Surpassing the Visa network? How Plasma reshapes the underlying logic of global payments with a modular architecture
We often see traditional payment networks like Visa and Mastercard as the targets that cryptocurrency is trying to catch up to. But what if we change our perspective: instead of chasing, what if we aim to surpass them with a completely new, digitally native architecture? The Plasma project is making such an attempt, trying to fundamentally reshape the underlying logic of global payments through the modularization concept of blockchain.
The 'walled garden' model of traditional payment networks
Networks like Visa are highly centralized. They are very efficient, but they have inherent drawbacks: high merchant fees, lengthy cross-border settlement periods (often taking several days), geographic access restrictions, and a closed financial ecosystem. You can only play within its rules.
Plasma's 'Modular Open Network' model
Plasma is essentially a blockchain specifically optimized for payments and compatible with EVM. Its strength lies in the modular blockchain concept behind it. We can break it down into a sophisticated collaborative system:
· Execution layer: This is the Plasma chain itself. It is specifically responsible for handling transactions—executing the transfer logic of stablecoins. Because it focuses solely on this core task, it can achieve extreme speed and low cost.
· Settlement and consensus layer: Plasma chooses to share security with the Ethereum mainnet. Regularly submitting the validity proofs or state roots of transaction batches back to Ethereum is equivalent to having Ethereum, this 'global court', testify for it, ensuring the ultimate security of funds.
· Data availability layer: This is a key part of the modular architecture. To further reduce costs, chains like Plasma can choose to publish transaction data on externally available layers with lower costs while relying on Ethereum to ensure its security.
The paradigm shift brought by Plasma:
1. From the 'transaction fee' to the 'Gas fee' dimension reduction: The transaction fees in traditional payment networks are used to maintain the profits of a large centralized institution. In Plasma, the Gas fees are small rewards paid to decentralized network maintainers, making its cost structure inherently more advantageous.
2. From 'T+1 settlement' to 'real-time finality': The settlement cycle in traditional finance can last for days, leading to capital risks and efficiency losses. On Plasma, the moment a transaction is confirmed on-chain, the settlement is synchronized and completed, achieving 24/7 real-time clearing and settlement.
3. From 'closed ecosystems' to 'open Lego': Most importantly, Plasma is a public, permissionless infrastructure. Any developer can build payment applications, wallets, and remittance services on top of it, just like building websites on the internet. This fosters unlimited innovation, rather than a monopolized ecosystem. A developer in New York can create a customized payment app for a group of Southeast Asian users without needing approval from any institution.
Conclusion: It's not an upgrade, it's a reconstruction
Plasma's ambition is not merely to become a cheaper Visa. It is building a global payment protocol from the ground up using the modular, openness, and permissionless characteristics of blockchain, tailored for the digital age. It may not directly face consumers, but it will become the underlying soil on which countless payment applications rely.
When stablecoins find an efficient, dedicated home like Plasma, they can truly unleash their potential and together build a global financial new system that is more inclusive, efficient, and powerful than any existing payment network.
