Plasm Network (PLM) - Wiki - EU-Vietnam Business Network (EVBN)

Plasm Network (PLM) – scalable platform for smart contracts

Plasm Network is a scalable smart contract platform supporting advanced layer 2 solutions. To keep cross-chain operations easy and scalable, Polkadot Relaychain does not support smart contracts by design, so all application developers must choose at least one Parachian, which can support smart contracts.

When it comes to decentralized applications, what is the most important issue we have today? Fees are rising, transactions are slowing down, and the chain is getting heavier by the minute.

In order for blockchain technology to develop, they need to achieve one thing – scalability! What makes a blockchain scalable? Layer 2 When we say “tier 2” we don’t just mean high tps (that’s an old stereotype), but we’re also talking about lower gas rates, easier chain storage, and faster completion.

Architecture

As you can see above, the Plasm Network consists of two parts: the Plasm root chain and the child chains. From a developer’s point of view, there are 2 options:

1. Building simple DApps on the Plasm chain.

2. Create complex/industrial child chains depending on the use case.

The Plasm Network token ecosystem belongs to Polkadot. Therefore, this document includes the same formulas and values as Polkadot. The native token is PLM, which is called “PLUM”.

Plasm token model

The PLM performs the following roles.

-Stakes: Plasm Network will be an NPoS blockchain. PLM is used to reach consensus. The block reward will be distributed between validators and nominators.

-Transaction Fee: Used to protect against malicious attacks.

-Plasm DAPps reward mechanism: DApps creator’s main income.

-Management: voting tokens for protocol updates. Rate the DApps creator by voting.

The Reason We Need PLM

PLM is a protocol token used in the plasma child chain maintenance procedures.

DApps developers need to have PLM in order to get DApps slots on the Plasm Network root chain.

-PLM is required by DApps developers to get a DApps slot in the root chain.

-If CompanyA contributes 100 PLM, the company can mint 100 Wrapped PLM tokens on its child chain.

-Since there is a hierarchical architecture of Plasma, there are constant transactions from the child chain to the root. For example, a one-time transaction in 15 seconds or a one-time transaction in 10 minutes.

-Each transaction from the child chain to the root takes a commission (for example, for gas) from the deposit of the DApp operator. (When the operator’s deposit becomes 0, the DApp will be cancelled)

-A DApps creator must purchase a PLM in order to maintain their DApps.

-That’s why users and developers need PLM. They need PLM to work with their use cases/applications.

-The DApp developer is rewarded in the form of a PLM token (see DApps reward mechanism below). This can be a basic income for a DApp creator.

-Any account can assign a token to an operator as part of the staking process and receive a portion of the operator’s reward.

Multiple blocking of Plasm Network

Lockdrop is a new and relatively fair method of distributing tokens on the network invented by the Edgeware team. This is achieved by having participants lock their ETH for a selected period in a smart contract that instantiates a new lock contract that will synchronize the deposited tokens. After the selected period, you can withdraw the locked tokens by sending an empty transaction (with 0 ETH excluding fees) to the lock contract. On the Plasm network, Plasm tokens (referred to as PLM) will be automatically minted to a Plasm Net address derived from the Lockdrop member’s Ethereum address. The number of PLM recipients is mainly determined by the duration of the lock and the number of tokens to be locked. For Plasm Network, this Lockdrop will repeat multiple times (most likely three times),

Why Lockdrop?

