The long-awaited parachain functionality on the Polkadot blockchain platform has now begun as Plasm Network, a decentralized application (DApp) hub on Polkadot, has become the first parachain on the Polkadot parachain testnet Rococo V1.
Plasm Network announced the news in a blog post on Wednesday, January 13. The registration for Rococo V1 parachain also began on Wednesday and Plasm Network has become the first parachain on Rococo V1.
Sota Watanabe, the founder of Plasm Network, said:
“We became the first parachain on Rococo V1, or Polkadot’s first testnet parachain. This is a major step for Plasm Network’s developments in becoming an official Polkadot parachain later this year. This is the first WIN for all of us in 2021.”
Rococo is a parachain testnet of Polkadot. As Crypto Economy reported, the Polkadot team released the second version of its parachain testnet dubbed Rococo V1 on December 22. Rococo V1 followed Rococo V0 that was launched earlier in 2020. Parachains are independent blockchains that will be plugged into Polkadot central Relay Chain to provide different functions on Polkadot.
Parachain slots on Polkadot are limited so parachains are being selected by auction. Plasm Network is now the first parachain on testnet.
Plasm Network is a multi-virtual machines scalable smart contract platform on Polkadot supporting cutting edge layer 2 implementations like ZK Rollups and Optimistic Rollups. It is built on Polkadot SDK called Parity Substrate. The Plasm Network launched its mainnet in Q2 of 2020.
Polkadot Relaychain doesn’t support smart contracts by design. Plasm Network aims to build a smart contract platform to support the Polkadot Relay Chain. The platform supports the Ethereum Virtual Machine (EVM), ECDSA and Solidity to deploy Ethereum compatible smart contracts with Metamask and Remix.
The platform also implements layer-2 functionalities like ZK Rollups to bring vertical scalability into Polkadot. Developers can build next-generation DApps on Plasm. The platform also provides a basic income to developers who make DApps on Plasm Network.
Sota Watanabe added:
“Our highest priority in 2021 is to become a Polkadot parachain and build a dApps hub on Polkadot. Today, Plasm Network has both an Ethereum Virtual Machine and WASM, as well as, layer 2 implementations. Today we became the first parachain on Rococo, and we are sure that we are on the right track to becoming a Polkadot parachain this year.”
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