What is ParaState (STATE) | What is ParaState token | What is STATE token
What is Parastate
ParaState is a proof-of-stake blockchain platform that says its goal is to ParaState aims to become a Polkadot parachain that extends the frontier of Ethereum with substrate framework. By supporting 20+ programming languages to create Ethereum-compatible smart contracts, we can unite a larger developer community to boost the 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). 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. The EWASM is an Ethereum Foundation roadmap published in early 2019. We have fulfilled it in advance driven by our internal development team.
ParaState is prioritizing and emphasizing fast execution and delivery of novel research on production while committing to radical transparency and open-source values on our development journey.
Large developer community
All existing Ethereum smart contracts work on ParaState’s Ewasm VM (Pallet SSVM) without any change. ParaState expands the developer ecosystem by supporting 20+ programming languages to create Ethereum-compatible smart contracts. Examples include generic programming languages such as Solidity, Fe, Rust, and JavaScript, and domain specific languages (DSLs) such as MOVE, DeepSEA, and Marlowe.
Performance on steroids
Substrate-based blockchains, such as Polkadot parachains, already enjoy much higher TPS (transactions per second) than Ethereum. For a smart contract platform, compute performance is more important than TPS throughput. ParaChain utilizes the SSVM, recognized by IEEE Software as the fastest software execution sandbox, to execute smart contracts.
Substrate + Ethereum
ParaState provides a smart contract virtual machine (VM) for all Substrate-based blockchains. ParaState’s Pallet SSVM is a leading implementation of Ethereum flavored WebAssembly (Ewasm). By installing the Pallet, any Substrate blockchain can become Ethereum-compatible while taking full advantage of the modern WebAssembly ecosystem. The Pallet SSVM development is partially funded by a grant from the Web3 Foundation, and the team consists of Substrate Ambassadors.
Built-in DeFi infra
ParaState comes with core DeFi infrastructure built-in, including the Uniswap exchange, stable coins, lending protocols, as well as price oracles. Those Ethereum DeFi software applications are already ported and adapted to ParaState’s Ewasm VM to enjoy higher performance and interoperability with the WebAssembly ecosystem.
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.
Why us? And the tradeoff of Layer 2
Recently I was being asked for numerous times what are the advantages to attract applications deploying on ParaState. Herein I’d like to write down this article to sort out pros & cons in details for your reference.
After almost five years development, today Ethereum is still the №1 public blockchain with most applications deploying on it, even it is running with limited performance and unsecured programming languages. There are also new public chain projects who aim to provide highly optimized and industrial standard infrastructure (WebAssembly) in order to solve the problems on Ethereum, like Solana, Near, Avalanche and Polkadot. These projects do implement WebAssembly standards, however they all face same issues which are lack of mature tooling support, and developers need to be educated to learn new programming languages. This takes time and you know Rome cannot be built in one day. That’s why all new public chains want to interact with Ethereum ecosystem closely to activate the onchained applications.
Do we have any approach to minus this gap and relieve the pain for developers?
Yes. One approach is to build a bridge to transfer assets from Ethereum to the new infrastructure chains for higher performance, like Solana (bridge assets via FTX), Near (bridge assets via Rainbow bridge), and Polkadot (bridge assets via Snowfork/Interlay). This approach cannot solve above issues perfectly, since it still requires developers using new programming languages to build applications on the new chains. The second approach is to provide seamless compatibility for existing Ethereum applications. Moonbeam and Plasm are other two projects within Polkadot ecosystem who aim at this goal. This approach really relieves a lot of pains for developers. As developer can use all mature tooling support on Ethereum to build Dapps, and they don’t need to rewrite the whole smart contracts. What’s the core part for the new layer 1 chains to achieve this goal? They just integrate the EVM pallet into its Substrate blockchain with some RPC developments. The EVM pallet is developed by Parity and it’s an EVM runtime modified version in order to deploy in Substrate framework. We see more and more parachain projects like Acala, Clover Finance, and Darwinia etc to integrate the EVM pallet into their parachains in order to interact with Ethereum ecosystem. It seems all parachains won’t have any differentiation in the runtime pallet infra in a foreseeable near future. I do agree it will benefit the whole Polkadot ecosystem to activate the liquidity at the very beginning. Will this approach attract talented developers coming to build new applications? Probably, but not so persuasive. Since if it’s the same smart contract runtime infra like the EVM runtime on Ethereum right now, developers would doubt how good the performance can gain by deploying on it.
Do we have a bit better approach?
Yes. That’s what ParaState is bringing into the industry. While supporting EVM pallet to provide seamless compatibility to all existing Ethereum applications, ParaState also provides developers a next-gen smart contract implementation environment, EWASM (Ethereum favored WebAssembly). These two infrastructure are ensured to talk to each other and sharing the same account system on ParaState. This is the differentiation ParaState provides to the developer community, to enable them surfing in the highly optimized industrial standard infrastructure and exploring brand new possibilities for Ethereum frontier. The EWASM is an Ethereum Foundation roadmap published in early 2019, we just fulfill it with internal development force in advance. Someone may still argue Ethereum has Layer 2 solutions to improve performance. Let’s discuss it in the next paragraph either.
