BANKEX Plasma unveils its first use case – buying coffee from a vending machine with crypto. This is the first realization of the Plasma blockchain, a solution originally proposed by Vitalik Buterin for the Ethereum main network.
In July, BANKEX Plasma reached a capacity of 22,000 simultaneous transactions per second. This real-life usage of Plasma hastens the era of using crypto for everyday purchases. BANKEX shared the following video showing the first working prototype of BANKEX Plasma.
If this were treated as an ordinary Ethereum transaction, it would at the time of writing cost about $0.20 to process. It would also take about 2 minutes from the payment code scan to the delivery of the coffee. $0.20 is not much in the context of transfers of $100 or more.
And 2 minutes is trivial if you are enjoying your coffee in a café. But in the context of buying coffee, to go for less than $1 from a vending machine, these issues become more critical. BANKEX Plasma makes transactions instantaneous and drops the cost per transaction to $.005.
The key underpinning of BANKEX Plasma, the protocol powering this new way to make purchases with crypto, is a transparent off-chain infrastructure for payments, especially micro-payments. Plasma can be thought of as a prepaid wallet. Initially, some Ether is deposited into a Plasma wallet from another preferred wallet. Thus, the standard Ethereum transaction fee is paid only once.
In the context of quickly buying something cheap, the value of the Ether deposited into the Plasma wallet needs to be more than the price of one cup of coffee. A fully-loaded Plasma wallet allows users to take full advantage of cheap off-chain transfers.
Plasma itself is not a distributed blockchain. Instead, it is provided by a Plasma operator. Plasma transactions need to be created and signed locally by end-users using the same private keys as normal Ethereum transactions by only using the Plasma API instead of delivering signed transactions to the Ethereum Mainnet.
The protocol is currently replicated across three data centers and can verify client software for integration capability and provide instant liquidity to users. The high-speed protocol is fully operational but will undergo additional stress testing in beta.
In its first month of beta testing, BANKEX observed Plasma processing over 22,000 transactions per second without sharding, at a cost of less than $0.005 [half a cent] per transaction.
BANKEX Plasma is an implementation of the original Ethereum Plasma project, invented by Vitalik Buterin and Joseph Poon in August 2017. The development of BANKEX Plasma began in October 2017, when BANKEX developers introduced their own version of Ethereum Plasma at the ETHWaterloo hackathon.
Technically, BANKEX Plasma is a nested blockchain on the main Ethereum network. Ethereum smart contracts protect it from potential misbehaviors by participants and help increase the number of Ethereum transactions per second.
In other words, BANKEX Plasma is a shift of trust. BANKEX Plasma users give a little bit more trust to one party — the Plasma operator. This allows the Plasma operator to produce blocks at a faster rate, process transactions faster, and perform some additional functions.
At the same time, users can observe all operations, and if they see that the operator is acting improperly or maliciously, they can challenge the operator to prove that it is performing its functions correctly. If the Plasma operator cannot prove that they are acting in good faith and executing the user’s commands, users can stop interacting with them, thus cutting their losses and leaving a mark on the operator’s reputation.
There are three Ethereum addresses at play when buying coffee from a vending machine: the buyers, the vending machine owners, and the Plasma contracts. To buy a coffee, the buyer transfers some Ethereum to the Plasma contract, and then the Plasma engine begins to mine the first block.
Then, the buyer scans the QR-code of the item he wants to buy — in this case, a cup of cappuccino for 0.0003 ETH. By scanning the QR-code, the buyer initiates a Plasma transaction transferring 0.0003 ETH from his Plasma address to the vending machine owner’s address. After the transaction is executed, it is signed by the buyer’s private key. The vending machine owner receives their 0.0003 ETH and the buyer gets his Cappuccino.
