Plasm receives grant from Web3 Foundation to focus on interoperability

Stake Technologies, creators of the Plasm Network, a scalable DApp platform on Polkadot using Plasma and State Channel, announced today it has received another grant from the Web3 Foundation to continue development.

Plasm Network is a scalable infrastructure for Web3.0 developed with Parity’s Substrate framework. It can be a future Polkadot Parachain that also acts as a DApp platform.

The Polkadot Relaychain, by design, does not support smart contracts. This provides the opportunity for Plasm Network to fill in this gap. Developers can build whatever applications on Plasm Network without having to consider its scalability.

New Features

With the grant, the Stake Technologies team plans to further implement some new features on Plasm Network including the Optimistic Virtual Machine (OVM).

OVM is the virtual machine designed to support all layer2 protocols invented by the Ethereum Foundation Plasma Group. It is a possible unification of all layer2 scalability constructions. This means that Plasm Network will not only be for Plasma applications but also for Lightning Network applications or any other layer2 protocols.

“Our aim is to be a platform that houses all layer2 scaling solutions. Users can choose which solution to use and make their use case possible with minimum overheads. There is a lot of work to do. But, we believe the future of Plasm Network is bright! We will launch the mainnet soon!
– The Stake Technologies Team

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