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Elvolving Ethereum on Polkadot

Project Introduction:

Co-Founder of Ethereum and also Founder of Polkadot - Dr Gavin Wood once said: “The [Ethereum] platform itself is full of risk, as you would expect with a nascent technology. … Itʼs the price you pay for the ability to access this world-changing software in its days of inception.” Ethereum is full of risk because at the moment when it was born, it was designed and developed by a loose group of inexperienced software developers. However, its smart contract fills the gap of traditional finance and daily activity, Ethereum smart contract was one of many reasons why its user, its developer community rocketed. But like Dr Gavin Wood said, Ethereum still has a lot of problems. Polkadot solved many problems of Ethereum but its design does not support smart contracts. 

Bang! ParaState was born. ParaState aims to provide an industry standard, highly optimized, and extensible smart contract execution environment, while maintaining Ethereum compatibility. ParaState provides a suite of open source infrastructure software including a Substrate pallet. It can be incorporated into any Substrate-based blockchains, including all Polkadot ParaChains. The development effort of ParaState is supported by a developer treasury that collects fees from all transactions processed by the ParaState runtime software.

Key Features And Highlights:

Substrate + Ethereum:

ParaState provides a smart contract virtual machine (VM) for all Substrate-based blockchains. ParaState’s Pallet SSVM is a leading implementation of Ethereum flavored WebAssembly (Ewasm). By installing the Pallet, any Substrate blockchain can become Ethereum-compatible while taking full advantage of the modern WebAssembly ecosystem. The Pallet SSVM development is partially funded by a grant from the Web3 Foundation, and the team consists of Substrate Ambassadors.

Large developer community:

All existing Ethereum smart contracts work on ParaState’s Ewasm VM (Pallet SSVM) without any change. ParaState expands the developer ecosystem by supporting 20+ programming languages to create Ethereum-compatible smart contracts. Examples include generic programming languages such as Solidity, Fe, Rust, and JavaScript, and domain specific languages (DSLs) such as MOVE, DeepSEA, and Marlowe.

Performance on steroids:

Substrate-based blockchains, such as Polkadot parachains, already enjoy much higher TPS (transactions per second) than Ethereum. For a smart contract platform, compute performance is more important than TPS throughput. ParaChain utilizes the SSVM, recognized by IEEE Software as the fastest software execution sandbox, to execute smart contracts.

Built-in DeFi infra:

ParaState comes with core DeFi infrastructure built-in, including the Uniswap exchange, stable coins, lending protocols, as well as price oracles. Those Ethereum DeFi software applications are already ported and adapted to ParaState’s Ewasm VM to enjoy higher performance and interoperability with the WebAssembly ecosystem.

A token backed by developer treasuries:

ParaState pioneers an innovative model for sustainable and decentralized open source software development. All Substrate blockchains that utilize the Pallet SSVM agree to collect a percentage of gas on all Ewasm transactions, and contribute it to a developer treasury managed by the ParaState foundation. The STATE token from ParaState is “backed by” a basket of native parachain tokens contributed to the developer treasure as ParaState gains developer adoption and use.