Bridging Polkadot with Ethereum Ecosystem with ParaState — Hackathon now LIVE!
We are proud to announce our partnership with ParaState, a decentralized open-source smart contract platform that seeks to expand the developer community by supporting over 20 programming languages to create Ethereum-compatible smart contracts, and facilitate interoperability between Ethereum and Substrate based chains through their cutting edge smart contract virtual machine.
Making Ethereum Code Scalable Again
Successful parachain owners and other cross-chain protocols utilize the Substrate Developer Hub’s Ethereum Virtual Machine (EVM) Pallet into their own chains to enable basic compatibility with Ethereum. However, ParaState’s EWASM Virtual Machine (Pallet SSVM) not only enhances this but also negates the need for any significant changes to pre-existing imported Ethereum codebases at both the bytecode and source code levels. Furthermore, programming language features can be customised to coder preferences thanks to the open-source compiler toolchain of its VM.
With support for over 20 languages, a plethora of projects will benefit from Layer 1 security without sacrificing composability, therefore fostering unhindered flows of digital capital for DeFi solutions. Although it is still on the cusp of its mainnet launch, its standalone-blockchain Plato testnet lets builders deploy their creations on this highly transparent platform for rigorous, expedient stress-testing before product launches.
“The need for scalable alternatives is becoming ever more urgent for the DeFi sector as a whole, and ParaState is providing a crucial service by onboarding previously Ethereum-based dApps onto Polkadot. Its hackathon is drawing crowds of bright, ambitious innovators to its platform and Pinknode’s API endpoints will allow them to focus on what they do best.
We believe that the multiplicity of stellar submissions their contestants have to offer can prove to the Polkadot ecosystem that importing dApps while keeping them connected to Layer 1 security is one of the best ways of attracting budding talents to this flourishing ecosystem”
-Eric Poh, Co-founder of Pinknode
ParaState is currently hosting a hackathon from 16th October to 15th December with US$100,000 in prize pool up for grabs by contestants who are able to push the creative limits of its middleware through competitive innovation.
16th October 2021, 21:00 ET: Hackathon Start
November 2021: First Offline Workshop
15th December 2021, 21:00 ET: Hackathon Submission End Date
16th-25th December 2021: Submission Review
31st December 2021: Winner is Announced
The ParaState online Hackathon event reward pool is a total of 100,000 USD and consists of 3 parts:
A. Jury bonus pool: It will be decided and announced by the ParaState Foundation judges through the project code and demo review.
First prize: 1 winner with a prize of 30,000 USD
Second prize: 2 winners with a prize of 15,000 USD
Third prize: 4 winners with a prize of 5,000 USD
Honor prize: 10 winners with a prize of 1,000 USD
B. $5,000 quadratic voting bonus pool: The initial bonus pool will be allocated to the finalists based on the popularity of the project and the quadratic voting algorithm. If you are unfamiliar with quadratic voting, you may learn more here: https://vitalik.ca/general/2019/12/07/quadratic.html
C. $5,000 Bounty reward: Receive bounty through HackerLink, and submit the solution through Pull Request on Github
Bonus (#100–300): Fix bugs for SewUp and XYZ projects
Sunshine Award ($50): Use SewUp to deploy any smart contract
Pinknode <> ParaState
As part of our long term goal to build a vibrant and diverse community of programmers on Polkadot, Pinknode is proud to partner with ParaState to provide hackathon participants with free RPC endpoints to remove the need for node deployment and focus on delivery. You can participate in the Hackathon with the following steps:
- Sign up and learn more about ParaState’s Hackathon here
- TOOL 1 — Access ‘SewUp’, a library that helps you sew up your Ethereum project with Rust, just like development in a common backend
- TOOL 2 — Build with BUIDL (Browser-based IDE), a browser-based IDE that enables developers to create and deploy Decentralized Applications (DApps) on blockchains with ease.
- TOOL 3 — Utilize Substrate SSVM Node, scalable smart contract execution environment that also supports EVM and EWASM
- ParaState is fully compatible with Ethereum EVM and any Ethereum ecological tools — Take part in these workshops hosted by ParaState’s developer Team by senior Rust Engineers here and here ▶️
- Claim STATE Tokens on ParaState Faucet — STATE token on ParaState’s testnet is used for gas fees and voting during this hackathon -, here’s a tutorial on how to claim it
- ̶ ̶C̶o̶n̶f̶i̶g̶u̶r̶e̶ ̶y̶o̶u̶r̶ ̶o̶w̶n̶ ̶t̶e̶s̶t̶n̶e̶t̶ ̶n̶o̶d̶e̶
✔️ Connect via Pinknode’s RPC endpoints:
The ParaState Hackathon is open to applications of any kind with no limitation on development tools. Applications must be implemented in Rust to qualify. Some ideas on what you can build:
- ERC20 contract (issue an ERC20 protocol token on the ParaState testnet)
- NFT contract
- Block explorer
- Decentralized exchange: an on-chain order book exchange, an exchange for automated market makers
- DEFI related
- And any other innovative applications
ParaState has officially launched the public testnet, Plato, running as a standalone Substrate blockchain right now. ParaState aims to bridge application and developer ecosystem between Polkadot and Ethereum, and other chains who want to provide Ethereum compatibilities as well.
Stay tuned with the latest ParaState updates:
Pinknode is a Polkadot-only Infrastructure-as-a-Service project with the goal of accelerating adoption and empowering innovators to create on the most promising Web 3.0 meta protocol. By providing API endpoints through a streamlined onboarding process and maintaining secure, reliable and scalable node infrastructure, Pinknode helps innovators jumpstart development quickly and accelerate product life cycles.