Building the New dApps Ecosystem in Polkadot With ParaState
The blockchain ecosystem is evolving. Every day new proposals are emerging in the industry to try to address the different challenges suffered by second generation platforms such as Ethereum, where high transaction fees and low processing speeds are a headache for developers and users.
In this context, the use of robust smart contracts with a flexible architecture that allows developers to meet the challenges of Web3 is essential to guarantee the growth and sustainability of the blockchain industry over time.
Polkadot, and specifically Substrate-based solutions, are a great alternative to address the challenges to come.
The advantages are diverse: from a powerful interface built with state-of-the-art languages to high transaction speeds, they are part of the benefits of using the Substrate framework to develop decentralized applications.
While there are currently some solutions in Polkadot that use the Substrate framework to offer dApp developers relief from the problems inherent in Ethereum’s lack of scalability, ParaState, a multi-chain platform built on Substrate, is the first and only solution on the market that natively offers full compatibility with the Ethereum Virtual Machine (EVM) and Ewasm (Ethereum-flavored WebAssembly Virtual Machine).
An interoperable ecosystem of dApps with ParaState
ParaState offers to fulfill this vision today through its pallet for the Substrate-based SSVM virtual machine by opening up new possibilities to seamlessly use Ethereum dApps across several chains. More and more developers are discovering that the SSVM pallet is delivering the solutions to the current problems inherent in the Ethereum Blockchain including:
1.- Improving the execution times of the smart contracts deployed in the fastest dApps.
2.- Providing multi-chain support through SSVM virtual machine compatibility with any blockchain platform that wants to integrate support for compatibility with Ethereum.
3.- Supported by technology built on Substrate, resolving the inherent scalability problems of Ethereum and making them a thing of the past, due to the high speeds and low transaction fees that Polkadot offers.
4.- Providing a better UX/UI experience: ParaState understands the needs and behaviors of users. There are areas of user flow that can be improved (signup, account management, wallet usability) by deploying with a reasonable amount of effort, the front-end UIs of DeFi-focused dApps via Ethereum-compatible blockchains.
As a result, DeFi can be easier and safer to use with ParaState support than CeFi, but without circumventing the risks inherent in technology that significantly protects truly inexperienced users. In this way, the challenge of UX resilience is successfully addressed.
5.- Accessing support from a wide community of developers: With support for smart contracts written in more than 20 programming languages, including domain-specific languages (DSL) that allow customizing applications focused on the DeFi sector, ParaState delivers superior performance, security and support for entrepreneurs in the finance industry.
From Metaverses to DeFi applications
The technical capabilities inherent in ParaState’s technology are allowing the expansion of the use cases of the blockchain technology currently developed in Ethereum to the Polkadot ecosystem, with a substantial improvement in the execution of the smart contracts of these applications.
Thanks to the SSVM-Ewasm Substrate module from ParaState, we are observing the ability to create applications for specific uses for the DeFi sector, gaming, and supply chain, and even the possibility of building metaverses with this multi-chain platform!
In addition, with the WebAssembly standard, a key infrastructure component in the development of the Semantic Web for creating interactive applications, dApp developers can deploy their applications outside of Ethereum, while being fully compatible with this ecosystem through EVM, thus avoiding losing exposure to the industry’s most important dApps ecosystem.
With the SSVM pallet, existing smart contracts embedded in Solidity on the Ethereum network can be implemented without any alteration.
And developers can run different blockchain projects through state-of-the-art programming languages without having to deal with different contracts, thus guaranteeing a unique integration in ParaState at the best performance-cost ratio.
The ParaState SSVM pallet is at least 10x faster than the leading non-WebAssembly runtime solution, and has demonstrated the highest overall performance.
Thus, with ParaState, for example, we can provide NFT marketplaces with none of the barriers of centralized marketplace by:
- bridging the application and developer ecosystems among Polkadot and Ethereum, as well as other chains seeking to provide Ethereum compatibilities, and
- providing low cost access to parathreads on the Polkadot multi-chain through a cheaper pay-as-you-go model.
In the development of Web3 blockchain gaming, developers using the Substrate blockchain framework are making substantial progress through the ability to “scale” native gaming dApps on Ethereum and create new applications that are compatible with the largest blockchain ecosystem.
The results are amazing and specific to the client/end user product: more powerful dynamic interfaces, and quicker loading times and execution of interactive smart contracts on the Ethereum Blockchain.
These examples demonstrate the potential of ParaState within the industry and the increased interest within the broad community of developers to generate decentralized applications on its multi-chain platform, guaranteeing interoperability at all times with the main dApps ecosystems of the blockchain industry.
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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