BANKEX is a global top-50 fintech company developing the Proof-of-Asset Protocol to bring Banking-as-a-Service (BaaS) product modules and blockchain together to enable digitization, tokenization, and exchange of assets for the development of a tokenized global ecosystem. Leading BANKEX technologies include the Proof-of-Asset Protocol for tokenization, Plasma Protocol, BANKEX Scan, BANKEX Smart Justice, BANKEX Trust Service, and the Solidity Floating Point Library.
For more information, click here.
For more information on this and other press release topics, contact:
BANKEX Head of PR Maria Zvyagintseva — Email
Subscribe to AMBCrypto’s Newsletter
Worldwide IEO leader ProBit Exchange raises $678,000 in BolttCoin IEO
On June 26, ProBit Exchange sold out all 800,000 BOLTT during Round 3 of Boltt Coin IEO to wrap up a perfect 3 for 3 with three consecutive IEO sellouts. The stellar results helped the health gamification blockchain project raise a stunning $678,000 as they continue to ramp up their social-health objectives centering around an incentive-based app that rewards users for undertaking physical challenges.
Amidst considerable hype by local and global investors, Round 1 completed almost instantaneously within just a second. A few hours later, Round 2 was launched and met with even greater demand as investors quickly claimed the increased allocation of 500,000 BOLTT in a matter of two seconds.
Within the span of just 3 seconds, ProBit Exchange managed to successfully raise $278,000 for Boltt Coin. The project had already generated major interest through significant partnerships with Kakao subsidiary Klaytn which has announced its upcoming mainnet release along with BCryptos, a Japanese blockchain investment firms backed by a top local VC.
The momentum carried over to the launch of Round 3, which went live June 26, resulting in a quick sellout of all 800,000 tokens and raising yet another eyebrow-raising $400,000 to wrap up a rare sold-out IEO trifecta.
The incredible achievement marks yet another standout IEO campaign throughout their 70+ total IEO rounds conducted so far. ProBit Exchange previously sold out 3 consecutive rounds for Spin Protocol back in March, raising over $500,000 behind the furious pace set from the getgo with $130,000 raised in round 1 in less than 3 minutes.
Ronald Chan, Director of Partnership for Probit Exchange shared that the ability for Probit Exchange to bring in foreign teams to Korea to raise hundreds of thousands is attributed to the track record of IEO on Probit as well as the extensive marketing that Probit Exchange does for IEO projects.
LINIX, Steemhunt, and CLINK are among other projects who saw their IEO campaigns quickly sell out to maximize their initial investments and secure considerable funding for further development.
A steady and increasing stream of projects continues to flock over to acquire the highly sought out IEO expertise of one of the top IEO platforms in the world, a significant achievement for the young exchange who has already rivaled the industry giants in just 7 months of operation.
About ProBit Exchange
ProBit Exchange has completed almost 60 rounds of IEO and has amassed a solidified reputation over a short 6-month span since the startup’s launch. They have conducted multiple rounds of sell-out IEOs and raised millions in the process while refraining from any form of wash volumes or misleading figures. Please visit the IEO page to view the simple, efficient user interface.
ProBit Exchange has also introduced new features such as an ongoing trade mining and stake mining beta service, PROB staking for users to earn discounted trading fees, a referral program that provides 10-20% in further transactions fee savings, as well as a newly released app available on Google Play.
IEO at ProBit Exchange
Many projects place their trust in ProBit Exchange’s IEO platform as we are a one-stop exchange for:
1) Fund-raising – Stellar fundraising track record including over $500,000 raised over three rounds for Spin Protocol, $53,000 in 6 seconds for LINIX, and $60,000 in 11 seconds for Steemhunt.
2) Listing – Instant liquidity against fiat and crypto pairings. Korean Won and USDT. Mild MM included
3) Marketing – Comprehensive services including marketers, marketing agencies, social media marketers and news agency on retainer. View a sample marketing campaign that we conduct for IEO.
Interested projects should fill up this form to start the due diligence process.
Subscribe to AMBCrypto’s Newsletter