The Plasma of Start-up Crypto has unveiled the technical characteristics of its specific blockchain, promising fast and effective global stablecoin transfers using an “inspired” consensus mechanism.
Hotstuff’s consensus is an example of tolerance for Byzantine faults (BFT) for blockchains which allows consensus even when certain nodes are defective or malicious. Imagine a group of friends who plan a picnic who must agree on a date, a location and a duration. If the majority agree, they can go ahead successfully while bypassing the potential disturbances of some unreliable friends.
The Consensus mechanism of the Hotstuff blockchain goes further by allowing a replacement of a transparent leader if the decision maker or the leader’s node behaves irregularly, thus reducing delays and improving efficiency.
In addition, in traditional BFT systems, each node sends several back and forth confirmations, which causes delays. The Hotsuff mechanism rationalizes the process where a leader’s node offers a decision and the validator’s nodes confirm in a single step.
“Basically, plasma uses plasmabft, a quick consensus protocol inspired by the hotluts optimized for rapid end and low latency, supporting global high frequency transfers,” announced plasma on X.
The purpose in the blockchain means the speed at which transactions are confirmed and added to the blocks, after which they become irreversible. Meanwhile, the low latency refers to the speed of treatment transactions.
The plasma blockchain is specially designed to Tether, the largest stable -poin in the world with a market capitalization of 144 billion dollars. Tether represents more than 60% of the total Stablescoin market, according to the source of Coingecko data, and its transmitter achieved $ 13.7 billion in profits last year. The first donors of the project include eminent industry names such as the venture capital Peter Thiel, the CEO of Tether Paolo Ardoino and Zaheer Ebtikar of Split Capital.
Plasma is designed to be a Sidechain Bitcoin with complete compatibility with Ethereum virtual machines (EVM). Most Stablecoin activities occur on blockchains of smart contracts such as Ethereum, Tron and Solana.
The plasma execution layer is built on Rust Ethereum, also known as Reth, a modular engine compatible with the EVM, allowing plasma to execute any Ethereum intelligent contract.
The Stablecoin project also has an integrated bitcoin bridge which uses the same group of decentralized validators as the BFT mechanism and periodically links updates on the Bitcoin blockchain. This allows Ethereum applications to work easily with Bitcoin, using the latter as a layer of payment.
“By periodically anchoring the difficulties of the state on Bitcoin, plasma reaches transparent interoperability and uses bitcoin as a layer of settlement – saying a purpose without authorization, resistance to stronger censorship and a universally verifiable source of truth,” said Plasma.
Steven Lubka, head of Swan Bitcoin, said that Stablecoin’s new infrastructure seems to “bet on the thesis that other blockchains are only good for stablescoins and that they need Bitcoin security properties to be inherited”.
The other key characteristics of the plasma include personalized gas tokens, the authorization to pay for costs in USDT or BTC, USDT zero dependent transfers and confidential transactions while guaranteeing compliance.
