Plasm Network first has a well-compatible Layer1 smart contract chain, and introduces EVM and WASM in Layer1 to connect to Ethereum's smart contracts; in order to improve the scalability of the chain, Plasm also has a Layer2 solution. Friends who have studied Polkadot parachains know that many parachains will have their own contract functions in the future, but they do not focus on the smart contract chain, while Plasm mainly focuses on the development of smart contract infrastructure (Layer1 + Layer2) , providing a scalable infrastructure for dApp developers. You can understand that Plasm is to create an ETH2.0 on Polkadot.

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What problem is Plasm solving?

scalability

scalability

Due to the decentralized consensus mechanism, blockchains cannot scale by design. TPS (transactions per second) is much smaller than centralized databases, and there is an upper limit to the data that can be stored in each block. As a result, users on the network may notice that their transactions are unconfirmed or pending for long periods of time, resulting in a poor user experience. For smart contract developers, this will become a key bottleneck.

Layer 2 of the Plasm network can solve the scalability problem, which means that using Plasm to deploy dApps has:

• lower transaction costs
• lower transaction costs
• Interoperability

Interoperability

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management rights transaction

management rights transaction

Operator trading is a mechanism for buying and selling dapps/smart contracts in the Plasm network, which is very similar to a merger and acquisition mechanism. With the help of the dApp reward mechanism, the administrator (Operator) of the smart contract may benefit from it. Developers need to allocate operators for chain maintenance and management or use in other scenarios. The operator will transfer the rights of the smart contract to the opponents. As long as the opponents give the expected value of the operator, those who get the rights of the operator smart contract can get the corresponding buyout benefits. This mechanism will create a new off-chain market.

dApp rewards

The dApp reward is a reward mechanism for developers or operators of smart contracts. 50% of the staking rewards in the Plasm Network will go to dapp developers who increase the value of the Plasm Network. The Plasm network allows each smart contract to be assigned a smart contract administrator, called an "Operator". Other users in the network can also participate in the smart contract, this participation is called "nomination", and these participants are called nominators of the Dapp. As shown below, smart contract administrators who receive many nominations can get newly issued PLM tokens from the chain. Dapp nominators can earn rewards proportional to the amount of their stake.

In addition, operators can obtain corresponding rewards according to the proportion of smart contract equity they own. This is one solution to the difficult problem of how on-chain application developers (admins) make money. At the same time, this also incentivizes nominators to participate in the pledge of smart contracts, thereby increasing the value of tokens.

Lockup airdrop

Lockdrop is a token distribution method and a new low-risk economic incentive mechanism. Participants lock the tokens of other blockchains (DOT or ETH) within a certain period of time to obtain the native tokens of the blockchain. It uses opportunity cost instead of fiat currency (or assets) as collateral. Plasm uses the mechanism of multiple lock-up airdrops to issue tokens with monetary value.

Benefits of lock-up airdrop:

• Prevent the uneven distribution of tokens and reduce the purchase volume of "big whale users" when they are first issued.
• It allows observing code results so the team can ensure that the plasm network can scale and decentralize. The security and integrity of the blockchain depend on the distribution of node token holders. Repeating the lockdrop three times allows us to understand the distribution of tokens among holders, and also reduces the maintenance cost and consequent further risk of fixing the problem.

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What are Plasm's tokens for?

Plasm's token ecosystem is built into Polkadot. Therefore, Plasm has the same consensus as Polkadot.

PLM has four main roles:

• Staking maintains consensus, rewards validators and nominators
• As a transaction fee, used to prevent harmful behavior
• Sustainable rewards designed for apps as block rewards for dAppsoperators
• Used to vote for dAppsoperators

PLM is issued through multiple Lockdrops to prevent zero-value collateral and increase the number of token holders. Ideally, the ideal ratio of future PLM token staking and liquidity is 1:1. However, in a real environment, when the dApps Staking function is activated, the liquidity ratio will gradually decrease. When Plasm becomes a parachain, it is expected that more than 75% of the tokens will be locked, because the participants of the third Lockdrop have a vesting period, that is, tokens are gradually unlocked within a certain period of time.

The Plasm network also adopts the NPoS mechanism. Ideally, the maximum inflation rate of the network is about 17%, of which the inflation rate of the validator node is 10%, and the inflation rate of the smart contract operator is about 7%. Inflated tokens are used to reward dApps and validators and nominators who secure the chain. Therefore, there are two types of staking operations in the Plasm network:

• Validator staking (NPoS mechanism)
• Smart contract staking (dApps reward mechanism)

current progress

current progress

Main network situation

Token situation

Token situation

PLM is a mainnet token, not an erc20 token. A total of 22.2708 billion PLM has been issued through two LockDrops and an additional 35% (for the team and community). However, since the Plasm network is still in the PoA stage and to prevent fraudulent time in the secondary market, the Plasm network uses a sudo module to manage the PLM transfer function, and transfers are currently not available. The token transfer function is expected to resume before the slot auction.

Parachain Progress

At present, it is technically ready to connect Plasm's parachain test network to RococoV1 on January 11.

Lockup situation

At present, there have been two locked airdrops, and nearly 150,000+ ETH has been locked on the Plasm network. The third lockup airdrop will be used for the slot auction of the Polkadot parachain. The third Lockdrop has not yet started, PolkaWorld will continue to pay attention and share with you the progress of the Plasm slot auction as soon as possible.

Grant situation

team

• Plasma modules for Substrate (GitHub)
• ink! Playground (GitHub)
• Plasm Chain + OVM Implementation (GitHub)
• ECDSA for Polkadot JS (GitHub)
• Hardware ECDSA for Polkadot JS (GitHub)
• ZK Rollups Pallet (GitHub)

team

SotaWatanabe Chuangtai: CEO of PlasmNetwork, he worked in Chronicled, a blockchain start-up company in San Francisco in the early days, and also worked in Softbank Group. After returning to Japan, he became a blockchain researcher at the University of Tokyo. After that, he founded StakeTechnologies. PlasmNetwork is an open source project of this technology company.

Takumi Yamashita: CTO of PlasmNetwork, nominated by the Japanese government as one of the 16 best engineers in 2018, Master of Computer Science from the University of Tokyo.

Alexander Krupenkin: One of the core developers of Plasm Network, a master of computer science from ITMO, has been involved in Bitcoin since 2009, and participated in the open source development of Ethereum in 2015. He is also one of the early contributors to Substrate.

The Plasm team also includes Tomomasa Matsunaga and Yoshinobu Shijo, two Ph.D. engineers from the University of Tokyo and Osaka University, IPhO Physics Olympiad world silver medalist Task Ohmori, early Polkadot ambassador Hyungsuk, and ACM-ICPC competition medalist including Hoon Kim.

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