Disclaimer: The road-map described here is based on current environment, and it is subject to change according to future Polkadot announcements.
Plasm Network is a scalable smart contract on Polkadot supporting cutting edge layer2 solutions. From the beginning, our highest priority is to become a Parachain of Polkadot Network.
Recently, we have received a lot of questions about the network’s road-map and future plans. Because the date of the Parachain Auction is not made public yet, it is very difficult for us to create an accurate long-term timeline for the project. Instead, we try to make ourselves flexible and withstand any odds that might strike us. Having said this, this article will try to explain what our goals are, what we expect in the future and a rough timeline of how we want Plasm Network to grow.
Let’s go through these phases, one-by-one.
The initial plan was that we would have the 3rd lockdrop during Polkadot Parachain Auction. But we decided to have only the DOT lockdrop as the 3rd lockdrop. This decision was made for the following reason.
We have been discussing the auction mechanism with college professors. And, we realized that multi-assets auction highly likely causes the division of votes because a DOT holder who wants to support us can join lockdrop with ETH instead of DOT if we have multiple choices. Actually, this is not beneficial at all since we need DOTs to win the auction.
As we learn from history, we have a similar example from an election.
At first, Gore was expected to beat Bush at the 2000 presidential election of the U.S. But at some point, Nader also ran for president. Nader’s policies were closer to Gore’s, so that some of the supporters of Gore voted for Nader in the election. As a result, Bush luckily won the election by a very narrow margin. The 2000 U.S presidential election had some other troubles, but anyway, this “division of votes” was one of the main reasons why Bush has beaten Gore. Such a division of votes is undesirable because it interrupts respecting a majority opinion. But this type of division can be widely observed in elections that employ the plurality rule.
It was really tough decision for us to change the original strategy but we believe we should focus 100% on the paracahin auction to be the Polkadot Parachain. This is our major milestone from day 1.
Community Rewards is an important feature that is designed to incentivize early Plasm Network adapters and encourage developers to create something interesting for the community to look at. Community Rewards allow early network contributors (i.e. dApp developers) to earn a consistent flow of basic income (in PLM tokens) from the block based on their performance. The “performance” is measured by the number of nominations the contract as received.
50% of the block reward goes to validators and the other 50% goes to the contributors. Please check our documentation for the details.
For features related to layer 2 protocols, our first step will be implementing the Optimistic Virtual Machine, a unification for all layer 2 protocols. Learn more from here.
Plasm Network Receives A Grant from Web3 Foundation.
Hello everyone. Today, we are excited to announce that we have received another grant from Web3 Foundation to continue…
Just with two lockdrops, more than 80,000 ETH was locked for Plasm Network. We are very happy to see the community grow at an exponential rate. But at the same time, this meant that our token supply was much higher than what we expected. To solve this “problem”, we will have to have token denomination, as with the current token supply, one PLM may equal $0.0000…1, which does not look good. But because we are changing how the network displays the token denomination, the actual supply or the value of the token will not be affected. It is more of an aesthetic choice.
As of today, we don’t allow any crypto exchanges to list PLM tokens because of 2 reasons. First, the total supply is not decided yet and it can be significantly changed through the coming lockdrop. This may hurt the community, the team, and any other parties who rely on the token value. Second, Polkadot and Plasm are still at its early stages. We, the Plasm Network team, are focused more on the technical implementations rather than marketing. If the token value changes with each upgrade made to the chain by the team, this will only act as an unnecessary complication to the development schedule. We have been doing this for more than 2 years. I hope exchanges can pay regard to our decision.
However, some people might think that we should list token now because Polkadot attracts a lot of attention. Of course, jumping in the bandwagon will give us a bit of a spike. But we believe that the little price spike we get does not match the long-term value that our network will gain.
We will make this explicit as possible; our vision is to create an infrastructure that can be used for generations, and be part of the next innovation of blockchains that can truly make Web3.0 a reality.
We will list the PLM token when the time is right.
Finally, it is the time to become a Polkadot Parachain. We will have a DOT lockdrop during the auction. By locking your tokens (DOT), you are able to receive PLM tokens as a reward. Once we become a Parachain through this auction, this will allow us to become a smart contract platform with layer 2 protocols and provides interoperability with other networks within the Polkadot ecosystem.