What is XPL coin (Plasma)?

Source: BTCHaber Original Title: What is XPL coin (Plasma)? Original Link: https://www.btchaber.com/xpl-coin-plasma-nedir/

About Plasma and XPL Coin

XPL coin is the cryptocurrency of the Plasma ecosystem. Plasma is an EVM-compatible layer 1 blockchain developed for global stablecoin transfers. Its main focus is to meet the scalability, speed, and reliability needs required by stablecoins.

As a layer 1 blockchain, Plasma operates on its own blockchain. This blockchain is developed with an emphasis on high volume and low fees. Thanks to EVM (Ethereum virtual machine) compatibility, developers can utilize well-known languages like Solidity as well as other EVM-compatible tools.

Plasma Founder

Plasma was founded in 2024 by Paul Faecks and Christian Angermayer.

How to Use Plasma?

To use Plasma, you first need to connect your cryptocurrency wallet to the Plasma network. Since it’s EVM-compatible, the process is quite simple for users who are accustomed to using other EVM-compatible chains. After connecting your wallet, you can also add the network by going to your wallet’s network settings.

The aim is to provide free USDT transfers for eligible transactions. The network also works on a special transfer manager system that automatically covers gas fees. This way, the goal is to make your stablecoin transfers more efficient, faster, and, if possible, free by using your current digital wallet. Developers can use Plasma to build these stablecoin-focused transfer systems.

What is XPL Coin?

XPL coin is the cryptocurrency of Plasma. It is responsible for securing the network. At the same time, it plays a significant role in the fundamental economic and operational processes. In other words, transaction fees, smart contract deployments, and transfers required for computational operations are carried out with XPL.

PlasmaBFT consensus is used to ensure the security of the network. Users who wish to contribute to this consensus must perform validator staking with XPL. In return for staking XPL, they receive various rewards.

The total supply of the cryptocurrency is 10 billion XPL, distributed as follows:

• Ecosystem and development: 40%
• Team: 25%
• Investors: 25%
• Public sale: 10%

Buying XPL Coin

To purchase XPL coin, you first need to create an account on a cryptocurrency exchange. You must also complete the identity verification process for your account. Your wallet must have a balance during the purchase process. If you don’t have a balance, you can use payment methods such as bank transfer or credit card.

Once your balance is updated, you can purchase the desired amount of assets. Simply follow the steps below to buy:

• On the homepage, click the “Buy/Sell” or “Markets” option at the top of the screen. You can proceed to purchase by typing XPL in the search section.
• On the Buy/Sell page, click the “Buy” button to start your transaction. At this step, if you do not have an account, you need to create one; if you already have one, you need to sign in.
• Continue the transaction by entering the amount in Turkish lira you want to use for the purchase. After deciding on the amount you want to deposit, you can confirm the transaction. The exchange will automatically check your account balance. Thus, if the balance is sufficient, it will complete your transaction. If your balance is not enough, you can top up your account with the desired amount using the TL deposit option.
• In the final step, you need to click the “Buy” button once more to confirm the transaction. Your cryptocurrency purchase will be executed immediately, and the purchased crypto will be credited to your account shortly.