founder of Lightning Labs. Matic Network is another plasma-based blockchain which went live with its main net yesterday.
Plasma allows scaling of interactions between blockchain-based digital assets, but those assets should be created first on the Ethereum-main chain. Hence, an application can leverage the speed and performance of OmiseGo, while relying on the security of Ethereum. Nevertheless, these second layer solutions will have to build a validating ecosystem or protocol that does not require confirmation with the base chain from time to time.
Apart from layer 2, Ethereum 2.0 will also add ‘sharding’ which will further increase the speed and capacity of transactions. Vitalik added,
Look forward to the future of Ethereum scaling! (Including sharding supercharging all of these techniques 100x further down the line)
Do you think that the strategy will work in the long run with the association of so many altcoins? Please share your views with us.
Source: Ethereum’s Layer 2 Scaling Strategy Basically A Success Claims Ethereum Co-Founder Vitalik