Slow-Speed Transactions Have Gone To Past With Bankex Solution

Slow-Speed Transactions Have Gone To Past With Bankex Solution

People are spending millions ETH for Cryptokitties, like crazy. We know, you have already bought one, and we also know you become outraged because of the slow speed of transactions. CryptoKitties can be bought using only Ether, a crypto-currency that acts as the fuel of the Ethereum blockchain network.

The Solution

To solve this issue, fintech-company Bankex tested the pilot version of the Plasma Like protocol in the test network Rinkeby, increasing the speed of transactions to 5000 per second and eliminating the commission for gas.

The ongoing "invasion of crypto" has provoked the congestion of the Ethereum network, which caused many transactions to be processed much longer than usual, or not at all because of the excess of the gas limit. Despite the fact that the situation can be called comic, since users spent millions of dollars on these cuties, it is a serious challenge to the crypto-currency community.

This August, the founder of Ethereum Vitalik Buterin and Joseph Pohn developed the protocol called Plasma Like. Its practical implementation was running out by Bankex in the test network. It is worth noting that the developers are not going to stop there, and intend to achieve 100,000 transactions per second in the next versions.

The Plasma Like allows users to transfer funds from Ethereum blockbuster to a compatible Bankex network. In turn, the company itself is responsible for supporting the contract, which provides the ability to return funds to the Ethereum network at any time.

Earlier, the Liquidity Network project presented an off-protocol for Ethereum-purses, connecting recipients and senders through special "hubs", from which some payment channels come out. This solution is already called the Lightning Network for Ethereum.

Information Source: BTCmanager