Plasm Network AMA recap with Crypto Society -17th December 2020
Sota (Be careful. Scammers pretend to be me)
Hello
Mar000 D
And welcome :)
LB
Welcome @wsouta 👋😃 Pleasure to have u here
Bilo 2000
Welcome Sota!
guys AMA in 10 minutes — Chat will be muted for the duration -
Sota (Be careful. Scammers pretend to be me)
I am ready!
Bilo 2000
Good evening @wsouta; It’s our pleasure to have you with us today. I would like to welcome you here on behalf of our entire community.
Sota (Be careful. Scammers pretend to be me)
great ! Thank you for having me here
Bilo 2000
Could we begin with a brief history of yourself and your team, and your roles at Plasm Network and what you were doing before Plasm Network?
Sota (Be careful. Scammers pretend to be me)
Okay! This is a text AMA right? @Bilo_2000
Bilo 2000
Yes :)
Sota (Be careful. Scammers pretend to be me)
ok! great!
Bilo 2000
Do you feel more comfortable with voice answers?
Sota (Be careful. Scammers pretend to be me)
hello everyone! Thank you for having me today. I am Sota, the founder of Plasm Network. Plasm is a scalable smart contract platform on Polkadot supporting cutting edge layer2 technologies.
Sota (Be careful. Scammers pretend to be me)
Sota (Be careful. Scammers pretend to be me)
Our team is really technical. We have 9 devs. CTO is nominated one of 16 nest engineers by Japanese government and we have 2 PhD students at Osaka Uni and the University of Tokyo.
Bilo 2000
That is very impressive
Sota (Be careful. Scammers pretend to be me)
I was a blockchain researcher at the university of Tokyo and now a task force member at Web3 council led by Japanese government. Before starting Plasm, I worked at Chronicled, a San Francisco based blockchain startup! (That’s it)
Bilo 2000
So you are a grand master sensei in crypto then 😁
Sota (Be careful. Scammers pretend to be me)
haha
Bilo 2000
How and where did you first encounter crypto?
Sota (Be careful. Scammers pretend to be me)
This is really cool!
Bilo 2000
it really is🔥
How and where did you first encounter crypto?
Sota (Be careful. Scammers pretend to be me)
4 years ago, I read a magazine called WIRED. The number 26 published in September was all about blockchain. I was really inspired to know the concept. At that time, I was working at SoftBank Robotics and learning AI. But I changed my career since blockchain is the technology which empower people rather than the existing big companies.
Bilo 2000
Very cool — Always interested to see how the great ones on crypto first learnt about it
Can you tell us about why you thought Plasm Network needed to be built and what problem it solves? And then summarise of in a way that’s understood by those unfamiliar with digit assets?
Sota (Be careful. Scammers pretend to be me)
😁
Sota (Be careful. Scammers pretend to be me)
Plasm Network is a scalable smart contract platform on Polkadot supporting layer2. Polkadot doesn’t have a smart contract functionality by design. So, all devs in the Polkadot ecosystem in the Polkadot community needs a smart contract parachain. And when it comes to smart contract, we have 2 important things. One is Ethereum compatibility. The other is scalablity. We have both though other parachain doesn’t have.
Bilo 2000
Thanks for that — that’s quite clear. Very interesting as well
How did Plasm Network start?
Sota (Be careful. Scammers pretend to be me)
Cool!. Plasm was a Plasma module on Polkadot but we extended our goal and started making a Parachain itself. And now, our focus is not Plasma but Rollups like Optimistic Rollups and ZK Rollups.
Bilo 2000
Nice! What is the Plasm token used for? Can you describe the Tokenomics?
Sota (Be careful. Scammers pretend to be me)
Of course. Plasm token (PLM) will be used for staking, governance, layer2 applications, and DApps staking. I think you all guys know the first 2 things. So let me explain layer2 app and DApps staking.
Layer2 app: When you deploy DApps on layer2, you need some PLM deposits on layer1. There are constant transactions from layer2 to layer1. Each transaction takes small fees. If the deposit becomes 0, the app will be removed. So, DApps builders have to purchase PLM token to maintain their DApps but they don’t need to pay high gas fee.
DApps staking: PLM holders can stake their PLM on popular DApps on Plasm. Then, they can get rewards from block reward. And DApps builders can get rewards as well by the nomination.
This means that the more DApps are created on Plasm, the more token will be locked. And the liquidity will be smaller. Hence, the price will be increasing.
Bilo 2000
Thanks — Once again, very concise. How would you say Plasm Network is disruptive to other blockchain projects ?