_Through a unified developer community by supporting more popular programming languages, ParaState can bridge application and developer ecosystem between Ethereum and Polkadot, boostrapping the cross-chain software portability. If you are interested to dive deep into our EWASM infra, you may read about this article __“Diving into Ethereum’s virtue machine: the future of EWASM” _written by our developer program head Tim.
The tradeoff of Layer 2 solutions.
“The Bull Case for Ethereum Challengers”_ This article written by Kyle Samani from Multicoin Capital clearly pointed out the tradeoffs of current Layer 2 solutions. I don’t want to iterate all of them again. But I do want to emphasize no matter the Dapps choose zkRollup or Optimistics (two major Layer2 approaches), their protocols composability are broken. And composability is essential in the DeFi segment as it’s what the network effect lays. To deploy on ParaState, we can provide Dapps Layer 1 security, in the meanwhile maintaining the protocols composability that ensures capital flow fluidity is efficient._
Pros & Cons to deploy on ParaState
- Pros:
1. Dapps can gain Layer 1 security, in the meanwhile maintaining the protocols composability.
2. With limited development efforts, developers can gain a high performance smart contract implementation environment to enable a better user experience.
3. You don’t have to abandon what you are doing on Ethereum, simply immigrate your source code and deploy it on ParaState, interacting with the whole rising Polkadot ecosystem. We call it “Mirror to launch”, and “Credit expansion” on ParaState. IMO, everyone likes credit expansion, especially the FED :).
Using Metamask to access ParaState’s TestNet
Setting up Metamask
Click here to install the Metamask extension on your browser. It can be installed using the Google Chrome Browser. Just click on the installation button and it should be automatically installed.
By default, Metamask supports the Ethereum blockchain, but since ParaState is compatible with Ethereum, it can be used the same way by setting a custom RPC endpoint.
Adding a Custom RPC Endpoint
In order to connect to the ParaState TestNet, a custom RPC Endpoint needs to be added. On the top click on the network you are connected to and then on Custom RPC:
Filling the Endpoint Information
Network Name: ParaState
New RPC URL: https://rpc.parastate.io:8545
Chain ID: 123
Currency Symbol (Optional): STATE
The example below shows the configuration that needs to be done to connect to ParaState Testnet:
Click now on the Save button and your configuration should be done!
Creating a New Account
In order to create a new account, click on the icon on top as shown by the image below and then on Create Account:
On the next window, fill it with the account you want to choose and click on the Create button. You should have successfully created a new account!
Get some Testnet STATE tokens from the Official ParaState Faucet
Now go to the official ParaState test net faucet http://faucet.parastate.io Enter the ParaState address that you just copied, check the checkbox, and click Fund.
Now you will receive some STATE testnet tokens to this address. Remember that these are just test net tokens and cannot be transferred or sold on any exchange.
Here’s the summary of the Plato Testnet phases:
Phase 1 (March 15–21): Closed Internal Testing
Phase 2 (March 22 — April 11) Open for community members and developers to provide feedback & Release of Polis incentivised testnet
Phase 3 (April 11 — until required): Identical to mainnet configuration with testnet token to mainnet conversion to attract developers ready to launch with ParaState
Phase 4: Mainnet launch with a future rolling upgrade from the testnet
To date, Parastate is the only Polkadot Parachain to successfully implement a fully operational EWASM that is ready for public launch. ParaState brings Ethereum protocol support to the Substrate ecosystem. While it is backwards compatible with today’s EVM applications, it future-proofs the Ethereum protocol by bringing the LLVM and WebAssembly developer communities into the Polkadot ecosystem. It is your best choice among one-stop development platforms for next-gen Web3 applications. It is Ethereum on Steroids.
You can find more information about ParaState in our Whitepaper 1.0
Whether you are a community member, ambassador, Polkadot user, Substrate or Solidity developer, decentralized app, or staking service, we look forward to engaging you (get in touch: marketing@parastate.io).
Would you like to earn TOKEN right now! ☞ CLICK HERE
How and Where to Buy ParaState (STATE)?
STATE has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy STATE
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Since STATE is an altcoin we need to transfer our coins to an exchange that STATE can be traded. Below is a list of exchanges that offers to trade STATE in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase STATE from the exchange: Uniswap
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once STATE gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
☞ https://www.binance.com
☞ https://www.bittrex.com
☞ https://www.poloniex.com
☞ https://www.bitfinex.com
☞ https://www.huobi.com
☞ https://www.mxc.ai
☞ https://www.probit.com
☞ https://www.gate.io
☞ https://www.coinbase.com
Find more information STATE
☞ Website ☞ Explorer ☞ Source Code ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Message Board ☞ Message Board 2 ☞ Coinmarketcap
🔺DISCLAIMER: Trading Cryptocurrency is VERY risky. Make sure that you understand these risks if you are a beginner. The Information in the post is my OPINION and not financial advice. You are responsible for what you do with your funds
Learn about Cryptocurrency in this article ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner
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