Tezos [XTZ], the seventeenth-largest coin by market cap, has witnessed rapid growth from the time of its launch. Recently, Tezos surpassed DASH and stood in the fifteenth position briefly, before falling again. The price of the coin, at press time, was falling by 3.48% over the last 24 hours. At the time of writing, the coin was valued at $1.19, with a market cap of $783 million. The 24-hour trading volume of the coin was $7.10 million and most of it came from BitMax exchange via the trading pair XTZ/BTC.
In a recent update, the Tezos Foundation shared the latest development in the ecosystem on Twitter. The tweet read,
We are thrilled to issue a grant to @cryptoeconlab to develop a Plasma layer on #Tezos! Check out our announcement below to learn more.https://t.co/C3RLlYqyR8
— Tezos Foundation (@TezosFoundation) August 19, 2019
The tweet stated that a Tokyo-based research lab, Cryptoeconomics, had secured a grant to develop a Plasma layer, “a layer-2 scaling technique which increases the transaction throughput on blockchains.”
The plasma layer is said to be implemented on Tezos following Plasma Group’s Generalized Plasma Specification. The implementation will be carried out by the Cryptoeconomics Lab team, which will be headed by Shogo Ochiai. Further, the team will reportedly carry out an audit of the implementation prior to its release.
The update was also confirmed by a blog post released by the Tezos Foundation. The blog post implied that an Android wallet application will be initiated by the Lab and that Tezos would be a part of its application development toolset, Plasma Chamber. The blog post further said,
“This implementation will be integrated into Cryptoeconomic Labs’ Plasma-Rust framework.”
