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Short About: PLASM NETWORK.

Disclaimer: some information like testnet/mainnet stage, bounties, and other adctions is valid on the moment of creating this article (August 2020) and can be invalid later.

So, if you are definitely confused who is who in Polkadot network rapidly growing ecosystem — have a look at our short cards.

Type: Scaling

What problem solves:

Plasm Network is a layer1 blockchain that solves prominent issues: scalability and interoperability.

Scalability

Due to decentralized consensus mechanism blockchains (1) have low TPS (Transaction Per Second) and (2) there is an upper limitation of data that can be stored in every block. That leads to long uncomfortable long pending transactions and bad user expirience.

Since that Plasm Network concerns about following:

  • More Transaction Per Second (TPS)
  • Cheaper transaction cost
  • Faster finality

Interoperability

Polkadot is a sharded protocol that enables blockchain networks to operate together seamlessly.

Plasm Network is compatible with Polkadot. By connecting Plasm Network to Polkadot, it will have true interoperability.

What can be used for:

Plasm Network provides scalable application development methods for every developer.

The Plasm team is developing OVM module, Plasma module, and functions to make scalable dApps. The Plasm Network will be one of the first Plasma/OVM blockchain Polkadot Parachain.

Token: PLM (pronounced “PLUM”)

PLM has four main roles:

  1. Staking for consensus, rewards for validators and nominators
  2. Transaction fee used to prevent harmful behaviors
  3. Block rewards for dApps operators; sustainable reward designed for applications
  4. Good / bad voting, dApps operators

PLM is intended to be used as a liquidity token. Tokens are issued through multiple Lockdrops to prevent zero-value collateral and increase the number of token holders. PLM tokens are expected to be operated at the ratio of 1:1=Staking:Liquidity.

Community rewards:

  • A community member creates a simple smart contract and deploys it on Plasm Network.
  • PLM (Testnet: PLD) holder evaluates her performance and stakes his tokens on the smart contract.
  • Both of them get rewards based on her performance.

Testnet: Dusty Network. Token: PLD. Can be used for testing network, dApps, etc.

Lockdrops.

Lockdrop is a mechanism to issue tokens with monetary value and to dispatch that in fair way between users interested in Plasm Network technology.

Lockdrop means that to get an PLM (PLD) user need to lock some ammount of ETH (in the first lockdrop, ETH or BTC in the 2nd lockdrop, and ETH, BTC, DOT in the 3rd one) for chosen time period: 30, 100, 300 or 1000 days (2 years for DOT lockdrop only). After locking user gets PLM. Once the lock duration that the token holder specified has passed, all ETH will be returned back to the participant.

Additional information:
-
2nd lockdrop is announced on 31th of August.
- Plasm Network — participant of Hackaton, held by Kusama Network — Hackusama. https://devpost.com/software/plasm-network-plus-ultra

Polkadot News: https://twitter.com/polkadotnews https://t.me/polkadotnews

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