This article was first published on Loom Network - Medium
PlasmaChain will become Basechain.
Now that I have your attention…
We are preparing for the largest upgrade to our mainnet ever, and we feel this is the best time to announce its new name — to reflect these major changes and to evoke the essence of the chain’s existence.
When we started Loom, it was born from our personal pain points developing dapps for Ethereum — the transactions were costly, execution and confirmations were slow, and the onboarding experience had much to be desired.
So we wrote down what we wanted: a way to make an Ethereum smart contracts 10x faster, 10x cheaper, and at the same time, easier to onboard new users. Coming from a Silicon Valley background, we wanted to make practical and pragmatic choices about the technology, thus we chose Delegated Proof of Stake (DPoS) and Plasma Cash. Both of these could be implemented within a year, and were likely to be performant.
Fast forward two years to 2019, and we have achieved what we set out to build: transactions on Loom are gas-free, 10x faster than Ethereum mainnet, and you can onboard users via a variety of wallets, providers, and methods — most them completely seamless to the end user. When we sat down again to make a plan for the next two to five years, it was obvious that faster and cheaper would simply not be enough.
The Changing Space
Looking closely at the blockchain industry, it seems that many people are still stuck with ideas from 2017. There may have new names and new guises for them, but they all boil down to the same old concepts. Meanwhile, the industry has been changing dramatically. We already have fascinating smart contract-less chains dedicated to moving tokens around with Binance Chain and Libra, we have a plethora of stablecoins becoming the preferred tokens for payments, ...
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Loom Network - Medium