ParaState aims to bridge the application and developer ecosystem between Polkadot and Ethereum for Substrated-based blockchains, such as Polkadot parachains and other chains that want to provide Ethereum compatibilities, by extending the frontier of Ethereum with the Substrate framework. By supporting 20+ programming languages to create Ethereum-compatible smart contracts, ParaState unites a larger developer community to boost cross-chain interoperability.
While supporting the EVM pallet to provide seamless compatibility with all existing Ethereum applications, ParaState also provides developers with a next-gen smart contract implementation environment, eWASM (Ethereum-flavored WebAssembly) through its eWASM VM (Pallet SSVM) to make any smart contract Ethereum compatible, a key objective of the Ethereum Foundation roadmap fulfilled in advance by the ParaState internal development team. These two infrastructures are ensured to talk to each other and share the same account system on ParaState. This is the differentiation ParaState provides to the developer community, to enable them to surf in the highly optimized industrial standard infrastructure while exploring brand new possibilities at the Ethereum frontier.
ParaState has officially launched the public testnet, Plato, currently running as a standalone Substrate blockchain. The platform is prioritizing and emphasizing fast execution and delivery of novel research on production while committing to radical transparency and open-source values on its development journey.
Compared to Ethereum, Polkadot is faster, safer, and more developer-friendly. Since a majority of top-tier DeFi projects are built on Ethereum, these projects require compatibility with other blockchains to benefit from improvements such as scalability and interoperability crucial to their continued growth and competitiveness in the space.
What benefits will ParaState bring ?
With ParaState, the benefits at the development level are almost unlimited. In addition to being able to generate more powerful applications to the next generation client, ParaState is in line with the demands for improvements at the UI / UX level that both users of decentralized applications implore, such as in the DeFi sector, gaming, data analysis, digital identity, among others.
With ParaState and its SSVM-EWASM pallet, we can find among other benefits:
- Compatible migration between native application chains (dApps) both in Ethereum and in other public blockchain networks, guaranteeing interoperability between blockchain’s
- TPS increase, covering Ethereum’s shortcomings in this regard
- Full compatibility with tools and platforms such as Metamask and Uniswap, as well as all other industry-leading blockchain hardware and software solutions
- Developers will be able to generate smart contracts in more than 20 languages supported by LLVM, and the use of domain-specific languages (DSL), leaving strict limitations on the use of Solidity to be forgotten.
- Timely confirmation of low-cost transactions (gas fee)
- Stronger next-generation smart contract deployment environment with better security and performance to accommodate peaks in user demand
- The benefits of having a larger developer community that involves both Ethereum and Polkadot support developers, in addition to the LLVM and WebAssembly standard
- Use one of the most efficient virtual machines (SSVM), which uses AOT to optimize different CPU and operating system architectures, expanding the development of applications of any type.
STATE token- a token backed by developer treasuries
ParaState pioneers an innovative model for sustainable and decentralized open source software development. All Substrate blockchains that utilize the Pallet SSVM agree to collect a percentage of gas on all Ewasm transactions, and contribute it to a developer treasury managed by the ParaState foundation. The STATE token from ParaState is “backed by” a basket of native parachain tokens contributed to the developer treasure as ParaState gains developer adoption and use.
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