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BANKEX Plasma unveils its first use case: buying coffee from a vending machine with crypto. This is the first realization of the Plasma blockchain, a solution originally proposed by Vitalik Buterin for the Ethereum main network. In July, BANKEX Plasma reached a capacity of 22,000 simultaneous transactions per second. This real-life usage of Plasma hastens the era of using crypto for everyday purchases. BANKEX shared a video showing the first working prototype of BANKEX Plasma.

Several years ago, when trendy shops and cafés started offering customers the option to pay with crypto, they encountered two problems trying to use cryptocurrencies in real life: transaction cost and transaction speed. BANKEX Plasma solves both, as proved by its first use case: buying coffee from a vending machine.

If this were treated as an ordinary Ethereum transaction, it would, as of the time of this writing, cost about $0.20 to process. It would also take about 2 minutes from payment code scan to coffee delivery. $0.20 is not much in the context of transfers of $100 or more. And 2 minutes is trivial if you are enjoying your coffee in a café. But, in the context of buying coffee to go for less than $1 from a vending machine, these issues become more critical. BANKEX Plasma makes transactions instantaneous and drops the cost per transaction to $.005.

The key underpinning of BANKEX Plasma, the protocol powering this new way to make purchases with crypto, is a transparent off-chain infrastructure for payments, especially micro-payments. Plasma can be thought of as a prepaid wallet. Initially, some Ether is deposited into a Plasma wallet from another preferred wallet. Thus, the standard Ethereum transaction fee is paid only once.

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