WTF is Parastate?
ParaState is an all-encompassing PoS blockchain platform. It is designed to act as a parathread for Polkadot that will help expand Ethereum using the substrate framework. This is a team that has ambitious plans when it comes to setting up a solution that is unique, diverse, and packed with value.
The purpose of this blockchain project is to help support a long list of programming languages that are going to be used for Ethereum smart contracts. The reason for doing this is to make sure developers across different projects can sync without having to deal with different contracts. This can save a lot of time and effort while being more efficient.
This is something that has been a need for developers ever since blockchain technology came to the forefront. It will be designed to welcome new developers and make life easier for those who are setting up new smart contracts.
By doing this, it will lead to complete cross-chain interoperability, which is a major requirement across the board.
ParaState is all about providing support for the EVM pallet while remaining compatible with all other Ethereum apps on the market. This is a way to make it easier than ever before to manage new smart contracts without having to worry about how it is done.
This includes working between infrastructures such as the EWASM and EVM because of how important it is for communication to be smooth in these situations. They share the same account system using ParaState.
Ethereum offers loads of possibilities for developers to work with. This is why ParaState wants to act as a unifying factor that allows developers to branch out and explore the real potential of Ethereum. This includes offering access to a wider developer community that is going to make it easier than ever before to use high-grade infrastructure.
This is essential as the goal is to complete this roadmap quickly and ensure things are developed as intended over the long haul.
ParaState continues to work on new research concepts with each passing day as the goal is to better adapt to what the market has to offer. This includes how smart contracts are delivered and how transparent this is done from the beginning.
What Makes Parastate Exciting?
The ParaState Network is an exciting project that is already, in it's early phase, getting people to talk about the possibilities. The goal is to make sure the ParaState Network offers a way for different smart contracts to work on the same platform. This is where ParaState's Ewasm VM helps as it doesn't require additional changes for that to happen.
By doing this, it makes it easier for developers to create a complete ecosystem that they can rely on when it is time to draw up new smart contracts. Rather than having to worry about specific programming languages, all of them can be used with ParaState Network.
In the past, this was not possible but that is not going to be the case once this network is in full flow. ParaState is going to act as a complete smart contract virtual machine. This means everything can go through the network and it will allow for the substrate blockchain to become compatible.
One of the more intriguing parts about this blockchain project has to do with the core DeFi nuances such as stable coins, Uniswap exchange, and/or lending protocols. These DeFi apps are already being set up through Parastate's Ewasm VM making it easier for them to work in unison within the ecosystem. This is great for increased performance and general interoperability.
This entire network is built on the idea of being sustainable. This means everything is decentralized and that is how the software continues to develop with time. The substrate blockchains that take advantage of the Pallet SSVM end up collecting gas from the incoming transactions.
This adds to the underlying developer treasury.
The STATE token is also an essential component as it is what protects the network. It is these tokens that ensure the network continues to run and the developer treasury continues to gain in value as more adoption happens.
A final peice of exciting news about Parastate is that they were selected to be part of the UC Berkeley Blockchain Xcelerator spring cohort 2021.
The ParaState Token & Governance Model
It's important to dig deeper into how the STATE token works as it is a fundamental part of the ParaState Network.
In general, this is a token that is designed to offer network security. This is a must to keep the blockchain running through validations that are needed to secure smart contracts. With the ParaState Network, this is a protocol that is going to have a specialized token by the name of STATE.
These tokens are then given to node operators as a reward to secure the network. This is going to include transactional fees that are paid through the network.
The current token breakdown is fixed. This means there are a set number of STATE tokens available. The STATE tokens are going to be paid through gas when the network is running. As this happens, the supply gets burned slowly.
This will automatically cause the supply to start diminishing.
It is also important to note, ParaState uses a separate rewards system in the form of Dapps. This means any Dapps that are running through the blockchain will also receive gas rewards in the form of STATE tokens.
Who is on the ParaState Team?
When it comes to the ParaState team, it is important to start with the founder - Marco Chen.
Marco is heralded as being one of the leading blockchain specialists in the world. He is someone that has been around the industry for a long time and is appreciated for heading this immersive project.
Marco comes from a tech-based background where he has worked on similar projects in the past, including acting as the Global Project Lead for TickTack.
Michael Yuan is the Co-Founder, who brings a fantastic background, that includes work at JBoss and RedHat. Michael holds a PhD from the University of Texas.
This is a professional that has been in the game for a long time and knows what the market needs. It is this attention to detail that led him to develop the core fundamentals of ParaState. Over time, he was able to bring in venture capitalists while also building a professional team around him.
This is a real dream for Marco Chen and one that he continues to work on with each passing day. He is a specialist that knows what it takes to deliver value and continues to build partnerships in the cryptocurrency world.
What Venture Capital Firms Fund ParaState?
When it comes to understanding the nuances of how the ParaState Network came to be, it is important to learn more about who is backing it. This will shed light on the major players that believe in what the project has to offer and how it is going about making those things happen.
It all starts with some of the biggest names in the industry such as - FBG Capital, Alameda Research, and Kenetic to name a few. CMS Holdings led the seed round, and KNS group + Alameda led the strategic round.
Several professional companies are leaning their resources towards the ParaState Network because it is the way of the future. For those who want to get involved in this project, it is a great sign to see some of the market leaders joining in on the fun.
It shows this is a project that is the real deal and one that is great to back.
One of the more intriguing parts about the level of backing received by this project has to do with worldwide interest. It is not only reserved for one part of the world. Instead, there are companies from across the planet including the US and China that are getting involved as partners.
This demonstrates the core idea behind the ParaState Network is a great one and it is something that will only get stronger with time.
How To Participate In The ParaState Network
What if you are someone that wants to get started with STATE tokens?
If that is something you are interested in then it is time to move forward with the tokens. You will want to begin by funding your account on Binance.
This can be done using USDT or bitcoin depending on what you are going to be transferring over to your Binance wallet. From here, you can exchange the currency for STATE tokens. This is going to make the tokens yours as you transfer them out of Binance.
Please note, if you are going to be doing this, it is not recommended to leave the STATE tokens on the exchange. This is why it is better to move forward and have the tokens transferred to a wallet.
This can include a MetaMask wallet.
Since it is backed by Ethereum, you can get the tokens sent over to this wallet as soon as you want. It is fast, seamless, and safe.
We are thrilled to announce the successful close of a $5-million strategic fundraising round led by KNS Group, along with a contribution from Alameda Research.— ParaState (@_parastate) April 9, 2021
Learn more about our investors and their vision for the ParaState ecosystem 👇@Cointelegraph https://t.co/Hjs448Zunr
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