Today, I want to discuss with you a really cool thing in the crypto world currently Paymaster System by Plasma and how it allows sending USDT to feel like sending an email. No kidding!
It is so frustrating when you want to send a certain sum of money to friend or pay someone, and all you can see are gas fees consuming your money. Other times you pay higher than what you are sending, particularly when using a congested network such as Ethereum. It's frustrating right? You need to carry native token in pockets, do some calculations, wait till you get confirmation... is like in old school banking.
But Plasma putting all that to the Paymaster. It is essentially a smart contract application that is operated by the Plasma team (or foundation) and that will cover the gas fee when you complete simple USDT transfers. Yes, no charges on the transfer of USDT! It is as though the network said "hey, you need not worry about gas, we have got you covered in basic transfers.
How it work? On hitting the send button of USDT transfer (a regular transfer or transferFrom), the Paymaster contract intervenes and pays the gas fee on their behalf with their XPL (the native token of Plasma). These transfers do not require holding XPL. No need to purchase gas token, no exchanging, nothing. All you need to do is to send USDT just as you would email - enter address, size, press send, and you can be done within seconds.
I believe it is a game changer since stablecoins such as USDT are supposed to be a payment, right? And not to pay high fee or to work with the technical things. Plasma turn it into something ordinary, such as Venmo or WhatsApp payment, but with blockchain, global and free of the middleman.
Naturally it does not work with everything - only with the basic transfers of USDT this zero fee magic. In case you are doing complex DeFi things, swaps or deploying contracts, you would still have to pay gases with XPL or perhaps other tokens they support. But when sending USDT on a daily basis? Free! They have boundaries and filters to prevent spam or abuse, therefore, it is secure.
Also Plasma is compatible with EVM to use any wallet or MetaMask and is designed with the stablecoins in mind. They even received custom gas token functionality where you can pay in USDT fees on other transactions under certain conditions, the Paymaster of zero fee USDT is the star.
Why this matter? Since it feels as comfortable sending digital dollars as it does sending email, a greater percentage of people will start using crypto to make actual payments - send money, spend money, friends sending money, money across the border, no insane fee. Plasma in the attempt to correct the crypto experience problem.
What you guys think? Have you made an attempt of Plasma chain? Will zero fee USDT remittances be mass-adopted or merely hyped? Drop your thoughts, say what you want to discuss!