Sota (Be careful. Scammers pretend to be me)
I just published this here as well. https://forum.plasmnet.io/t/the-usage-of-plm-token/371
Bilo 2000
Are there current partnerships or plans for partnerships in the future?
Sota (Be careful. Scammers pretend to be me)
good question. In the long run, we will make DEX on Polkadot. Some of the Ethereum projects started using Rollups like Uniswap, Loopring, and Curve. If we could make DEX on Plasm, you can exchange not only ERC20 tokens but also Wrapped BTC and ETH as well as Polkadot tokens. This is huge
Bilo 2000
👀👀👀
🔥🔥🔥
Are there current partnerships or plans for partnerships in the future?
Sota (Be careful. Scammers pretend to be me)
Sota (Be careful. Scammers pretend to be me)
This is our current ecosystem
Bilo 2000
Wow big names! any future partnerships you care to announce?
Sota (Be careful. Scammers pretend to be me)
yeah! We have some updates in 2021 Q1! Stay tuned!
Bilo 2000
We are all about “breaking News” here — Spit it out; Pleeeeeeese; 😁
Sota (Be careful. Scammers pretend to be me)
haha we will close our fundraising soon! and let you know once we closed
Bilo 2000
ok — I tried… 😂
Bilo 2000
Polkadot parachain auctions are coming up soon, and I know you and your team have been very focused on that as the number one goal. How is Plasm Networks preparing for the parachain auctions?
Sota (Be careful. Scammers pretend to be me)
We will conduct DOT lockdrop during the parachain auction. By locking DOTs for us, you can get PLM tokens. This is the last chance to get PLM tokens from us! This is the reference https://docs.plasmnet.io/learn/lockdrop
Bilo 2000
Great! message pinned for longevity!!!
Sota (Be careful. Scammers pretend to be me)
awesome!
Bilo 2000
I know that a distinguishing feature of PN is its incorporation of optimistic rollups, creating 2nd layer scalability. Exactly how scalable do you anticipate Plasm Networks to be? Do you have any rough figures for tx/per/second as an example?
Sota (Be careful. Scammers pretend to be me)
I believe around 10,000. The natice parachain has 2,500. But tps is just one benefit of layer2. It can be used for cheaper transaction cost, faster finality, and flexible DApps development.
Bilo 2000
Very cool.
The second lockdrop was a wild success, by anyone’s standards, and certainly put a bit of a spotlight on PN. Were you anticipating that level of interest going into it?
Sota (Be careful. Scammers pretend to be me)
Our 2nd lockdrop was a huge success. Around 150,000 ETH has been locked. And I believe the 3rd lockdrop will be the biggest success for all of us.
Bilo 2000
We can help with that😉
Sota (Be careful. Scammers pretend to be me)
great! yes please!
Bilo 2000
You recently had the honour to be invited to be a member of the task force member of Trusted Web Promotion Council led by the Cabinet Office of Japanese Government. What led to this incredible privilege, and what responsibilities does it entail?
Sota (Be careful. Scammers pretend to be me)
Great! We are discussing how to make the existing Web better. Currently, some of the tech giants dominate our data and identity. Everytime we interact with Web, we lose the control over that data. I believe open source. And no one can make next Google on the top of Google since they are controlling the rule. The platform should be fair. And we need to make something better than the web we have today.
Bilo 2000
very true and we just saw very recently how a “glitch” on such networks can affect half the planet. Very important to have some viable decentralized and private alternatives!
Sota (Be careful. Scammers pretend to be me)
exactly!
Bilo 2000
Another recent advancement in Plasm Networks is the incorporation of EVM’s. For anyone out there who doesn’t know what EVM’s are, do you care to give a TL;DR explanation for them?
Bilo 2000
TL;DR = Too long — didn’t read 😂
Sota (Be careful. Scammers pretend to be me)
Sota (Be careful. Scammers pretend to be me)
We support both Ethereum Virtual Machine and WASM. So, Plasm is multi-virtual machine. You can deploy solidity contract without modification!
Bilo 2000
While EVM’s are far from the only integrations that have been happening on PN… You also have Ethereum RPC, and ECDSA. How can these tools and functionality help developers build the tools of tomorrow on PN?
Sota (Be careful. Scammers pretend to be me)
yes exactly. We have
- EVM
- ECDSA
- Ethereum RPC
- Remix integration
- Truffle integration
- MetaMask integration
Bilo 2000
Thanks! We’ve all noticed how many AMA’s and hackathons feature both Acala and Plasm Network at the same table, so the projects seem very close. How much interoperability has been worked on between the two projects
Sota (Be careful. Scammers pretend to be me)
yes I know Acala founders before they started Acala Foundation 🙂
Sota (Be careful. Scammers pretend to be me)
Rococo, the Polkadot testnet has been launched and Acala and Plasm were the first Polkadot parachains on Rococo. We will try cross chain messaging passings to import Acala stablecoin to Plasm.,
Bilo 2000
What do you think are the biggest hurdles we all need to face to help realise the goals of Web 3.0? And what part is Plasm Network trying to play in all of that?
