Ethereum is NOT a blockchain. It's NOT a cryptocurrency either! Multiple independent blockchains run on the Ethereum protocol. When most people talk about Ethereum, they are talking about Mainnet — the primary public Ethereum production blockchain. This is where actual-value transactions occur on the blockchain. EVM is "the environment in which all 'Ethereum' accounts and smart contracts live". Smart contracts are programs that run automatically when some pre-defined conditions are met. The sole purpose of the Ethereum protocol is to keep "the continuous, uninterrupted, and immutable operation" of the EVM.
At any given block, Ethereum has only one "canonical" or unique state. EVM defines the rules for computing new valid states from one block to another. EVM exists as a single entity maintained by a large number of connected computers nodes running an Ethereum client such as Geth or OpenEthereum. A client is a software that enables nodes to read blocks on the blockchain and smart contracts. Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network.
Each Ethereum transaction requires a fee called " gas " because each transaction consumes computational resources. The gas fee is paid in ETH and denoted in gwei 0. Block time is the time it takes to mine a new block a bunch of transactions. The average Ethereum block time is 12 to 14 seconds. Ethereum started the concept of decentralised finance DeFi and today an amazing multi-billion dollar ecosystem has evolved around it:. Binance Chain, the first blockchain from Binance, is optimized for fast decentralized trading but lacks smart contracts and strong programmability.
Binance Smart Chain has a block time of around 3 seconds. The native token of both blockchains is BNB. Validators stake BNB and can receive transaction fees. Unlike Bitcoin, there is no block reward by way of newly minted BNB. This is because BNB is not inflationary. Instead, the supply of BNB decreases over time, because the Binance team regularly "burns" coins.
This can be easily done using the Binance Chain Wallet. Avalanche, with a transactional throughput of more than 4, tps, performs phenomenally faster than Bitcoin 7 tps , Ethereum 14 tps , and Polkadot 1, tps. In terms of transactional finality, Avalanche less than 2 seconds leads as compared to Bitcoin 60 minutes , Ethereum 6 minutes , and Polkadot 60 seconds.
AVAX is Avalanche's native token and it can be used for staking, paying fees, and providing a unit of account between the multiple subnetworks created on Avalanche. Consensus mechanism: Snow protocol family leaderless Byzantine fault tolerance protocols.
Such division can be found in many real world applications:. Video games. Here the recipient group contains just the game publisher, and the sender group consists of the gamers, who sends payments to game publisher for in-game virtual items. It is reasonable to assume the game publisher to be online all the time, while the gamers are offline when they are not playing.
Typically, a gamer would deposit a certain amount of money e. Online marketplaces like Amazon. Here the merchants form the recipient group, while the individual buyers constitute the sender group. The majority of the payments flow from the individual buyers to the merchants. The reversed payment flow — refund — may occur, but only rarely.
The merchants are often companies that are motivated to check their account balance frequently, while the individual buyers are offline most of the time. Payment only flow from the individual consumer group to the merchant group. They can do frequent balance check and withdraw their balance if they find the Plasma operator cheating. However, users in the sender group are typically individual consumers that are offline most of the time.
Hence, for this group of users, it would be beneficial if the Plasma operator can offer some guarantee that their tokens in the Plasma are safe even when they are not actively checking. To achieve this, we propose the following off-chain state verification protocol. The Plasma operator maintains a state, which is an augmented Merkle tree containing the token balance for each user. The operator needs to periodically commit the root node of the state Merkle tree to the main-chain.
On the other hand, the on-chain Plasma smart contract periodically samples and validates a small random subset of the state Merkle tree. We will show that with our proposed construct, if the Plasma operator cheats, there will always be some inconsistency in the Plasma state Merkle tree , which can be detected by the random sampling process with arbitrarily high probability. STARK techniques can be employed to improve the efficiency.
Further, we require the operator to deposit a certain amount of collateral to the on-chain smart contract, if any inconsistency is detected by the smart contract, part or all of the collateral will be slashed. Hence the proposed mechanism could effectively discourage the Plasma operator from cheating. The proposed Plasma construct consists of a Plasma smart contract deployed on the main chain, and an account-based Plasma off-chain state. The account-based Plasma off-chain state is stored in an augmented Merkle tree, where the leaf nodes represents the accounts.
Each node in the state tree is augmented with a number bal. For a leave node, bal is equal to the token balance of the corresponding account. For an intermediate node, its bal is equal to the sum of the bal of its two child nodes. We would call this the summation property. Specifically, the bal value of the root node equals to the total number of tokens deposited into the Plasma system.
Such node augmentation is similar to the Liquidity Network. A new leaf node i. Furthermore, each token deposit into an existing account also needs to go through the smart contract with an incrementing sequence number seq. For example, the sequence number for the account creation deposit transaction is 1, and the second deposit to the same account has sequence 2, etc.
The sequence number seq needs to be included in the leaf node along with bal. We denote this off-chain state S. In addition, we require the Plasma operator to store the history of S , similar to how Ethereum stores its states in the blockchain. We denote the offchain state at main-chain block height h as S h. The Merkle root needs to be written to the main-chain periodically.
For example, whenever a new block is generated on the main-chain. The figure below depicts the off-chain state Merkle tree at a certain height. Assume user A is in the sender group, and user B is in the recipient group. To send tokens through Plasma, besides the usual transaction signing, we also require that both A and B sign their corresponding leaf node with the updated balance bal , along with the current sequence number seq , and its address addr :. This signature also needs to be stored in the leaf node, as shown in the figure above.
