Since we started developing Plasm Network, we have overcome a lot of technical difficulties. And now, we are so excited to announce the Plasm Testnet Version1 today. You can see our Testnet from here.
Plasm Network is a scaling DApps Platform based on Parity Substrate. It means that this blockchain is compatible with Polkadot, once Polkadot is fully launched. The point is Polkadot Relaychain doesn’t support smart contracts by design. So, people in the Polkadot ecosystem need Parachains that support smart contracts well. From the developer’s perspective, he needs to choose on which Parachain his decentralized application should be built. Scalability must be one of the most important criteria for him to choose which Parachain to use. This is where Plasm Network comes in.
Again, Plasm Network is a scalable DApps platform with Plasma and Lightning Network (Will be implemented in the future). If you are interested, check out our white paper. And we will announce updates and new information on Twitter. Check it out 😉
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Future Plan（Road Map）
Plasm Network is currently undergoing a series of proof-of-concept testnet releases. We just completed PoC-0. We will implement the logic of Multi-Lockdrops, Operator Trading mechanism, DApps reward mechanism, PlaaS, and Plasma Applications as explained below.
Before describing some features on Plasm Network testnet, let me announce Plasm Validator Program.
Looking For Validators!
Since we launched our Plasm Network testnet, we are looking for around 50 validators all over the world!! This is a testnet like Ethereum Rinkeby, Kovan, and Ropsten. So, PLM (Plasm Network native token called PLUM) doesn’t have any values. Therefore, there is no incentive to be a validator on the testnet. To solve this problem,
We will provide you with a right to be the first validator during the PoA term (between Lockdrop1 and Lockdrop2 described below) on the mainnet if you are a validator on the Plasm testnet.
In addition to that, becoming one of the Parachians is a very crucial To-Do for Plasm Network. Hence, the Plasm Network team will distribute PLM to the people who support us at the Polkadot Prachain slot auction.
If you are interested in this program or if you have a question, please fill out an application form and join out Telegram.
Features of Plasm Network Testnet
We will implement 5 new features on Plasm Network.
Plasm has the first lockdrop by collateralizing the opportunity cost of ETH. Ethereum token holder has opportunity costs depending on the locked amount and the locked duration. PLM is issued relative to this value. We don’t decide the total supply of PLM at the first point because we intend to do two other lockdrops after the genesis in order to distribute tokens more fairly.
The strong security of a public blockchain is eventually realized thanks to a large number of validators and widespread token holders. That’s why we have the validator program and we have 3 lockdrops not only with ETH but also with BTC and other tokens.
2. PlaaS（Plasma as a Service）
Plasm as a Service (PlaaS) is a tool to deploy and manage a Plasma child chain easily under the Plasm Parachain.
Plasm is a set of Substrate Runtime Module Libraries which make it easier to use Plasma functions on Substrate. By using Plasm, any developers can make a child chain and deploy a Plasma application. Plasma applications take a different approach from a traditional approach. The limited capability of a layer1 smart contract makes many DApps impractical. What Plasma application is doing is making a set of Plasma contracts on “off-chain” and connect them to the main chain. Plasma applications are next-generation technology which gives developers new possibilities.
“Ethereum and Bitcoin are almost full. The Plasm team believes blockchain will be used in a different way from the way we use it today. The 1st layer will be used as a trust layer and the 2nd layer will be a transaction layer. That’s why we are working on Plasma”
However, deploying and managing a Plasma application is not easy because Plasma consists of several components and it takes time to implement these from scratch. To solve this problem, the Plasm team provides a GUI tool which makes it easier to deploy and manage Plasma applications.
3. Plasm DApps Reward Mechanism
The problem of the traditional DApps platform is that DApps creator is definitely contributing to the ecosystem, but what actually they are doing is paying costs a.k.a gas. We divide the block reward. 50% of the block rewards on the Plasm chain are distributed to DApps developers who increase the value of the network. The other 50% of rewards are distributed to the validators. Plasm token holders can stake not only on a validator but also on a Plasma application operator (Plapp operator = DApps creator), the person who manages a child chain and an application on that chain. This can be a basic income for DApps creators and a radical experiment on the Polkadot network. And it can be one of the new solutions of Parachain economics. You can find further information from here.
4. Plasm Operator Trading
Operator trading is a mechanism to buy and sell the right to be a Plasma application operator. Since the right is tradable, this is similar to M&A. A plasma operator gets constant basic income by creating a Plasma application owning to the Plasm DApps reward mechanism. If the Plasma application is meaningful for the community, the creator receives higher revenue. As a result, other players may want the right to operate it. The successor will receive the reward instead of a previous operator. The important thing is that the buyer does not need to take over the operation itself though the buyer has ownership. Through this mechanism, we assume that the new off-chain market will be created.
OVM is a virtual machine that is designed to support all layer2 protocols. It was invented by Ethereum Foundation Plasma Group and we are developing it on Substrate.
The most important thing is that OVM can be a unification of all layer2 solutions. This means Plasm Network will be not only for Plasma but also for other layer2 scaling solutions such as Lightning Network and Raiden Network. We try to implement all layer2 solutions on Polkadot.
This is a big step!! If we can implement Plasma as well as Lightning Network, the potential will be super big. We assume that Plasm Network is used for use cases that need high throughputs like IoT and DeFi.
About Plasm Network
Plasm Network is a scalable DApps platform on Substrate. It aims to be a Parachain on Polkadot. By using Plasm Network, a blockchain application developer can make a scalable and flexible application. Plasm Network is a product of Stake Technologies. The company is also making Remix for Substrate. To learn more about Plasm and Stake Technologies, join us on Twitter and Telegram.