Plasm Network Closes $ 10 Million Funding Round to Meet Polkadot Ambitions. to wake up

The prices of DOT and KSM – the native tokens of the Polkadot and Kusama networks – have increased more than 140% and 540%, respectively, since early 2021 as Polkadot gets closer to the time the new implementation is released. The first parachain auction on Kusama will take place next week from June 15-22. Polkadot has tweet:

“Parachain’s launch on Polkadot is expected after these two things have happened:

1. Carry out the audit completely from the outside.

2. Kusama Network conducts at least one successful crowdloan-related auction and hosts at least one functional parachain. “

Polkadot was developed by Ethereum co-founder Gavin Wood and is a blockchain protocol that connects several specialized blockchains into a multi-chain network. In the Polkadot ecosystem, individual blockchains or parachains (parallel blockchains) are connected, secured by the “Polkadot Relay Chain” and share the security of the entire Polkadot network.

Plasm Network Closes 10 Million Funding Round to Meet

Gavin Wood – founder of Polkadot

The relay chain is at the heart of the Polkadot protocol. The number of parachains supported by Relay Chain is limited, so a site auction must be held to select parachains to add to Relay Chain – first in Kusama, then on the Polkadot network. Kusama was set up as a test network for Polkadot.

Several groups are currently developing parachains in the Kusama and Polkadot networks. Each parachain is optimized for different purposes, such as: B. Smart Contracts, DeFi and NFTs.

Stake Technologies – the company behind the Plasm and Shiden networks (a scalable, multi-VM smart contract platform that supports Layer 2 applications such as deployments) – is one of the most active contributors in the Polkadot ecosystem as well as in Kusama.

The Singapore-based company aims to be one of the first Kusama and Polkadot parachains. Today they announced a $ 10 million fundraiser led by venture capital firm Fenbushi Capital. Other prominent investors include Hypersphere Ventures, Gumi Cryptos and Nobuyuki Idei – former CEO and Chairman of Sony.

“I’m proud of our fundraising and token distribution history. We have not yet raised any money from individuals. Instead, we did lock-in, crowdloan and fundraising from institutional investors. The net profit from community contributors is always positive. This is crypto to me, ”said Sota Watanabe, CEO of Stake Technology and founder of the Plasm and Shiden Networks, in a statement. tweet recently.

Stake Technologies intends to raise funds to assist Plasm Network and Shiden Network to participate in Parachain auctions on Polkadot and to expand their reach in the US and Asia.

Polkadot is particularly popular in China, largely due to Wood’s popularity as its connections with Ethereum and the Web3 Foundation enthusiastically sponsor Polkadot projects in the country.

Ethereum virtual machine was available, but WebAssembly is the future

“Plasm is focused on smart contracts because Relay Chain does not support smart contract functionality on Polkadot,” Watanabe said in an interview. Plasm Network and Shiden Network will become smart contract hubs on Polkadot and Kusama. “

“We have a cross virtual machine, so we will support the Ethereum virtual machine as well as WebAssembly. We’re going to make them interactive so anyone can deploy a Solidity contract or any smart contract on the Plasma network, ”he added. WebAssembly is an open standard that allows developers to write code in any language and deploy the code on the web.

“Ethereum Virtual Machine is the present, but the future is WebAssembly,” said Watanabe, reiterating the recent comments made by Polkadot founder Gavin Wood at the 2021 Consensus that it is important to support the Ethereum Virtual Machine due to widespread blockchain development . However, he added:

“It’s not stupid to think about what’s next, and for me that is using WebAssembly as a smart contract.”

Multi-chain is the future

Watanabe predicts that the future will be multi-chain and he’s excited about the potential use cases that a parachain offers.

“We would like to use Bitcoin to buy NFT or use ETH to pay etc. via cross-chain messaging. We could have lots of new creative use cases that have never been seen before. “

“In the future, blockchain will be connected like today’s internet, and Polkadot will be the protocol that connects blockchains,” Watanabe said, adding that work on connecting Polkadot to other blockchains like Cosmos and Ethereum via the plasma Network continues.

According to Watanabe, the big difference between Polkadot and Cosmos is that Polkadot parachains can rely on the security of the relay chain in addition to seamlessly sending and receiving tokens from one parachain to another.

What happens after the auction location parachain on Kusama?

Site auctions are a core feature of Polkadot and Kusama, Watanabe said. The more tokens that are blocked on the network, the less likely the network will be forged.

“As soon as we have won the auction, we will start our mainnet very soon and connect our mainnet to the Kusama mainnet for 11 months … and then KSM tokens will be returned to the users who participated in the crowdloan and auction”.

“I think I was one of the earliest contributors to Polkadot and Kusama, and we’ve been waiting for this moment for over two years. So this is a very important and very exciting moment. Polkadot will be fully functional after Parachain support, so this is really the start of a new journey for Polkadot. “

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