Why is ParaState the most advanced solution in the blockchain industry?
Tags: Ecosystem, Polkadot, Blockchain, Ethereum, Tech

Although the Ethereum Virtual Machine has brought us to where we are today in terms of developing use cases for blockchain technology, as the crypto world and industry advance, EVM is facing growing pains when it comes to delivering optimal performance to meet new user demands.

With increasingly demanding DeFi, metaverses and other applications, users are eager to incorporate new functions into blockchain technology to support a whole new decentralized economy from which they expect higher participation and returns on their investments. While trying to meet these new demands, Ethereum has been experiencing optimization problems in terms of speed of execution in different hardware architectures being used with the EVM.

However, with the development of new next-generation blockchain protocols such as Polkadot (paradoxically developed by one of the ex-Ethereum founders), the technical capabilities of the blockchain are expanding, and with it the possibilities of blockchain usage to a wider audience.

Polkadot presents a multi-chain system capable of handling transactions in a parallel and decentralized way, thus eliminating the bottlenecks generated by legacy blockchain systems before its emergence, reducing execution time to just seconds.

Furthermore, its interoperability feature allows the possibility of communicating with other blockchains of different natures. And it is precisely at this point of interoperability that ParaState has emerged as the foundation for robust use cases for the industry in the Polkadot ecosystem.

ParaState seeks to take advantage of the technical advantages inherent to Polkadot to establish a natural bridge between different blockchains that need to improve their technical capabilities such as speed and transaction fees, while also allowing portability with those networks that want exposure to the great Ethereum ecosystem.

This not only allows the creation of new services but also makes it easier for users to transfer information between one chain and another. In this case, between Ethereum and Polkadot, and between Ethereum and any chain that wants native support with Ethereum.

How do you do it?

ParaState is presented as a multi-chain system with multiple peculiarities that differentiate it from any other Substrate-based project, mainly due to its native incorporation of Ewasm, the Ethereum version of WASM (WebAssembly).

Its Standard proposed by the World Wide Web Consortium (W3C), WebAssembly is a virtual machine that can take any programming language and run it in a browser. Its main advantage is being adaptable to any low-level architecture while maintaining high performance. Therefore, WASM can run very close to native speed on most hardware.

Ethereum, the dominant leader of the crypto ecosystem and blockchain industry in terms of the number of decentralized applications deployed on its network, has planned to replace its EVM with Ewasm, given the superior performance characteristics it presents.

However, the incumbent ecosystem has a long way to go and still has not provided a fully clear picture of when this migration will be executed. Meanwhile, we continue to suffer from the most characteristic problems of dApps: insecure contracts, high transaction fees and low execution speeds.

With ParaState, things can radically change in the industry. ParaState provides a native pallet based on Substrate that is executed in Polkadot with all the technical advantages that this implies.

Even more interesting, and this is one of the key points that differentiates ParaState from other similar solutions, is the fact that ParaState presents Ewasm incorporated into its native pallet called WasmEdge (previous SSVM).

Therefore, the interoperability and compatibility with Ethereum are present natively from the execution of zero code in the smart contracts deployed in your VM.

The immediate benefits for the blockchain industry of the use and deployment of smart contracts responsible for the execution of thousands of Dapps in the ecosystem on the superior infrastructure of ParaState include:

low execution times of smart contracts (among the best on the market)

low transaction fees

high transaction speeds

compatibility with EVM and the entire Ethereum ecosystem (including ETH 2.0)

powerful graphical interface

development of smart contracts in more than 20 programming languages

broad support among large developer communities, among other benefits.

With ParaState, the blockchain industry not only benefits from technical improvements for the development of optimal performing Dapps, the possibility of developing new use cases is also possible under the Web3 scheme that users demand today for social interaction (Metaverses), the deployment of next-level tools for decentralized finance (DeFi), ensuring supply in logistics chains (Supply Chain) and even executing centralized entertainment solutions such as streaming, video games and social networks under a new high performance environment thanks to the high execution speed on different hardware architectures due to its native compatibility with the leading industry standard WASM.

Final Thoughts

The possibilities for scaling decentralized applications and millions of smart contracts with Ewasm are almost endless. ParaState natively integrates this technology to position itself as one of the most technically capable options to scale the Ethereum ecosystem while establishing a natural bridge between Polkadot and any other blockchain platform that seeks natural compatibility with Ethereum.

Unlike its competitors, Ewasm is natively embedded in ParaState’s Substrate-based runtime Pallet and is not executed by third-party extensions, significantly improving the execution times of smart contracts deployed in its infrastructure.

With a wide community of developers as support, ParaState is at the aid of the largest Dapps ecosystem in the industry, Ethereum, and does not seek to compete with it; on the contrary, it seeks to improve its performance based on a versatile and highly scalable architecture Ewasm.

About ParaState

Known as Ethereum on steroids, ParaState is a multi-chain smart contract platform bridging the application and developer ecosystem between Polkadot, Substrate and Ethereum, as well as other chains wanting to provide Ethereum compatibility. 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, Ethereum-flavored WebAssembly. These two infrastructures are ensured to talk to each other and share the same account system on ParaState.

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