plasm is an extensible smart contract chain based on Polkadot, which is developed by using the substance of parity and designed as a parallel chain of Polkadot. Being Polkadot's parallel chain means that plasm needs to win the auction of parallel chain slots.
First of all, plasm network has a layer 1 smart contract chain with good compatibility. In layer 1, EVM and wasm are introduced to connect the smart contract of Ethereum. In order to improve the scalability of the chain, plasm also has a layer 2 solution. Those who have studied the Polkadot parallel chain know that many parallel chains will have their own contract functions in the future, but they are not focused on the smart contract chain. plasm is mainly focused on the development of the smart contract infrastructure (layer1 + layer2), providing a good scalable infrastructure for DAPP developers. You can understand that plasm is to create an eth2.0 on Polkadot.
Polkadot's relay chain does not have the function of smart contract. If DAPP developers want to develop applications based on Polkadot, they must use Polkadot's parallel chain or choose a smart contract parallel chain for deployment. For ordinary developers, the former has high development cost, and the cost of bidding for a slot is also very expensive. Some project parties expect that it will be around 300W dot. So the best way is to deploy dapps based on a parallel chain of smart contracts. Due to its excellent scalability, plasm will be a good choice for DAPP developers to deploy smart contracts.
What is plasm solving
Polkadot itself is a blockchain of blockchain, so Polkadot relay chain belongs to layer0 blockchain, the parallel chain on Polkadot belongs to layer1 blockchain, and plasm is designed as a parallel chain on Polkadot. It mainly solves the problems of layer2, namely, scalability and interoperability. plasm is the only network that supports two-tier capacity expansion technology from the beginning. When it comes to layer 2, it means not only higher transaction speed, but also cheaper handling charges and higher flexibility. At present, the transaction cost of using Ethereum is very expensive, and the service charge for sending a transfer is basically $30 to $40.
Due to the decentralized consensus mechanism, blockchain cannot be extended by design. TPS (transactions per second) is much smaller than a centralized database, and there is an upper limit on the amount of data that can be stored in each block. Therefore, users on the network may notice that their transactions are not confirmed or pending for a long time, resulting in bad user experience. For smart contract developers, this will become a key bottleneck.
Layer2 of plasm network can solve the problem of scalability, which means that using plasm to deploy DAPP has the following advantages:
Lower transaction costs
Faster block identification
We now have many different blockchains, but few of them have interoperability capabilities. To transfer "value" from bitcoin to Ethereum, we need a centralized exchange. Polkadot is a fragmentation protocol, which can make blockchain network cooperate seamlessly. plasm network is compatible with Polkadot. By connecting the plasm network to Polkadot, we will have real interoperability.
The innovation of plasm
Management right transaction
Operator trading is a mechanism of buying and selling DAPP / smart contract in plasm network, which is very similar to a mechanism of merger and acquisition. With the help of DAPP reward mechanism, the operator of smart contract may benefit from it. Developers need to assign operators to maintain and manage the chain or use other scenarios. Operators will transfer the rights of the smart contract to the operators. As long as the operators give the expected value, those who get the rights of the smart contract can get the corresponding buyout benefits. This mechanism will create a new off chain market.
DAPP reward is a reward mechanism for developers or operators of smart contracts. 50% of the stacking award in the plasm network will be used for DAPP developers who improve the value of the plasm network. The plasm network allows each smart contract to be assigned a smart contract administrator, which is called "operator". Other users in the network can also participate in the smart contract. This participation is called "Nomination", and these participants are called DAPP's nominators. As shown below, smart contract administrators who have received many nominations can get the newly issued PLM tokens from the chain. DAPP nominators are rewarded in proportion to the amount of their pledge.
In addition, operators can get corresponding rewards according to the proportion of their own smart contract equity. This is a solution to the problem of how application developers (administrators) on the chain can make money. At the same time, it also encourages the nominees to participate in the pledge of the smart contract, thereby increasing the value of the token.
Lock in 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 rather than legal tender (or assets) as collateral. plasm uses the mechanism of multiple airdrops to issue tokens with monetary value.
The advantages of lock in airdrop:
Prevent uneven token distribution, and reduce the purchase volume of "big whale users" at the time of initial release.
