Plasm Network Parachain Live on Rococo V1

Plasm Network, a leading dApp platform built on the Parity substrate, has successfully connected to Polkadot’s Rococo V1 testnet.

According to an official blog post, Plasm Network is the first-ever parachain on Rococo V1. For the uninformed, Rococo V1 is Polkadot’s first-ever public testnet parachain. Also, it is supervised by the Polkadot development community and Parity Technologies. Officially becoming Polkadot’s first-ever testnet is a massive feat for Plasm Network, and a great way to start the new year.

The decentralized application (dApp) platform, Plasm Network, further confirmed the announcement via Twitter.

Plasm Network 2020 Overview

2020 was a good year for the cryptocurrency space in general with the amazing price increases, the DeFi craze, and several other fascinating updates. Plasm Network wasn’t left out of the bullish trend. According to its official blog post, the platform carried out several lockdrops. Interestingly, its smart contract garnered over 16,000 ETH in just two months. Plasm Network also received several grants to facilitate the development of its ZK and Optimistic Rollups.

The network, furthermore, has huge plans for 2021 and topping this list is the focus on being a Polkadot parachain. This will furthermore facilitate its goal of creating a dApp hub on the Polkadot Network. Becoming the first parachain on Rococo V1 testnet is the first step to achieving the goal of becoming a Polkadot parachain. Plasm Network currently boasts of both an Ethereum Virtual Machine (EVM) and WASM.

About Rococo V1

Polkadot, prior to launching the Rococo V1 testnet, first launched Rococo V0. Though similar, the testnets have several important differences. One major distinguishing factor is that while Rococo V0 is just a prototype, V1 is the first testnet version of the parachain. Rococo V1 will run on the same code as Kusama and Polkadot itself.

In Conclusion

Several updates are expected to go live on Plasm Network this year. Among them include:

  • Polkadot’s proposed parachain auction
  • ZK Rollups
  • PoS migration
  • Redenomination
  • Plasm portal upgrade
  • Governance, and
  • Better compatibility with Ethereum blockchain

Interestingly, Polkadot has been touted as the blockchain to drive Ethereum into extinction. Also, its redenomination in August 2020 drove its price to a whopping 118.4% increase. Apart from the blockchain and cryptocurrency sphere, Polkadot is also looking to make a name for itself in the Internet of Things (IoT) space.

Polkadot DOT Price

At the time of publication, Polkadot DOT token was trading at $10.99, with a market cap of $10,652,074,780 and a 24-hour trading volume of $1,915,922,142.

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