We believe this is an efficient method of allocating Genesis tokens for the following two reasons. First, Lockdrop has a very low risk compared to other methods. Due to the way the smart contract works, no one is allowed to withdraw the token until the lock time expires, and no one other than the initial locker can ever withdraw the locked tokens. The source code of this contract is part of the Ethereum blockchain, which basically means that the proof is on the blockchain. Secondly, Lockdrop improves the Airdrop limit. In short, an Airdrop is when a project owner arbitrarily distributes tokens to whomever he sees fit, or starts a campaign to distribute free tokens to the general public. The people who received the tokens then decide whether they will contribute to the project or not. The problem with this method is that the degree of participation of token holders is not defined. Initial usage can be high and there can be a lot of marketing momentum as people are usually attracted to free stuff, but for most airdrop projects the participation rate will gradually decrease as the tokens don’t have any assets to back it up. However, in the case of Lockdrop, people would have to systematically lock their value tokens (i.e. ETH or BTC) before they could receive tokens from another blockchain network. Now there are a few points that this could potentially solve. First, tokens have a much greater perceived value than what an Airdrop gives. Second, it ensures that token holders will at least understand its use, because they also owned other cryptocurrencies. Finally, this completely eliminates the risk of participants losing their investments or the project team abandoning their investments, since the team does not actually receive tokens. this ensures that token holders will at least understand its use, as they have owned other cryptocurrencies as well. Finally, this completely eliminates the risk of participants losing their investments or the project team abandoning their investments, since the team does not actually receive tokens. this ensures that token holders will at least understand its use, as they have owned other cryptocurrencies as well. Finally, this completely eliminates the risk of participants losing their investments or the project team abandoning their investments, since the team does not actually receive tokens. this completely eliminates the risk of participants losing their investments or the project team abandoning their investments, since the team does not actually receive tokens. this ensures that token holders will at least understand its use, as they have owned other cryptocurrencies as well. Finally, this completely eliminates the risk of participants losing their investments or the project team abandoning their investments, since the team does not actually receive tokens. this ensures that token holders will at least understand its use, as they have owned other cryptocurrencies as well. Finally, this completely eliminates the risk of participants losing their investments or the project team abandoning their investments, since the team does not actually receive tokens. this completely eliminates the risk of participants losing their investments or the project team abandoning their investments, since the team does not actually receive tokens. this ensures that token holders will at least understand its use, as they have owned other cryptocurrencies as well. Finally, this completely eliminates the risk of participants losing their investments or the project team abandoning their investments, since the team does not actually receive tokens. this ensures that token holders will at least understand its use, as they have owned other cryptocurrencies as well. Finally, this completely eliminates the risk of participants losing their investments or the project team abandoning their investments, since the team does not actually receive tokens.

Plasm Network and Parachain auction

There is another reason why we are using Lockdrop, besides improving the existing distribution method, which is to make the Plasm Network Parachain for Polkadot. “How are they related?” You can ask.The parachain slot on the Polkadot network is limited, and ownership of the slot is determined by the Candle auction. In short, bidders can stake on the Blockchain network with DOT (native token for Polkadot). Once the auction slot is received, the slot will remain with the winner for 2 years. During this period, the DOT used for the application will also be delivered. One of the most important goals of Plasm Network is to become a Parachain slot and we have developed DOT Lockdrop for this. Simply put, a DOT Lockdrop is when participants locked in the DOT will offer their tokens to the Plasm Network during the Parachain auction. Unlike other Lockdrops, blocking DOTs will only have one available lock period, which is 2 years.Due to the risk factors associated with this, people locked in DOT will receive a bonus far in excess of what other tokens can receive. Moreover, in the event that Plasm Network is unable to obtain a Parachain slot, DOT lockers will immediately receive their DOTs back as soon as the results become public, regardless of the 2-year lock duration. Technically, you are not actually “locking” your DOTs, but rather bidding on them in exchange for PLM at an increased rate.

Having said that, let’s take a look at the results of our first Lockdrop!

Some statistics

ETH Genesis Lockdrop is completed, it happened from March 15, 2020 to April 13, 2020.

The results are as follows, for 1ETH blocked for a certain number of days, the following amount of PLM was obtained:

-30 days – 2,646.13 PLM/ETH

-100 days – 11,025.56 PLM/ETH

-300 days – 39,692.01 PLM/ETH

-1000 days – 176,408.92 PLM/ETH

In about 31 days, we received locks worth 16,783 ETH (about $3 million), of which 368 locks were on our smart contract.