Plasm Network becomes the first parachain in Polkadot Testnet Rococo V1
The long awaited parachain functionality on Polkadot's blockchain platform has now begun, as the Plasm Network, a decentralized application center (DApp) in Polkadot, has become the first parachain on Polkadot's testnet, Rococo V1.
Plasm Network announced the news in a blog post on Wednesday, January 13. He registry for Rococo V1 parachain also started on Wednesday and Plasm Network has become the first parachain on Rococo V1.
Sota Watanabe, founder of Plasm Network, said:
“We became the first parachain in Rococo V1, or Polkadot's first testnet parachain. This is an important step for the Plasm Network developments to become an official Polkadot parachain later this year. This is the first WIN for all of us in 2021.
Rococo is a Polkadot chain testnet. As reported by Crypto Economy, Polkadot's team launched the second version of its parachain testnet dubbed Rococo V1 on December 22. Rococo V1 followed Rococo V0 which was launched in early 2020 Parachutes are independent blockchains that will connect to Polkadot's central relay chain to provide different functions in Polkadot.
The spaces for parachutes in Polkadot are limited, therefore the parachutes are selected by auction. Plasm Network is now the first parachain on testnet.
Plasm Network is a scalable multi-virtual machine smart contract platform on Polkadot that supports state-of-the-art Layer 2 implementations such as ZK Rollups and Optimistic Rollups. It is built on the Polkadot SDK called Parity Substrate. Plasm Network launched its core network in the second quarter of 2020.
Polkadot Relaychain does not support smart contracts by design. Plasm Network aims to build a smart contract platform to support the Polkadot broadcast chain. The platform supports Ethereum Virtual Machine (EVM), ECDSA and Solidity to implement Ethereum compatible smart contracts with Metamask and Remix.
The platform also implements Layer 2 functionalities like ZK Rollups to bring vertical scalability to Polkadot. Developers can create next-generation DApps in Plasm. The platform also provides a basic income for developers creating DApps on the Plasm Network.
Sota Watanabe added:
“Our top priority in 2021 is to become a Polkadot parachain and build a dApps center in Polkadot. Today, Plasm Network has an Ethereum and WASM virtual machine, as well as layer 2 implementations. Today we became the first parachain in Rococó, and we are confident that we are on the right track to become a Polkadot parachain this year. "
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