Polkadot Parachain and Beyond
Astar Network is a multi-chain dApp hub supporting Ethereum Virtual Machine, WebAssembly, and multiple layer1 blockchains. Polkadot Relaychain doesn’t support smart contracts by design, so dApp developers in the Polkadot ecosystem need a smart contract parachain. In addition to that, Astar supports multiple L1 blockchains. Having those features available makes a difference in the ecosystem.
Polkadot connects blockchains. Yes, this is correct. But strictly speaking, there is one restriction at this moment. Polkadot only connects those built on Substrate because, in general, other L1 chains have different consensus algorithms and technical stacks, so Substrate is needed as a buffer.
Astar network aims to be a multi-chain smart contract platform on Polkadot.
Through our platform, we would like to make some innovative use cases such as synthetic assets or stable coins using ETH and AVAX as collateral, multi-different L1 tokens DEX, etc.
These use cases are not about the future. Coinversation and PolkaEx are creating multi-chain decentralized exchanges by using Solidity and ink!. Standard Protocol is creating synthetic assets and stable coins collateralized by multiple assets.
EVM is important, but WebAssembly is the future of smart contracts
Without any doubt, Ethereum is the biggest smart contract platform. And supporting EVM is super important for us. But as Gavin Wood, the founder of Polkadot, said in the CoinDesk article, we also believe that WebAssembly is the future of smart contracts. This is the reason why we support both EVM and WebAssembly and make them interactive.
At this moment, there is one known issue that the Polkadot ecosystem needs to solve.
To make the long story short, ink! smart contracts are too big to be deployed. But we think that this issue will be solved by the Polkadot community in the coming months. Once this is solved, we will fully support both virtual machines and support not only Solidity smart contracts but also ink! smart contracts.
dApp Staking is the future
One prominent feature only Astar has in the ecosystem is dApp staking. dApp staking is the game-changer. Smart contract platforms are all about “Network Effects,” but generally, there are few financial incentives for early developers to deploy smart contracts. We changed this!
Astar natively supports financial incentives for developers to make dApps and infrastructure (basic income for all developers aka dApp staking). To make the long story short, devs can earn Astar tokens while making products based on their performance and decentralized voting system.
In the past, when developing smart contracts, it was necessary to pay high fees to deploy the smart contracts in some cases. The most significant contributor to the ecosystem is developers. Why should they have to pay those high fees? And there is almost nothing you can get in return.
We are changing this game! A basic income will be distributed to developers on Astar and Shiden Network. For example, if Shiden’s valuation is $500M, $50M will be issued annually. And $20M per year will be distributed to all developers in our ecosystem based on their contributions. The reason why developers choose Astar and Shiden is straightforward. They can earn tokens while developing their products! Blockchain and crypto are all about incentives. We think dApp staking is a simple but powerful incentive.
In the coming weeks, we will focus on EVM and WASM. Once our layer1 is ready, we will implement bridges like Ethereum bridge and Dfinity bridge. Keep in mind that since the schedule of the Polkadot Parachain auction is unknown, the timeline can be changed in the future.
About Astar Network/Shiden Network
Astar Network (previously known as Plasm) is a dApp hub on Polkadot that supports Ethereum, WebAssembly, and layer 2 solutions like ZK Rollups. Astar aims to be a multi-chain smart contract platform that will support multiple blockchains and virtual machines. Shiden Network is a sister network of Astar Network and a dApp hub on Kusama.
Feel free to reach out to us!
Announcing Astar v2.0: Multi-chain dApp Hub. was originally published in Astar Network (Previously Plasm) on Medium, where people are continuing the conversation by highlighting and responding to this story.