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ParaState

ParaState

ParaState is a decentralized autonomous organization (DAO) that provides an Ethereum-compatible smart contract execution platform for dApp developers and other blockchain networks.

OverviewStructured DataIssuesContributors

Contents

parastate.io
Is a
Company
Company
Organization
Organization

Company attributes

Industry
Smart contract
Smart contract
Non-fungible token (NFT)
Non-fungible token (NFT)
Decentralized Finance
Decentralized Finance
Gaming
Gaming
Web3
Web3
Blockchain and cryptocurrency
Blockchain and cryptocurrency
Cryptocurrency
Cryptocurrency
Digital currency
Digital currency
...
Location
United States
United States
Singapore
Singapore
B2X
B2B
B2B
Founder
Marco Chen
Marco Chen
0
Pitchbook URL
pitchbook.com/profiles...465512-59
Investors
Crypto Dorm Fund
Crypto Dorm Fund
0
SevenX Ventures
SevenX Ventures
Dutch Crypto Investors
Dutch Crypto Investors
JRR Crypto
JRR Crypto
Chronos Ventures
Chronos Ventures
0
Block Dream Fund
Block Dream Fund
...
Total Funding Amount (USD)
5,500,000
Latest Funding Round Date
July 14, 2021
Competitors
Immutable
Immutable
PolkaBridge
PolkaBridge
Moonbeam
Moonbeam
Stock Symbol
STATE0
Exchange
MEXC Global
MEXC Global
Latest Funding Type
Private equity
Private equity

Other attributes

Block Explorer URL
etherscan.io/token/0x...6E13D20a6
scan.parastate.io
Blog
medium.com/ethereum-...n-steroids
Company Operating Status
Active
Cryptocurrency Symbol
STATE0
Invested in
IQ Protocol
IQ Protocol
0
Latest Funding Round Amount (USD)
5,500,000
Maximum Supply
1,000,000,0000
Medium URL
parastate.medium.com
Ticker Symbol
STATE0
Token Standard
ERC-20 ERC-721 ERC-1155
Wallet
trezor.io
metamask.io

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

WasmEdge

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
Applications

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

SafeStake

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.

Validators and operators

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.

STATE token

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%)
Native cryptocurrency backing

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.

Competitors

Timeline

No Timeline data yet.

Funding Rounds

Products

Acquisitions

SBIR/STTR Awards

Patents

Further Resources

Title
Author
Link
Type
Date

Dj - Medium - Parastate Blog

https://medium.com/@Daniejjimenez

Web

April 1, 2020

How ParaState is Making Web 3.0 DApps User Friendly by Uniting the Developer Community Under One Roof

ParaState

https://medium.com/ethereum-on-steroids/how-parastate-is-making-web-3-0-fb6062f46621

Web

January 7, 2022

Introducing ParaState - Oasis Foundation - Medium

Oasis Foundation

https://medium.com/oasis-protocol-project/introducing-parastate-5eb03101292d?source=search_post---------0-------------------------------

Web

July 7, 2021

Introducing ParaState - Oasis Foundation - Medium

Oasis Foundation

https://medium.com/oasis-protocol-project/introducing-parastate-5eb03101292d?source=search_post---------0-------------------------------

Web

July 7, 2021

Mc0x@Parastate

https://www.youtube.com/channel/UC5Z-x7ULKctrPmvHxw-ewQg?feature=emb_ch_name_ex

Web

References

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