On November 1st San Francisco based Elph launched their testnet which is aimed at solving the blockchain scalability problem.
Notably, blockchain applications have shown great potential and are set to replace the existing financial systems, however, there is a huge problem before that becomes the reality. Many blockchain apps can process transactions at meager 6-15 per second. While existing solutions from VISA can do it as fast as 24,000 transactions per second.
Ritik Malhotra, Co-Founder, and CEO of Elph says:
“By moving transactions and smart contracts onto a Layer 2 environment using the power of Plasma architecture, Elph can help Ethereum dApp developers scale, secure and speed up their applications, opening up the potential of what can be accomplished on the blockchain.”
Elph is essentially a decentralized network of scalable Plasma sidechains that achieves high transaction throughput on top of Ethereum. When built over Ethreum, they offer orders of magnitudes growth in both transaction throughout and fees while maintaining the security assurances presented by the underlying blockchain.
Creating the second layer, networks can leave layer-1 and use them as a secure and robust justice system that backs the layer-2 blockchain. This allows layer-2 chains to focus on all the things that layer-1 chains neglect with respect to scalability while falling back to layer-1 chains for dispute resolution. This is exactly the assumption that Plasma Chains operate on.
Features of Elph Chain
- Scalable: Using Plasma sidechains allows Elph to process transactions orders of magnitude faster than traditional blockchains like Ethereum, allowing for highly-scalable applications to run on a blockchain.
- Secure: The sidechains are built on top of Plasma architecture, which means all assets on the sidechain are backed by the security of Ethereum. Users have the option to safely withdraw their exits from a sidechain at any time using Plasma’s primitives.
- Fast: Transactions are processed with one second block times, providing quick results back to the user. Users can instantly exchange cryptocurrencies, interact in real-time with decentralized applications, and execute smart contracts at low cost and high speed without running into network congestion issues.
- Interoperable: As a layer 2 solution, Elph’s sidechains can leverage Plasma architecture to interface with any blockchain. This allows Elph to act as a secure bridge between different blockchains, allowing for asset transfer and communication across multiple blockchains.
- Ethereum compatible: Elph’s sidechains are compatible with Ethereum-based assets (ETH, ERC20, & ERC721) today, making it possible to instantly leverage the vast ecosystem of Ethereum tokens in applications built on top Elph.
- Configurable: Developers building on Elph’s sidechains can customize their sidechains across a variety of parameters. It’s like Amazon Web Services for your underlying blockchain.
The members of Elph think that they are getting closer to the vision of getting usable blockchain technology to masses. They enable users to spontaneously and trustlessly exchange cryptos, communicate in real-time with dApps, and perform smart contracts without paying expensive fees or facing network congestion problems.