Good day to all of us here on crypto land! I hope you are all good with the run that we have these past few days. Even with those fees to high, we are still able to manage and interact with Dapps in the blockchain. Today, I would like to talk about one interesting project that would not only revolutionize how we interact with blockchain but also as a user, be able to save from fees without sacrificing the computational throughput of every transactions plus transactions per second or TPS. That is what ParaState is all about. I have read their Medium blog and I am excited about what could come for you as a user and HODLer of the STATE token in the coming months and years.
Let me walk you through ParaState and its powerful effects in the DEFI community, blockchain developers and those who were interacting with the blockchain since its inception. The ParaState project as what is being announced as 'Ethereum on Steroids'. Let me expound that.
What is ParaState and why it is important in the future of blockchain?
---> Simply put, based on my own understanding, it will be the future of programming smart contracts less the hassle of using only Solidity as its only programming language. With the use of ParaState, we can create/code smart contracts that are compatible with Ethereum and also with other cross-chained blockchains like Polkadot and other chains that are recently released to the public with open-sourced awesomeness!
It strengthens the bond of developers to create new applications on the blockchain and securing the network because it is not only the Solidity language that can be used now but also those high-level languages as well that is hard to exploit unlike Solidity alone! That is a milestone already!
The EWASM VM(Pallet SSVM)
---> It is the one that was developed by the ParaState developers wherein this virtual machine makes the Ethereum smart contracts be able to be compatible directly with this virtual machine of WebAssembly VM or EWASM. You could check their Github about EWASM here: https://github.com/ParaState/pallet-ssvm
Features of ParaState
A. TPS and computational performance enhanced without breaking composability
---> With their recent inclusion as a Polkadot Parachain, the ParaState project is a substrate-based project now and can handle huge amount of transactions per second and enforces SSVM or the Second-State Virtual Machine. You can learn and see more about that here: https://github.com/second-state/SSVM
Because of that feature, they are now called as ETH on Steroids!
B. Polkadot Substrate + Ethereum's Decentralization
---> Community based project will always be better than the ones that are just being run by angel investors. That is the vision and mission of the ParaState ecosystem. It also minimizes the risks of smart contract risks and bugs/exploits. Hence, making the community safer and more can troubleshoot it in times of need. Because of Substrate, compatibility is now achieved and cross-chained atomic swaps can be made with ease.
C. DEFI Infrastructure?? Big Check!! ✓✓✓
---> If you are into DEFI as well, you would know how it is important that the security of your stake is. That is why you do not need to worry now because ParaState got your back! With all DEFI infrastructures still intact, and improved more of its underlying capabilities and added more to it. Price oracles are in there as well so there would be no more exploits that can wipe off liquidity of different smart contract stakings.
D. STATE token as backed by the community treasury
---> If before, only those who are running rigs and high-end mining computers gets the transaction fees, now, with ParaState, a portion of the fees goes to the developer treasury which is managed by the decentralized foundation of ParaState. This treasury can fund wherever the foundation can be agreed upon through decentralized governance and voting as well. Because STATE token is backed by other denominations of different tokens, the STATE token is as precious as as an ETF-backed funds in terms of the stock market industry. That is how I compare them to the other forms of centralized markets. It can also be burned so that there would be more value to the remaining tokens because the supply shrinks and the value of the burnt token goes to the circulating ones which comes from the transaction fees.
E. The pDOT token
---> This is the ParaState representation in the Polkadot ecosystem. Making the coin versatile and can be use-cased for different DEFI protocols and usage.
That are just a primer of our talk about ParaState. More will come guys! If you wanted to try the testnet of ParaState, go and read the guide here: https://medium.com/ethereum-on-steroids/parastate-ethereum-gateway-user-guideline-99171560121d
For more information and details about ParaState which just secured $5 M USD worth of funding, you may check their website, and social media channels below!
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