Crypto Start-Up Plasma announced the technical characteristics of its specific stablecoin block chain, promising rapid and efficient global stablcoin transfers through the use of a consensus mechanism “inspired by Hotstuff”.
Hotstuff consensus is an example of Byzantine fault tolerance (BFT) for blockchains that allows consensus even when some nodes are defective or malicious. Imagine a group of friends who plan a picnic that must agree on a date, location and duration. If most agreed, they can advance successfully as possible interruptions of some unreliable friends overlook.
Hotstuff’s Blockchain consensus mechanism takes this beyond allowing the replacement of leader without problems if the decision maker or the leading node behave erratically, thus reducing delays and improving efficiency.
In addition, in traditional BFT systems, each node sends multiple round trip confirmations, which causes delays. The Hotstuff mechanism optimizes the process where a leading node proposes a decision and the validator nodes confirm in a single step.
“In its nucleus, the plasma takes advantage of Plasmabft, a consensus protocol inspired by faststuff optimized for a rapid purpose and low latency, which supports the transfers of high frequency global stablcoin,” Plasma announced in X.
The purpose in Blockchain means the speed at which transactions to the blocks are confirmed and added, after which they become irreversible. Meanwhile, low latency refers to the speed in transaction processing.
The plasma block chain is specially designed for Tether, the largest stable in the world, with a market capitalization of $ 144 billion. Tether represents more than 60% of Stablecoin’s total market, according to the Coingcko data source, and its issuer obtained $ 13.7 billion in earnings last year. The first sponsors of the project include prominent names of the industry such as risk capitalist Peter Thiel, the CEO of Tether, Paolo Ardoino, and Split of Zaheer Ebtikar of capital.
Plasma is designed to be a bitcoin side chain with complete compatibility with virtual Ethereum machines (EVM). Most Stablecoin activities are produced in smart contract blocks such as Ethereum, Tron and Solana.
The plasma execution layer is based on Rust Ethereum, also known as Reth, a modular motor compatible with the EVM, which allows plasma to execute any smart contract of Ethereum.
The Stablecoin project also has a built -in bitcoin bridge that uses the same decentralized validators group as the BFT mechanism and is periodically linked to updates in the Bitcoin block chain. This allows Ethereum applications to easily work with Bitcoin, using the latter as a settlement layer.
“When periodically anchor the state differs in Bitcoin, the plasma achieves perfect interoperability and uses Bitcoin as a settlement layer: the elimination of the purpose without permission, the resistance to the strongest censorship and a source of universally verifiable truth,” said Plasma.
Steven Lubka, head of Swan Bitcoin, said that Stablecoin’s new infrastructure seems to be “betting on the thesis that other block chains are only good for stable and need Bitcoin security properties to be inherited.”
Other key plasma features include custom gas tokens, allowing fees payments in USDT or BTC, USDT transfers of zero load and confidential transactions while guaranteeing compliance.
