Re: Plasma: Scalable Autonomous Smart Contracts (Ethereum, Poon & Buterin)

Then I would rather see ledger-agnostic compute (ie https://www.codius.org/)
- but glad they start to realize that state transition is blocked by
compute consensus

2017-08-10 10:52 GMT+02:00 Jorge Timón <jtimon@jtimon.cc>:

> Unfortunately is based on ethereum, which has many design flaws. Bitcoin
> or Bitcoin-like smart contracts are much more interesting to me.
>
> On 10 Aug 2017 11:41, "Veikko Eeva" <veikko.eeva@waresign.com> wrote:
>
>> Hi!
>>
>> This could be an interesting piece of discussion: http://plasma.io/. I
>> have not the paper (yet), here's the the abstract
>>
>> Abstract: Plasma is a proposed framework for incentivized and enforced
>> execution of smart contracts which is scalable to a significant amount of
>> state updates per second (potentially billions) enabling the blockchain to
>> be able to represent a significant amount of decentralized financial
>> applications worldwide. These smart contracts are incentivized to continue
>> operation autonomously via network transaction fees, which is ultimately
>> reliant upon the underlying blockchain (e.g. Ethereum) to enforce
>> transactional state transitions.
>>
>> We propose a method for decentralized autonomous applications to scale to
>> process not only financial activity, but also construct economic incentives
>> for globally persistent data services, which may produce an alternative to
>> centralized server farms.
>>
>> Plasma is composed of two key parts of the design: Reframing all
>> blockchain computation into a set of MapReduce functions, and an optional
>> method to do Proof-of-Stake token bonding on top of existing blockchains
>> with the understanding that the Nakamoto Consensus incentives discourage
>> block withholding.
>> This construction is achieved by composing smart contracts on the main
>> blockchain using fraud proofs whereby state transitions can be enforced on
>> a parent blockchain. We compose blockchains into a tree hierarchy, and
>> treat each as an individual branch blockchain with enforced blockchain
>> history and MapReducable computation committed into merkle proofs. By
>> framing one's ledger entry into a child blockchain which is enforced by the
>> parent chain, one can enable incredible scale with minimized trust
>> (presuming root blockchain availability and correctness).
>>
>> The greatest complexity around global enforcement of non-global data
>> revolves around data availability and block withholding attacks, Plasma has
>> mitigations for this issue by allowing for exiting faulty chains while also
>> creating mechanisms to incentivize and enforce continued correct execution
>> of data.
>>
>> As only merkleized commitments are broadcast periodically to the root
>> blockchain (i.e. Ethereum) during non-faulty states, this can allow for
>> incredibly scalable, low cost transactions        and computation. Plasma
>> enables persistently operating decentralized applications at high scale.
>>
>> Cheers,
>> Veikko Eeva
>>
>>


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