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What Is ParaState?
ParaState aims to bridge the application and developer ecosystem between Polkadot and Ethereum for Substrated-based blockchains, such as Polkadot parachains and other chains that want to provide Ethereum compatibilities, by extending the frontier of Ethereum with the Substrate framework. By supporting 20+ programming languages to create Ethereum-compatible smart contracts, ParaState unites a larger developer community to boost cross-chain interoperability.
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, eWASM (Ethereum-flavored WebAssembly) through its eWASM VM (Pallet SSVM) to make any smart contract Ethereum compatible, a key objective of the Ethereum Foundation roadmap fulfilled in advance by the ParaState internal development team. These two infrastructures are ensured to talk to each other and share the same account system on ParaState. This is the differentiation ParaState provides to the developer community, to enable them to surf in the highly optimized industrial standard infrastructure while exploring brand new possibilities at the Ethereum frontier.
ParaState has officially launched the public testnet, Plato, currently running as a standalone Substrate blockchain. The platform is prioritizing and emphasizing fast execution and delivery of novel research on production while committing to radical transparency and open-source values on its development journey.
Compared to Ethereum, Polkadot is faster, safer, and more developer-friendly. Since a majority of top-tier DeFi projects are built on Ethereum, these projects require compatibility with other blockchains to benefit from improvements such as scalability and interoperability crucial to their continued growth and competitiveness in the space.
That's where ParaState comes in.
We're optimistic about the future of ParaState, and here are just a few reasons why:
Any Ethereum developer will be able to write dApps on Substrate Polkadot using ParaState --- appealing to a huge development community.
Backward compatibility with existing Ethereum applications allows established projects to benefit from Polkadot's platform.
ParaState is a recipient of the Web3 Foundation grant and was one of 21 projects selected for the 2021 Berkeley Blockchain Xcelerator Cohort.
With a next-gen VM infra, it future-proofs high performing Ethereum compatibilities by bringing Ethereum protocol support to the Polkadot Substrate ecosystem.
To see how easy it is to swap your ETH for PETH (ERC-20 token on ParaState), check out their tutorial and try it out yourself!