ParaState

ParaState is a multi-chain smart contract platform bridging the application and developer ecosystem between Ethereum and Polkadot, as well as other Substrate-based blockchains that wish to provide compatibility with Ethereum. The platform's self-descriptive slogan is "Ethereum on steroids." ParaState aims to provide an optimized and extensible smart contract execution environment while maintaining compatibility with Ethereum. The platform is funded by license fees (as a percentage of gas fees) generated by transactions on other networks using ParaState's technology.

ParaState's promotional video overview of the platform

ParaState improves Ethereum chain support through WasmEdge. With WasmEdge, users can develop and execute smart contracts with integrated Ethereum compatibility and interoperability in more than twenty programming languages, including Solidity, Fe, Rust, C++, and Golang.

Since Ethereum's introduction of smart contracts, this blockchain technology has been extrapolated to numerous industries and applications, including decentralized finance, gaming, and metaverses. With its platform, ParaState hopes to address scalability and other performance issues associated with the rapid expansion of this type of interconnected network. According to the company, over 90 percent of dApps run their smart contracts on the Ethereum Virtual Machine (EVM) and face limitations due to its properties, such as the following:

• The complexity of the development environment
• Inflexible architecture for dApp development in Web3
• Limited language support and developer tools

ParaState aims to provide an alternative to the Ethereum virtual machine (EVM) for developers of dApps, with features such as the following:

• EVM to WebAssembly transcompilation using tools, such as SOLL compiler
• Compatibility with all existing EVM applications and ERC standards (ERC-20, ERC-721, ERC-1155)

• Smart contracts designed with popular programming languages such as Rust and DSL

• Bridging between Ethereum, Polkadot, and other blockchains with Ethereum compatibility
• Integration with Polkadot parachains, supporting cross-chain services with other parachains

ParaState's applications range from decentralized finance, gaming, NFTs, supply chain, metaverse, insurance, digital identity, and other industry sectors.

SafeStake is a blockchain network operated by ParaState that involves the participation of validators, operators, and ParaState DAO members. ParaState DAO is a decentralized organization planned by ParaState focusing on building, maintaining, and governing the SafeStake network.

The user is required to stake 8 ETH or more to become a validator. As per ParaState's concept, in SafeStake, a validation task will be performed by the operator nodes selected from the validators during the setup. The operator will be the service provider holding validators’ validation key shares and providing professional ETH 2.0 staking duties for the validators.

ParaState's platform utilizes the STATE token. The total supply of the token measures 1,000,000,000 and is distributed as follows:

• Eco treasury (30.66%)
• Seed (10.92%)
• Strategy (10.42%)
• Private (5.54%)
• Public (4.33%)
• Long-term development reserve (10%)
• Team and advisors (11%)
• Marketing and initial liquidity (5.12%)
• "Plato" testnet validator rewards (5%)
• User governance staking rewards (5%)
• DApps incentive program (2%)

Blockchain projects participating in the ParaState Ethereum WebAssembly (EWASM) are charged licensing fees in the native currencies of these blockchains. The STATE token is therefore backed by a selection of native cryptocurrencies from the participating blockchain projects. Users can be rewarded with the STATE token for various types of activity, including the following:

• Node validators are rewarded for maintaining an experimental showcase of certain technology features.
• Token holders are rewarded for staking and participating in governance.
• dApp developers are rewarded for deploying their applications on ParaState’s infrastructure.