WWVentures Partners with ParaState — Bringing the Ethereum Protocol to Polkadot
We’re thrilled to announce our partnership with ParaState — a smart contract platform bridging the Polkadot and Ethereum ecosystems.
Behind Our Partnership
Referred to as “Ethereum on steroids,” ParaState provides an industry-standard, highly optimized, extensible smart contract execution environment for Substrate-based blockchains, such as parachains for Polkadot. In recent months, Ethereum’s dominance has been challenged by platforms like Binance Smart Chain and Solana, but Ethereum has a bright future building on its strong technology foundation and popularity as the preferred blockchain for dApps using smart contracts. ParaState enables developers to utilize the benefits of Polkadot while maintaining backward compatibility with Ethereum. We believe ParaState’s utility will play a major role in the future of dApps.
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.
Since a majority of top-tier DeFi projects are built on Ethereum, these projects require compatibility with other blockchains to utilize improvements such as scalability and interoperability crucial to their continued growth and competitiveness in the space.
ParaState has officially launched their 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.
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 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.
Our research leads us to believe that Ethereum and Polkadot will continue to occupy a major role in the crypto ecosystem in the future. A middleware solution like ParaState, powered by such an innovative team, has our full support. We believe in its potential and want to help unlock it.
Keep an eye out for ParaState updates while they solidify the platform on their testnet. You can also check out a deep dive into ParaState from their team.
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!
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DISCLAIMER: Content in this article does not constitute financial advice. Cryptocurrencies are volatile assets. Always do your own research and invest at your own risk.