Polkadot’s first parachain may go live soon as Plasm Network announced a successful connection with Polkadot’s Rococo V1 Testnet.
Plasm Network is now thriving to become the first Polkadot parachain after Rococo V1 Testnet’s success.
Polkadot’s First Parachain Live on Rococo Testnet
Plasm Network, which is a leading dApps building platform, has said that they have successfully connected to Polkadot’s Rococo Testnet and thus launched Plasm Network Parachain on Rococo v1.
The official blogpost by Plasm noted that Plasm Network is the first-ever Rococo V1 parachain. Polkadot’s public Testnet parachain Rococo V1 is administered by the Polkadot development community. The successful connection is a massive win for Plasm as it becomes the first Polkadot parachain. Plasm Network elaborated about their impressive feat in 2020 wherein they conducted multiple lockups of more than 16,000 ETH on their smart contract over a period of 2 months. They received Web3 Foundation grants to implement ZK Rollups and Optimistic Rollups.
The official block said,”: Rococo is a public Testnet, maintained by Parity Technologies along with the Polkadot developer community, aimed towards testing both the parachain consensus process itself as well as parachain built by the community and their interactions with each other.”
Connecting to Polkadot and becoming a parachain network is one of its primary objectives in 2021. As Plasm Network connected to Rococo becoming the first parachain on Polkadot Testnet, they are vying to become the first-ever Polkadot parachain as well. Plasm Network is a layer-2 technology running on Polkadot and is intended to run smart contracts and help solve the scalability issues in dApps development.
Polkadot opened the registrations for Rococo V1 parachain on Wednesday this week, and Palms successfully connected to parachain locally. Sine Polkadot has limited parachain slots, and the attaching parachain is selected on auctions.
As Plasm Network successfully connected to Rococo V1 parachain, Zen link announced a strategic partnership with the company for integration of Zen link DEX module on the Plasm Network for testing cross-chain trading between parachain in Rococo environment.
Polkadot’s DOT token is currently trading at $14 at the time of writing and is eventually considered a significant threat to Ethereum. The market cap of the token is $13.04 Billion.
The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.