Both user A and B need to wait for the Plasma operator to return the Merkle branch after the Plasma state has been updated. Next, they need to validate the Merkle branch, and that the Merkle root is the same as the one written to the main-chain. The on-chain Plasma smart contract is also responsible for validating the Plasma states. To operate a Plasma chain, the operator needs to deposit a certain amount of collateral onto the smart contract.
If malicious behavior is detected, part or all of the collateral can be slashed. This can effectively discourage the Plasma operator from cheating. The smart contract needs to perform a couple checks for each new block generated on the main-chain. Assume the current block height is h :. The on-chain smart contract checks needs to check the conservativity of the tokens in the Plasma. Here bal h is the balance of the root node at main-chain height h , D h -1 and W h -1 are the total amount of deposit and withdrawal at height h This check is similar to the Liquidity Network.
The smart contract also randomly selects m Plasma account addresses. And the Plasma operator needs to submit the Merkle branches to these m accounts for state S h-k to the smart contract. Here k is an positive integer specified by the smart contract i. The smart contract then validates these Merkle branches.
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While state channels allow users to withdraw their assets any time, Plasma users have to wait a predetermined arbitration window which usually lasts 7 — 14 days. Users want cheaper fees and higher throughput, while developers want their dApps to reach scale. This one of the best chances the community has at pushing Ethereum further to the masses. Plasma and state channels can also be combined to generate compounding effects.
There are a number of development groups that are working on building state channel implementations within child chains. Start here! Without diving into the technical nitty gritty, this post will give you a high-level overview of what Ethereum is. This simple video explains smart contracts, the basic function that powers applications and programs built on Ethereum.
DApp is an abbreviated form for decentralized application. This animated video explains what makes them different — and perhaps far superior. Learn why Ethereum is so much more than just a simple cryptocurrency, but an open software platform built on the blockchain. Gas is essential to the Ethereum network, quite literally the fuel that allows it to operate.
Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network. The ERC Standard outlines a set of common rules that all tokens can follow on the Ethereum network to produce expected results. ERC tokens, more commonly referred to as Non-Fungible tokens NFTs allow developers to tokenize ownership of any arbitrary data, drastically increasing the design space of what can be represented as a token on the Ethereum blockchain.
This video explains how it works. Each shard would contain its own independent state, meaning a unique set of account balances and smart contracts. Search Search. What Are Smart Contracts? What Is Decentralization? Join Us On Telegram. Understanding dApps Ethereum vs. What Is Plasma? Plasma vs. State Channels Plasma is similar to state channels in that the underlying goal is to move as much transaction bloat off of the main chain as possible.
Is Plasma Secure? Importance of Root Contracts Root contracts are also extremely important because they act as the bridge that lets users move assets between Ethereum and the child chains. Plasma As A Protection for Malicious Activity Most potential malicious activity is centered around child chains being largely controlled by central entities. The rest of the time miners have to wait for their payouts hoping that the gas price in Ethereum goes down.
Keep in mind that the pool set a limit of gwei. The chart can be roughly divided into two parts: 3 days to the left October 2—4 when the pool pays as usual and 4 days to the right October 5—8 when the pool payments are delayed.
Users complain about it all the time, but what can we do? We can only raise the gas limit even more. How much would a transaction cost then? You are a small miner with one graphics card and you want to get paid today, right away, without paying insane Ethereum Network fees.
How can you do it? So we studied transaction fees and operation speed of popular coins. Nano ticker: NANO turned out to be the most suitable cryptocurrency. What is this coin? Nano is traded on many cryptocurrency exchanges. Once the pool pays you, you can exchange Nano at any time for any cryptocurrency even Ethereum. In the end, you will have even more Ethereum this way than by getting paid in Ethereum directly.
Pool payouts in Nano cost you nothing. That is why we came up with another solution: payouts in Bitcoin. What can be better? Now you can get payouts in the Ethereum pool for free every day even if you have only one graphics card. Also, Nicehash and other mining rental platforms are supported.
We currently use such cryptocurrency exchanges as Kraken and Binance. Cryptocurrencies are always exchanged at market price. Say, your payout threshold is 0. You accumulate 0. The pool sends your 0. As a result, you get the equivalent of 0. Say, you earn 0. We know that many users mine directly to an exchange. Exchanges often have a deposit threshold.
For example, a minimum deposit on Kraken is 0. That is why we set a threshold for payouts in NANO in the pool: the equivalent of 0. Even the weakest GPU that mines Ethereum can accumulate the required minimum in one day.
Payouts are processed once a day at UTC. Payouts are not instant. Considering that your ETH must be transferred to an exchange, exchanged, and then transferred back, the whole process usually takes no more than two hours allowing for small delays. We plan to process the payouts more than once a day in the future.
The whole process is completely transparent. After the pool issues a payout and even during the payout process , you can monitor the operation status of an exchange system, check an exchange rate, track your money from the moment ETH is sent to exchange to the moment you get NANO. We made Bitcoin mining on GPU a reality. Payouts are issued once a day at UTC. The whole process usually takes no more than two hours allowing for small delays like waiting for exchanged BTC withdrawn from an exchange.
When miners get payouts from our payment gateway, they pay only a part of the transaction fee in the Bitcoin network.
Similar to the Lightning Network, Plasma is a series of contracts which runs on top of a root blockchain (i.e. the Mainnet Ethereum. With Ethereum, block times hover around 15 seconds, but transaction times with Bitcoin Cash average about ten minutes. get a transaction detail. The average transaction time in Bitcoin right now is about ten minutes. There are exceptions to this rule when the network is busy, though.