Sota (Be careful. Scammers pretend to be me)
Plasm Network will be the core scalable layer for realizing Web3.0. Scalability and interoperability are definitely needed to make Web3 happen. We would like to contribute to both of them
Bilo 2000
Smart move!
Sota (Be careful. Scammers pretend to be me)
😁
Bilo 2000
We’ve seen Moonbeam mentioned side to side with Plasm Network several times, most recently at the Encode Hack Club. With all the Ethereum compatibility being built into Plasm Network itself, would Moonbeam be considered a partner, or a competitor, in the Polkadot ecosystem in the future, assuming both projects win a parachain slot.
Sota (Be careful. Scammers pretend to be me)
Sota (Be careful. Scammers pretend to be me)
yup. I know that some people are asking this question. In my limited understanding, Moonbeam is making Ethereum1.0 on Polkadot. We are making Ethereum2.0 on Polkadot. Since we are multi virtual machine and Rollups.
Bilo 2000
Got it! Very valid point as well as you are working of Eth2
Bilo 2000
PN has had a bunch of hackathons lately! Does PN have any hackathons coming up? And if so, do you want to let people know the best way to get involved?
Sota (Be careful. Scammers pretend to be me)
yes we will have some hackathons! I think the best way is to become a member of
Telegram: https://t.me/PlasmOfficial
Discord: https://discord.gg/dgtEpw7
Bilo 2000
👀 to all devs in here that may be interested
Bilo 2000
Recently, Plasm Network had a new team member added in Hyungsuk Kang, bolstering an already all-star class of developers. How important is it to have a quality team of developers to Plasm Network?
Sota (Be careful. Scammers pretend to be me)
I think our team is highly technical. I think we are making core technologies and our progress is faster than other parachains thanks to our developers. if we have a good dev team, we can do a lot of things that other team can’t do.
Bilo 2000
[In reply to Sota (Be careful. Scammers pretend to be me)]
Definitely — somewhere in the defi bubble, substance took a back seat and I believe the tech is what will separate the good from the mediocre in the long run.
Bilo 2000
By the way, congratulations on your 6th Web3 Foundation grant! Can you tell me a little bit about these ZKRollups you will be building?
Sota (Be careful. Scammers pretend to be me)
We believe that Rollups are the killer layer-2 solution, and we will focus more on both Optmistic Rollups and ZK Rollups on Plasm Network and beyond. Once we implement both Rollups on Plasm Network, our network will support various dApps alongside a development environment to abstract all these complications.
Bilo 2000
Is there a dream App you would love to see on Plasm Network in the early days?
Sota (Be careful. Scammers pretend to be me)
yeah DEX would be the best app on Plasm!
Bilo 2000
[In reply to Sota (Be careful. Scammers pretend to be me)]
Coming soon 🥳🥳🥳
Bilo 2000
Do you wish to let us know anything else that was not covered in the questions above?
Sota (Be careful. Scammers pretend to be me)
yeah let me share our track record here!
Sota (Be careful. Scammers pretend to be me)
Bilo 2000
🤩🤩🤩
Thank you for your time in answering our questions here today. We are all very appreciative of your time and of the answers you have provided
With this, we will open up the chat for those who wish to personally thank you for your time with us here today.
Sota (Be careful. Scammers pretend to be me)
yeah DEX would be the best app on Plasm!
Bilo 2000
Coming soon 🥳🥳🥳
Bilo 2000
Do you wish to let us know anything else that was not covered in the questions above?
Sota (Be careful. Scammers pretend to be me)
yeah let me share our track record here!
Sota (Be careful. Scammers pretend to be me)
Bilo 2000,
🤩🤩🤩
Thank you for your time in answering our questions here today. We are all very appreciative of your time and of the answers you have provided
With this, we will open up the chat for those who wish to personally thank you for your time with us here today.
Sota (Be careful. Scammers pretend to be me)
Thank you for asking questions! Hope our 2021 is good one for all community members!
Danrun
THANK YOU SOTA!!!! 🎉🎉
Sota (Be careful. Scammers pretend to be me)
Awesome!
Thank you guys!
Bilo 2000
Chat is now open for all
LB
Thank u very much for the time and the interesting infos. Very much appreciated. @wsouta 🙏😃
Bilo 2000
Thank you!
