What is Plasm network (Next BOOM)

What is Plasm network (Next BOOM)

By bradry | Plasm Network | 30 Sep 2020


What is Plasm Network?

Plasm Network, a blockchain developed with the Substrate framework made by Parity Technologies. Plasm Network is additionally a part of the Polkadot ecosystem, particularly one that's planned to be a Parachain.

 

What is PLM token and PLD?

Plasm Network contains a native token called PLM. This is a token that incentivizes the network validators and therefore the dApp developers (I’m touching on the rewards system https://medium.com/stake-technologies/stake-technologies-received-a-web3-open-grant-from-web3-foundation-d26f4b7fc3e0). the most network PLM token are the most medium of exchange that's planned to own value to that.

PLD is our testnet token. It doesn't have any value and it's only wont to test features on the network before you release them on the most network. we've a faucet within the variety of a Dusty real-time lockdrop. You lock Ethereum Ropsten tokens in exchange for PLD ( (https://lockdrop.plasmnet.io/#/lock-form/dusty-eth).

 

Listings or Trading?

They do not know yet the exact date of listing however for sure they will list it.

Now we got the basic info about the network, let’s talk about the good stuff — Lockdrops

 

What is a Lockdrop?

Lockdropis  a new token distribution method first publicly demonstrated by Edgeware. The premise is easy, you time lock a specific token (ex: BTC) for a given amount of duration. The blockchain that's issuing the tokens will confirm that the lockdrop participants have locked their tokens in various ways with a particular event parameter and distribute the newly minted tokens supported the locked amount immediately.

When the lock duration is over, the lockdrop participants are simply able to unlock their tokens which are kept inside the smart contract. Because participants are able to unlock 100% the precise amount that they locked after a specific duration, this has practically no risk for the participants and a really low entry barrier.
Lockdrops are a good alternative to ICOs because it doesn't have any legal issues that an ICO might need, but also better than an AirDrop because you're locking your tokens..

And you will be earning PLM for FREE just by locking ETH

 

How are the Lockdrop rewards calculated?

Real-time lockdrop rewards are calculated based on the following formula:

lock duration

The network lockdrop alpha value is determined by the results of our first lockdrop. You can see this value directly from the Plasm node via its chain state.

The current alpha value is 0,44 so let’s say the current ETH exchange rate is 350 USD per ETH and I lock 5 ETH for 30 days, what’s my return?

0.4469 * 5 (ETH) * 350 (USD) * 24 (30 days lock bonus) = 18769,8 PLM.

 

Any risks for long-term locking?

One of the good things about blockchain is that it's absolutely stunning data integrity. Once the information is on there, nothing can touch it. So you'll be able to say that the danger of long-term locks are essentially the identical because the entirety of Ethereum of Bitcoin happening and destroyed to an unrecoverable state.

But having said this, because you can’t access your tokens until your lock is over, there'll be price risks, like once you wanted to sell at a particular price but your eth was locked, or something like that. But that's obvious

How to join the lockdrop in the next post

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