BANKEX and the BANKEX Foundation tech team have upgraded and re-developed its BANKEX Plasma technology. This updated beta version of BANKEX Plasma is a final step before the public release on the main Ethereum Network.

The BANKEX Plasma allows users to exchange different assets directly between each other on blockchain without intermediaries. It solves one of the most pressing problems of the blockchain world — high levels of gas consumption. In January 2017, BANKEX developed the original Plasma compatible with Proof-of-Concept in January 2017, conducting a test of its prototype on the Rinkeby network. The results were striking — reaching a network speed of 5,000 transactions per second, 250 times faster than Ethereum, at zero gas cost.

Upgraded Beta Version of Plasma

The new beta version of BANKEX Plasma, announced by the BANKEX Foundation today, is a final step before the public release on the main Ethereum Network. The new beta version of Plasma is open for testing on the Rinkeby network. A set of APIs is ready for developers and the architecture of the implementation will not undergo any significant modification before its release on the main Ethereum Network.

Improvements on the Original Version

BANKEX proprietary architecture has been separated from the monolith system to form a distinct micro-service based system

Each component follows a single responsibility principle and can be upgraded separately without downtime for the entire system

Better code quality offers the possibility of code reuse between client and server-side software

Faster work on extensions (see BANKEX Plasma 1.5) for token transfers with benefits of the Plasma Cash specification

Smart-contracts for all incidents of dispute resolution have been integrated and will be undergo rigorous testing in this this beta version

The development of client software for full verification of transaction histories and straightforward dispute resolution processes is underway and nearing completion

Based on BANKEX Foundation presentation at the ETHDenver hackathon, the groundwork has been laid for confidential transactions similar to zCash and Monero

“Plasma, when merged with recent developments in cryptography, such as utilization of zkSnarks, is the right way to scale public blockchains,” says BANKEX Foundation Development Leader Alex Vlasov.

The upgraded beta version of the BANKEX Plasma is live here: https://plasma.bankex.com

The BANKEX Team is encouraging developers from all over the world to test the upgraded beta version of BANKEX Plasma and send us your feedback: [email protected]

The next step for BANKEX in developing Plasma will be a working public release, expected in May 2018.

Significance for Global Economy

The BANKEX Plasma implementation is essential not only for Ethereum developers but for the entire blockchain community and for the global economic system. The Plasma is a significant evolution in the viability of blockchain technology and a step towards shifting blockchain to fundamental change in the global financial system. Financial institutions and users alike have an ongoing interest in reducing costs and increasing the speed of transactions, most especially payments. The advanced performance of the BANKEX Plasma will enable market demand to organically push for the gradual transformation of finance and business using blockchain based technologies.

What is Plasma?

Technically the Plasma is just another blockchain that can be efficiently integrated on the parent Ethereum blockchain. It is well protected by smart contracts on Ethereum from potential abuse from both Plasma operators and Plasma blockchain participants.

The function of the BANKEX Plasma incorporates efficiency strategies of off-chain transactions and is similar to the Lightning/Raiden network, but with one crucial difference — transaction dispute resolution on the BANKEX network can take place between users and BANKEX and they are automatically resolved via smart-contract. This differs from Raiden where disputes are resolved between end users interacting during a transaction. The difference makes the BANKEX Plasma attractive to financial institutions integrating such technology into pre-existing technologies and financial procedures.

BANKEX developers first created a Plasma-like prototype platform at the ETHWaterloo Hackathon in October 2017 in just 36-hours. The BANKEX Foundation team then released an improved platform for the creation and exchange of smart assets using Plasma shortly afterwards. This is the same platform that has been upgraded and released today.