Plasm & Shiden: The On-going Parachain Mission
Polkadot Network And Parachain Auctions
The Polkadot Network brings a set of solutions to common issues that have taken over the blockchain space, such as the interoperability, fee structures on the network in which each service provider is built upon, and maybe even more important, scalability. But not necessarily in a direct way. Instead, through the creation of a network built upon Relay Chains and Parachains.
How can a project or service provider be assigned this parachain you ask? Well, it is done through auctions. These auctions are done through randomized (Candle auctions) periods of time in which DOT (Polkadot native token) holders or KSM (Kusama native tokens) holders lock their DOT or KSM to support the project that they believe should receive a parachain slot.
Plasm & Shiden Promise A Better Web 3.0
Among dozens of promising projects, you’ll usually find Plasm Network, a scalable and interoperable infrastructure for Web3.0 that aims to be a multi-chain smart contract platform that will support multiple blockchains and virtual machines like EVM and WASM. Simply put, a DApp hub for developers to build whatever DApps they wish without having to work on scalability problems that may arise on any other of the most commonly used networks.
Working in parallel with Plasm, you can also find their cousin, Shiden Network, which is built over the Kusama Network, a “canary network” built with the same technical specifications as Polkadot, but focused on speed and pre-production. In some ways, an R&D setup for all those who seek to release a strong solution on the Polkadot network with a focus on securing and stabilizing more risk-averse applications or features.
In addition, Plasm has been awarded 6 grants from the Web3 Foundation grants program which are selected based on those that can achieve the highest impact on the Web 3.0 ecosystem over the long term. This high number of grants from the Web3 Foundation is a clear indicator of the important contributions Plasm has been developing to improve the Web3.0 and Polkadot ecosystem since Q2 2019, while also highlighting the top-notch team behind the Plasm network.
Why DFG Is Invested In Plasm / Shiden Network
Digital Finance Group (DFG) has been heavily invested in Polkadot since 2018 and subsequently in the development of Polkadot as an ecosystem, through its $20 million Polkadot Eco Fund, which promises to push the boundaries of scalable DApp development thanks to its parachain system.
Among these promising investments, Polkadot native Plasm and its cousin Kusama native, Shiden, are among the top projects that deliver specific solutions for the future of scalable and interoperable infrastructure on Web3.0.
DFG has also taken notice of the development this team has had since its inception and how it has gathered support from the Web3 Foundation, the Microsoft for startups program, and retail investors alike through transparent progress reports and their leader’s (Sota Watanabe) continuous updates for both technically-savvy and everyday readers to understand.
Plasm & Shiden Seek To Achieve Parachain Level
In early 2021, Plasm was assigned the 2nd parachain auction slot, meaning, it will go up against other service providers that will not necessarily offer the same solutions but will be an important part of the development of the Polkadot Ecosystem nonetheless, and by receiving support from the community, it will most probably be among the first batch to achieve the mission of being assigned a parachain slot.
Recently, Gavin Wood announced the timeline for the beginning of Kusama Parachain auctions, with the first Kusama Parachain auction is set to begin on 2021/06/15 at 12:00 GMT and end on 2021/06/22 with a winner selected by 11:00 GMT. This will immediately set the tone for the next parachain auctions, to begin within a 7 day period. Altogether there will be 5 parachain auctions as the first batch. And Kusama allows parachains to source tokens for their parachain bids through Parachain Crowdloans.
Shiden’s Crowdloan has started shortly after the announcement. Institutions and retail investors can visit Shiden’s Crowdloan website to participate in the campaign and lock KSM tokens to receive Shiden Network Tokens (SDN) after the network wins the Kusama Parachain auction.
We expect both, Plasm and Shiden, to achieve successful auctions thanks to the aforementioned community support, Plasm’s bridge allowing layer2 DApps to interact with improved scalability, faster TPS, cheaper transaction fees while being led by an excellent team of developers. Similarly, we encourage readers to participate in these Parachain Auctions and support the best projects, such as Plasm, that promise to improve the blockchain industry as a whole.