Smart contract is one of many critical success factors of Ethereum Network. But the problem Ethereum Network is facing now is lack of the ability to extend. Polkadot project is on its way to solve that scaling problem but its Parachain, by design, does not support smart contracts. This gives Plasm Network an opportunity to fill in the gap. Plasm Network is a scalable and interoperable infrastructure for Web3.0. Since Plasm Network is built with Parity’s Substrate Framework, it can be a Polkadot Parachain which acts as a scalable smart contract platform in the future. One of the most crucial demands of DApps Developers is scalability. With Plasm Network, DApps Developers can build whatever applications they want without having to consider its scalability.
Key Features and Highlights
* Operator Trading: Operator Trading is a mechanism to buy and sell Plasma applications. This is similar to M&A. With the dApps Rewards mechanism, operators have the potential to benefit greatly. A developer may want to assign an operator for chain maintenance and administration or other various use cases. Operators will give their rights to opponents who give a value that seems reasonable to the value given to them. Those who have been granted the rights of the operators can receive the buyout. This mechanism assumes that new off-chain markets will be created.
* DApps Staking: DApps Staking is a reward mechanism for developers or administrators of smart contracts. 50% of Plasm Network's staking reward goes to application developers who have enhanced the value of the Plasm Network. Plasm allows the assignment of a smart contract administrator, called an "operator." "Operators" can be "Nominated" by other dApps "Nominators."
* Multi Lock-drop: Lockdrop is a method for distributing tokens. Participants lock tokens from other blockchains (DOT or ETH) for a certain duration. Native tokens are then distributed to participants and the opportunity cost that comes is taken as collateral. Repeat this multiple times to distribute the native token with value to a massive number of token holders.
- Plasm Network became the first Parachain on Rococo V1 - First testnet Parachain of Polkadot. This can be a launchpad for them on their way to become an official Polkadot Parachain
- In just 2 months, more than 16.000 ETH was locked on their smart contract. They also receive multiple grants from Web3 Foundation to deploy ZK Rollups and Optimistic Rollups.