Ethereum, the second leading cryptocurrency, has long been a favorite of crypto enthusiasts for adding industries. However, over time and increased interest, the coin network has shown flaws, including huge congestion, high transaction fees, and speed issues.
Cointelegraph spoke with Marco Chen, co-founder of Parastate and a member of the Rust Foundation, about why Ethereum (ETH) compliant smart contracts have become the new black color for blockchain developers.
1. What is the story behind ParaState?
Before launching ParaSate, we asked ourselves several times: “The crypto space is a rapidly changing world, but what changes can be made in the long term to improve it?” VM infrastructure seems like the obvious answer.
After nearly six years of ICO, Ethereum EVM still dominates the current market share of “virtual machines in a chain”, with almost 90% of applications being EVM applications. Therefore, we decided to invest our limited resources in creating a smart contract platform to modernize the existing infrastructure of electronic equipment.
2. What is compatibility and why do you think Ethereum needs it?
EWASM was part of the ETH 2.0 roadmap in 2019, and ParaState is building a next-generation operating system for Ethereum-compatible networks; Meanwhile, we are backward compatible with all EVM applications.
3. Can you accurately explain your open source business model?
When our EWASM platform expands to another Tier 1 network that requires high performance Ethereum compatibility, we will charge a small percentage of our gas fees as a license fee. These fees will be collected into a DAO fund managed by the ParaState DAO. Thus, the value of the ParaState DAO token is supported by a basket of native cryptocurrencies from the circulating blockchain.
4. Tell us about the integration of the Polkadot Substrate framework and why you need it.
First of all, we decided to use Polkadot (DOT) because Parity creates a really cool framework, Substrate, a modular framework that allows you to create your own blockchains by setting up custom or off-the-shelf components. With the underlayment designed to be efficiently coupled and the core component framework as interoperable, the virtual machine runtime can be easily modified and interconnected.
More information about the prostate here
In this way, our EWASM runtime can be integrated into all other major blockchains with limited development effort for widespread adoption. According to official data from W3F, more than 300 projects are under development to build their own blockchain. These projects can become our target partners.
5. What do you mean by “performance steroids”?
This means that our runtime can execute smart contract transactions 100 times faster than an EVM.
6. Tell us about your biggest achievement so far.
Since April, we are launching our own public testnet, Plato, supported by over 120 validators. Plato is the first blockchain framework to contain both EVM and EWASM. The EWASM runtime infrastructure is production-ready, not only in the Substrate ecosystem, but also in the Oasis network and possibly the ICON 2.0 network.
7. Plans for the future? Other important integrations?
We will launch the global operating platform for the Polkadot parachain ecosystem around the third quarter of 2022. In this way, all parachains can easily use our prefab as the main timing to achieve higher performance with Ethereum compatibility. We plan to start a public offering by the end of the year.