Parastate — the Bridge ETH & POLKADOT!
As we all know, Ethereum today is the leading blockchain platform and has the most active and used devs. It is from this foundation that has generated many outstanding ideas and products. Has created a fever in the community such as trends about ICO, Yield Farming, Defi, NFT game, … But also because of the huge number of DApps of projects running on Ethereum platform, which causes congestion, transaction fees are high, transaction speed is slow, … This has caused disadvantages and hindered access to products from users (especially from individuals).
For this reason, many names have been born with the aim of overcoming these problems of Ethereum. Polkadot is a platform blockchain with transaction processing speed of up to 10000 TPs through a parachain architecture, with each Parachain processing 1000 TPs.
Polkadot has been mentioned by a lot of people. So when is this solution for application developers on Ethereum to have access to the Polkadot blockchain?
Today I will present to you a name with interesting idea. It’s Parastate — is a Parachain of Polkadot that stretches the line between Ethereum and Polkadot’s Substrate platform. Provides security for Layer 1 Dapps without sacrificing the ability to combine. Parastate also offers an open source infrastructure suite that includes a pallet Substrate that can be incorporated into any substrate-based blockchain, including all Polkadot ParaChains.
The core technology of Parastate is SSVM-Pallet (The Second State WebAssembly VM), the eWASM pallet for the entire Substrate ecosystem is highly compatible. SSVM is the highest performing WebAssembly virtual machine on the market, fully supporting the eWASM specification. This is one of two WebAssembly virtual machines that passed the entire Ethereum Foundation’s eWASM test. By 2020 the Web3 platform has funded Second State to move the SSVM eWASM into the Substrate ecosystem. As part of a funding project, Second State created SSVM pallets for Substrate blockchains.
The SSVM Node Substrate has the primary goal of running ETH WebAssembly (eWASM) running on the Substrate platform. Allows developers to collaborate between the Ethereum ecosystem and Polkadot / Substrate, while promoting interoperability between blockchains at the application level. You can now create a Substrate or Polkadot Parachain node that supports the implementation of eWASM smart contracts.
In particular, Parastate is sponsored by Web3 Foundation to move SSVM eWASM into Substrate ecosystem. Previously, Parastate raised $ 1.3 million in seed sale with the participation of big funds such as Kenetic Capital, FBG Capital, JRR Capital.
Currently there is no information to announce Team, Roadmap, Tokenomic, but ParaState Parachain is an ETH protocol support solution for the Polkadot ecosystem, although backward compatible with EVM applications, but will bring the LLVM developer community. and WebAssembly into the Polkadot ecosystem. That’s Ethereum on steroids.
Stay tuned for the next news from Parastate!
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