Ethereum and Polkadot: Rivals or Allies in the Blockchain Industry?- How ParaState Plays a Key Role in These Ecosystems
People often hear Polkadot talked about as the ‘ETH killer’ on social media; however, despite what many may believe or think, the reality is that Polkadot and Ethereum complement each other in the industry, especially in times when adoption is booming and Ethereum’s scalability limitation is still in the process of being resolved.
Polkadot is an open source project that focuses on solving three critical issues in the adoption of blockchain technology: interoperability, scalability, and shared security.
For many years in the industry, cross-chain interoperability has been considered the holy grail in the crypto space. For this reason, despite some technical differences that may exist between the two networks, Polkadot, instead of being a competitor of Ethereum, is destined to work symbiotically with the most important blockchain in the ecosystem after Bitcoin.
And in this complementary work, ParaState plays a very important role in establishing the interoperability bridge between both chains through its high performance on-chain runtime technology for Ethereum-compatible smart contracts.
ParaState backend infra WasmEdge: A solution for cross-chain interoperability
One of the great advances being implemented in the Ethereum 2.0 roadmap is the implementation of WebAssembly, a leading industry standard used by major browsers, cloud services, and companies for interactive web development.
ParaState, aware that the missing link between cross-chain compatibility and Ethereum through its EVM was precisely the lack of a top-tier virtual machine, has successfully demonstrated the use of a WebAssembly-based VM implementation developed by Second State and based on EWASM (Ethereum flavored WebAssembly developed by the Ethereum Foundation).
The result has been a VM pallet totally superior to the rest of the options on the market demonstrating the best performance in tests and destined to establish a natural bridge so that the developers of Dapps in alternative chains to Ethereum can take advantage of the technical capabilities of Ethereum.
DApps can take full advantage of the decentralized Internet on the multi-chain Polkadot and at the same time be fully compatible with the main ecosystem of decentralized applications in the industry currently dominated by Ethereum.
Thus, developers can use Wasm Edge to execute high-speed smart contracts and optimize different CPU architecture and operating systems, expanding the development of applications of any kind to build the new decentralized Web3 Internet demanded by users today.
Core features of ParaState runtime-based EVM Pallet EWASM
The benefits at the development level of using ParaState’s runtime-based EVM Pallet EWASM are quite broad and flexible for the broad community of interactive application developers under the Web3 scheme.
From integrating state-of-the-art languages like Go, Rust, C/C++, and custom programming language features added to smart contracts, to improving computational computation and offloading workloads on CPUs, the technology of ParaState allows launching custom and specific applications to complex use cases in the blockchain industry ranging from metaverses to decentralized finance and its derivatives (GameFi, DeFi, FitFi, etc).
In addition to the benefits mentioned above, ParaState provides:
- The ability to continue enhancing a product over time without risking network disruption
- Built-in support for Polkadot interaction right out of the box
- Plug-and-play modules for consensus gathering, networking and finalization
- Forkless upgrades and transparent governance tools
- Easy communication using an interface compatible with external Dapps
- Ability to take advantage of Polkadot’s superior processing (1000 TPS /Parachains) compared to Ethereum’s 15 TPS, made possible due to the use of smart contracts under EWASM
- Significant decrease in transaction fees
- Full compatibility with tools and platforms like Metamask, Uniswap and other industry leading solutions
- Exposure to an expanded developer community
- Access to developers with a library of modules fully compatible with Ethereum and other blockchain networks that want Ethereum compatibility
- Customization of the creation of decentralized applications with interactions built into the source code according to the degree of difficulty that developers can handle
Not confrontation, but complementarity
One of the main goals of Ethereum from the beginning has been to power blockchain technology to change the world. And part of that philosophy has now been extended to the rest of the chains that support vibrant and growing activity in the industry like Polkadot.
Aware that the path is not confrontation, much less rivaling the main blockchain network on the market in terms of decentralized applications, ParaState is focused on cohabiting and extending a hand to Ethereum, serving as a bridge between the technological improvements provided by Polkadot to the spectrum of options that make life in the Ethereum ecosystem.
The Wasm Edge runtime infrastructure to support both EVM and EWASM is part of ParaState’s options as a multi-chain platform to complement Ethereum in its vision of changing the world by transitioning to a more decentralized, permissionless, trustless and frictionless experience.
More interestingly, ParaState supports ETH 2.0 staking with its SafeStake product to support the decentralization of the Ethereum blockchain network on its way to migrating from its PoW to PoS consensus protocol.
SafeStake is supported by the ParaState technology stack and is part of the philosophy of complementing and not confronting the altcoin giant. Through SafeStake, users can have more flexible options to participate in ETH2.0 Staking, helping Ethereum 2.0 become a more secure network by increasing the number of validators in its network and avoiding centralization of the network.
As you can see, ParaState is focused on establishing varied participation mechanisms for both users and developers that allow them to take advantage of the technological benefits of both ecosystems (Ethereum and Polkadot) in the mission of building a new world with blockchain technology.
About ParaState
ParaState takes Ethereum chain support to the next level through WasmEdge. Develop and execute high-speed smart contracts with built-in Ethereum compatibility (EVM and EWASM) and interoperability in next-level programming languages like Rust, C ++, and Golang.
Parastate is participating in ETH2.0 PoS Staking with a new tech stack called SafeStake, a trust-minimized, middle-layer fostering the decentralization of ETH2.0 staking. SafeStake is a non-custodial infrastructure for distributed validator technology written in Rust, implementing HotStuff consensus and Threshold signing architecture to provide more robust security for ETH 2.0 PoS.
