InjectiveDevs| Research—Layer2 Side Chain Solutions
- Side Chains
You need to compare and analyze the following five scalability solutions: State Channels, Side Chains, Plasma, Rollups, and Validium.
You need to explain the technical details of Layer 2 sidechain solutions, including but not limited to the mechanisms for users to "enter" and "exit" the sidechain, and provide technical proofs.
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- InjectiveDevs created the bounty on 2023/05/22 23:19:02Transaction0x44f9...2c7d
- Ziakhan-byte submitted a solution on 2023/06/04 01:18:51DescriptionLayer 2 sidechain solutions are designed to address the scalability limitations of the Ethereum blockchain by enabling the execution of off-chain transactions while maintaining the security guarantees of the mainchain. These solutions aim to reduce congestion, lower transaction costs, and increase the overall throughput of the network. Here, I will explain the mechanisms for users to "enter" and "exit" a sidechain and provide some technical insights into these processes. State Channels: State channels allow participants to conduct a series of off-chain transactions without interacting with the main Ethereum chain for each transaction. The channel is established between two or more participants, and the final state of the channel is submitted to the Ethereum mainchain. By doing so, state channels enable faster and cheaper transactions. To enter a state channel, participants must first create and fund a multi-signature wallet on the mainchain. Once funded, participants can lock their funds in the channel's smart contract. This process is done on-chain. After entering the channel, participants can perform a series of off-chain transactions, updating the state of the channel. These transactions are signed by the involved parties and exchanged off-chain. The state updates are only submitted to the mainchain when the channel is closed. Exiting a state channel involves submitting the final state of the channel to the mainchain, which reflects the balances of the participants after the off-chain transactions. The final state is then verified by the smart contract on the mainchain, and the participants can withdraw their funds accordingly. Side Chains: Side chains are independent blockchains that are connected to the Ethereum mainchain. They have their consensus mechanisms and can process transactions off-chain, reducing the burden on the mainchain. Users can move their assets from the mainchain to the sidechain and vice versa. To enter a sidechain, users need to lock their assets on the Ethereum mainchain by depositing them into a smart contract. This contract holds the assets and mints corresponding tokens on the sidechain. The tokens on the sidechain are used for off-chain transactions. When users want to exit the sidechain and move their assets back to the mainchain, they initiate a withdrawal request on the sidechain. This request is submitted to the sidechain's smart contract, which then releases the locked assets on the mainchain. The withdrawal process requires verification of the sidechain's consensus and may involve waiting for a predefined period to ensure security. Plasma: Plasma is a framework that allows for the creation of hierarchical side chains, also known as child chains, which are connected to the Ethereum mainchain. Child chains can process transactions off-chain, reducing the load on the mainchain. To enter a Plasma chain, users need to submit their funds to a smart contract on the Ethereum mainchain. This contract holds the funds and creates a corresponding balance on the Plasma chain. Users can then perform transactions within the Plasma chain. Exiting a Plasma chain involves a challenge period during which any fraudulent behavior can be detected and challenged. After the challenge period, users can submit an exit request to the mainchain smart contract, which verifies the legitimacy of the exit and releases the funds accordingly. Rollups: Rollups are a Layer 2 solution that aggregates multiple transactions into a single transaction, reducing the number of on-chain operations required. They come in two forms: Optimistic Rollups and ZK-Rollups. Optimistic Rollups rely on a mechanism where users submit batches of off-chain transactions to a Rollup smart contract. The transactions are initially assumed to be valid but can be challenged by anyone if they believe a transaction is fraudulent. If no challenges are raised within a predefined period, the transactions are considered final and committed to the Ethereum mainchain. ZK-Rollups use zero-knowledge proofs to compress and validate the off-chain transactions. The
- hacker84fa835 submitted a solution on 2023/06/04 22:11:45DescriptionTrx mining