Peter Thiel-Backed Plasma Launches HotStuff-Inspired Consensus for Stablecoin Transfers
Plasma announced its blockchain for stablecoin transactions, focusing on efficiency and speed through a "HotStuff-inspired" consensus mechanism. Key points include:
- HotStuff enables Byzantine Fault Tolerance (BFT), allowing consensus despite faulty nodes.
- Leader replacement is seamless, reducing delays in transaction processing.
- PlasmaBFT optimizes rapid finality and low latency for high-frequency stablecoin transfers.
- Targeting Tether, the largest dollar-pegged stablecoin with a market cap of $144 billion.
- Designed as a Bitcoin sidechain with compatibility for Ethereum Virtual Machines (EVM).
- Execution layer built on Rust Ethereum (Reth), compatible with Ethereum smart contracts.
- Includes a bitcoin bridge for interoperability, linking updates to the Bitcoin blockchain.
- Features custom gas tokens for fee payments in USDT or BTC, zero-charge USDT transfers, and compliance-focused confidential transactions.
Backers include industry figures like Peter Thiel and Tether's CEO Paolo Ardoino. The project aims to leverage Bitcoin's security properties for stablecoin infrastructure.