It allows the observation of code results so that the team can ensure that the plasm network can be expanded and decentralized. The security and integrity of blockchain depend on the distribution of token holders. Repeating lockdrop three times can let us know the token distribution among the holders, and also can reduce the maintenance cost and further risk of repairing problems.
plasm was airdropped three times. By the end of the issue, plasm has done two lockdrops, and both lockdrops use the opportunity cost of Ethereum, that is, to get PLM token through lock eth. At present, it has locked 150000 + eth (currently worth about US $150 million) and released 14.476 billion PLMS. The total number of tokens will not be set at genesis. The total number of tokens will be determined after the third airdrop (dot lock for auction to parallel chain slot). In addition, after the third time, another 35% of the tokens will be used for community, market, grant, etc.
What's the use of plasm token?
The token ecosystem of plasm is built into Polkadot. Therefore, plasm and Polkadot have the same consensus.
PLM has four main roles:
Pledge to maintain consensus, reward verifiers and nominators
As a transaction fee, used to prevent harmful behavior
As a block reward for dappsoperators, a sustainable reward for application design
Used to vote for dappsoperators
PLM issues multiple lockdrops to prevent zero value mortgages and increase the number of token holders. Ideally, the ideal ratio of future PLM token stacking and liquidity is 1:1. However, in the real environment, when the dapps stacking function is activated, the proportion of liquidity will gradually decrease. When plasm becomes a parallel chain, 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, the tokens will be gradually unlocked within a certain period of time.
The adoption of plasm network is also an NPOs mechanism. Under ideal conditions, the maximum inflation rate of the network is about 17%, of which the inflation rate of verifier node is 10%, and that of smart contract operator is about 7%. The inflated tokens are used to reward dapps and the verifiers and nominators who secure the chain. Therefore, there are two types of stacking operations in the plasm network
Verifier's staging (NPOs mechanism)
Stacking (dapps reward mechanism) of smart contract
The reward of two kinds of stacking is directly proportional to the amount of pledge. The users who make the stacking on the verifier / smart contract are collectively referred to as the nominators. The ideal ratio of token of verifier stacking and token of smart contract stacking is 5:1.
plasm has been launched on the main network, but it was initially launched as a POA network. Network authorized 10 verifier nodes, will get the average reward of the network. plasm will convert the network to NPOs before Kusama's auction (expected in February), and the former verifier will be turned into a collector after bidding for the slot.
PLM is a token of the main network, not erc20 token. At present, 22.278 billion PLMS have been issued through two lockdrop and an additional 35% (for teams and communities). However, as the plasm network is still in the stage of Poa, it can also prevent the fraud time in the secondary market. The plasm network uses a sudo module to manage the PLM transfer function. At present, the transfer can not be carried out. The transfer function of the token is expected to resume before the slot auction.
Development of parallel chain
At present, it is technically ready to connect the parallel chain test network of plasm to rocov1 on January 11.
Lock in situation
At present, we have carried out two lock airdrops, and nearly 150000 + eth has been locked on the plasm network. The third lock airdrop will be used for slot auction of Polkadot parallel chain. The third lockdrop has not started yet. Polkaworld will continue to pay attention to it and share with you the progress of the plasm slot auction for the first time.
Up to now, we have received 6 grants from Web3 foundation, and are currently completing the fifth and sixth grants.
plasm 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)
SOTA Watanabe: CEO of plasm network. He worked in chronicled, a blockchain start-up company in San Francisco, and also worked in Softbank group. After that, he returned to Japan and became a blockchain researcher at Tokyo University. He later founded stack technologies, which is an open source project of plasm network.
Takumi Yamashita: plasm network CTO, nominated by the Japanese government as one of the 16 best engineers in 2018, master of computer science, University of Tokyo.
Alexander krupenkin: one of the core developers of plasm network, master of computer science of ITMO, has participated in bitcoin since 2009, and Ethereum's open source development since 2015. He is also one of the early contributors of substrate.
The plasm team also includes two doctoral engineers from the University of Tokyo and Osaka University, Tomomasa Matsunaga and Yoshinobu Shijo, task Ohmori, the silver medalist of iPho Physics Olympiad, hyungsuk, the early Ambassador of Polkadot, and Hon Kim.