As part of this partnership, Plasm will join Chainlink and Binance Smart Chain in Cere Network-launched SaaS DeFi Alliance that aims to create universal protocol standards for the Enterprise DeFi space.
Cere Network announced the partnership in a blog post on Monday, November 23. According to the announcement:
“Plasm and Cere are teaming up to bring enterprise-level efficiency and scalability to blockchain solutions within the Substrate/Polkadot ecosystem.”
Cere is a Polkadot-inspired, next-gen San Francisco-based blockchain platform that provides hosted solutions and toolsets for optimizing B2B2C commerce, from enabling direct business-to-consumer micropayments and value transfers, to building secure and private bridges across different ecosystems and data science marketplaces. It is the first Decentralized Data Cloud platform to deliver a new level of data privacy, data agility, and data interoperability.
According to Plasm Network’s website, it is built on Parity Substrate and designed to be a Polkadot Parachain. It is one of the first scalable smart contract Polkadot Parachains. To understand Plasm Network, we have to understand the design of Polkadot.
Polkadot blockchain consists of two parts: Relaychain and Parachain. Relaychain is the core of Polkadot which is responsible for network security, consensus, and cross-chain interoperability. Parachains are sovereign blockchains with custom tokens and optimized functionality for specific use cases. Polkadot Relaychain doesn’t support smart contract functionalities by design and DApps developers need at least one Parachain that supports smart contracts. This is where Plasm Network comes in with its smart contract functionality and a layer-2 solution to ensure scalability for DApps built on Polkadot.
Cere Network said:
“Cere and Plasm will mutually benefit from the relative areas of expertise from both sides. Plasm Network is to benefit from Cere’s Decentralized Data Cloud for data solutions, while Cere Network will benefit from Plasm’s level 2 Optimistic rollup implementation that allows sub-network assets and smart contracts to secure assets to Cere Layer-1 blockchain and beyond.”
As part of the partnership, Plasm network will join Cere Network’s global SaaS-DeFi alliance that aims to establish universal protocol standards for the Enterprise DeFi space and improve communications between the enterprises and the DeFi ecosystem. With this, Plasm Network will join the alliance’s inaugural members that include Binance Smart Chain and Chainlink.
If you found this article interesting, here you can find more DeFi News