What is Plasmium?
PLASMIUM’s vision is to create compatibility across all the transaction bodies globally through the implementation of a fast DBN technology which can deploy at any scale in real time. It will also make new infrastructure with a high level of reliability which can be used on large scales across any industry. This would include finance, telecommunications, electric vehicle provisions and logistics. The foundation of PLASMIUM is created alongside a smart contract ecosystem which can be used by any company in the world to facilitate regulated global transactions reliably, and with a high accuracy level. The platform will be open-source which will allow it to be used and changed across the community in order to provide support tools for the creation of decentralised applications (DApps).
Blockchain issues will be minimised through innovative software which was designed to establish digital trust across all users and to allow the transfer of value between entities over the network. This will allow a safety across the preservation and remitting of capital without having any need for using a traditional public middleman.
PLASMIUM will be built to be used in broad applications across real life and by using blockchain technology. In order for blockchain technology to be integrated across real life scenarios and have a wide applicability it has to be something transferable with low transactions fees and completely irreversible. This is a problem with existing technologies, who do not have unlimited features and work under slow confirmation times with higher than required fees.
Scalability issues are identified by comparing with existing technologies and identify what is not currently on offer, such as a high transfer ease, being irreversible and having a low to no transaction fee. Limitations experienced by existing blockchain technologies include limitations in these areas; slow confirmation times, and high transaction fees. In traditional blockchain confirmation is done by nodes verifying and storing a single block at a time. This is what creates the slow time frame, so no matter how many networks are connected to the platform, it cannot improve. In fact, more transactions mean slower processing times due to the wait they experience to get to their turn. This also creates bottlenecks.
To combat this problem, PLASMIUM will utilise a parallel approach.
Fees which occur when exchanging value, including transaction confirmation fees, fees which are paid to block miners and the mine reward itself is used to incentivise participants. It also secures the network from any DDOS or staking attach. PLASMIUM believes these fees have been prohibitively expensive to offer a thriving ecosystem.
Blockchain information is traditionally stored in blocks and it cannot gain information from external sources for the prior verification of transactions. The information that is stored in the blockchains only have a limited functionality. In order for blockchain to be applicable across all real-world scenarios, PLASMIUM offers the approach of a function which manages historical information as well as transactions inside the block.