Key Notes
- XPL serves as the gas token for transactions and smart contract execution, the staking asset securing the network, and the reward token for validators.
- Plasma also allows gasless stablecoin transfers for simple transactions, while complex actions require XPL.
- XPL’s supply includes 40% for ecosystem growth, 25% for founders and employees, and 25% for early backers.
The co-founder and CEO of Blockstream has issued a stern warning to critics of Bitcoin’s
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peer-to-peer (P2P) node network.
Building on his extensive experience in the blockchain industry, he argued that undermining the decentralization of P2P nodes is a great threat to the core sovereignty that Bitcoin (BTC) was built to uphold.
Adam Back Encourages Informed Decision for Blockchain
Adam Back started his post on X by stating that “Those who refuse to learn from history are doomed to repeat it.”
He continued by establishing that running decentralized and anonymous P2P nodes is the hinge for individual sovereignty. The Blockstream executive noted that the principle of decentralization is supported by decades of empirical evidence and legal precedents.
Over the past 16 years since Bitcoin’s launch, the coin has relied on its decentralized architecture to resist censorship and withstand attacks.
According to Back, the recent criticism of P2P nodes represents a “slippery slope” toward centralization.
This debate has grown out of rising discontent with Bitcoin Core, the software that powers the network’s nodes. Developers have faced criticism for allegedly centralizing control and overriding user preferences.
Back, however, emphasized that the ecosystem is supported by a diverse mix of nonprofits, volunteers, and contributors from around the world.
The crypto pioneer opines that any change that is made to this existing system will jeopardize the security and stability of the blockchain. Hence, safety must be the basis for making technical decisions and not just public opinions or politics.
Bitcoin Core Developers’ Proposal Raises Concerns
This is not the first time that an idea from Bitcoin Core developers has been met with opposition.
In April, the team proposed a change to OP_RETURN, an initiative that changes how the largest cryptocurrency handles transaction data. It would allow higher volumes of arbitrary data to travel across the network before it even reaches the blockchain.
However, it raised concerns among top players in the industry. Cardano
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founder Charles Hoskinson shared an impactful yet sarcastic GIF in response to the proposal.
This is because the change can bring along slower transaction times, overloaded nodes, and long-term blockchain bloat.
In other news, PayPal launched a new P2P “links” feature for instant payments, with crypto integration for Bitcoin, Ethereum, and PYUSD coming soon.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bhushan Akolkar on X
Source: https://www.coinspeaker.com/plasmas-native-xpl-token-debuts-with-2-54-billion-market-cap/
