Bitcoin Price Could Hit $15,000 This Year

Christopher Matta, Goldman Sachs

According to my estimates, the recent tx spam on the ETH network cost up to ~$15m USD

Vitalik Buterin
BTC $
68,03
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9.01.19
News

Ignis Is launched On Ethereum Network

Ethereum Foundation devs and Matter Inc. startup have launched on testnet a Plasma scaling solution that uses ZKSNARKs to allow for 500 transactions a second or more. Trustnodes reports.
In Ignis verification of transactions by users is replaced by the following approach: operator(s) proposing blocks must submit a SNARK proving that the new block is correct, which is verified automatically by the smart contract. No incorrect block can ever be included by an operator, so users do not need to always be online and constantly monitor transaction activity.
According to Medium, unfortunately, data availability remains an open challenge which does not seem possible to solve without trade-offs. Ignis follows the onchain data approach proposed by Vitalik Buterin. A small piece of data (9 bytes in our case) from every transaction is posted to EVM, in order to guarantee that everybody can reconstruct the Merkle state.
It is worth noting that Plasma was presented back in March 2018 and focused on solving Ethereum problem. The system is a smart-contract layer that is able to work with the main blockchain.
The possibilities of zkSNARKs are impressive, you can verify the correctness of computations without having to execute them and you will not even learn what was executed – just that it was done correctly. Unfortunately, most explanations of zkSNARKs resort to hand-waving at some point and thus they remain something “magical”, suggesting that only the most enlightened actually understand how and why they work. The reality is that zkSNARKs can be reduced to four simple techniques and this blog post aims to explain them. Anyone who can understand how the RSA cryptosystem works, should also get a pretty good understanding of currently employed zkSNARKs.