28 Sep 202107:45
AMA
ParaState AMA Recap
Myko (CryptoDiffer)
Hello, everyone!😁 We are glad to meet here:
Marco Chen, Co-founder ParaState
Welcome Marco, thank you for taking your time today!
Marco Chen
Hey guys, happy to be here and thanks for hosting me today! Myko (CryptoDiffer)
Thanks for coming we've prepared some questions to start with
Marco Chen
sure, please go ahead Myko (CryptoDiffer)
superb let's begin with the intro
Q1: Can you introduce yourself to our community?
Marco Chen
emm, I have been in the blockchain industry since 2016, becoming a bitcoin miner and invested in a lot of early blockchain projects. I hold a BA in business and finance and I have also been proactively participating in Stanford programs like Economics and Computer Science etc. In 2018, I built a decentralized Medium-like product Ticktack, on top of SSB protocols to support 10k people relaying chats only via a $20/month cost node. This project motivated me to dive deep into the infrastructure level in the blockchain industry.
Afterwards, I started the project ParaState with my Co-founder Michael.
done
Myko (CryptoDiffer)
Thanks for sharing the story) Let's now continue with the project itself
Q2: Can you introduce ParaState to us?
Marco Chen
ParaState is the first Substrate blockchain that features both EVM & EWASM, enabling these two different runtime infra to run side by side and share the same account system. We aim to provide a next-gen smart contract execution environment with higher performance Ethereum compatibility, at the same time integrating with the Polkadot Substrate framework for the best network scalability.
Among other projects which aim to provide Ethereum compatibility, only ParaState is building the virtual machine pallet from scratch by ourselves. Others just integrate the EVM-pallet into their parachains. We are bringing value to both the Ethereum and Polkadot ecosystems.
done
Myko (CryptoDiffer)
Superb The last question of the introductory part will be about current progress
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Marco Chen
we’ve completed pretty much milestones during these two years. Awarded grant from Ethereum Foundation for our SOLL compiler back in 2019.
Awarded W3F grant for integration our EWASM runtime pallet into Substrate ecosystem in early 2020.
Awarded grant from Oasis Foundation to build OETH ParaTime for Oasis network to enable Ethereum compatibility.
successfully closed three rounds fundraising during this year.
Awarded grant from ICON Foundation to build a Substrate sidechain for ICX network to enable Ethereum compatibility.
and we are going to launch a Rust SDK soon during next month’s RustConf China. it will be the 1st Rust SDK to enable devs to build applications with Ethereum compatibility.
expecting to attract as twice as many of the Solidity dev size via this Rust SDK to build on top of our infra.
donel
Cryptodiffer Community
🔵 You stated that the projects that will participate in ParaState will be integrated into blockchain systems with ssvm-pallet and that you will implement the (PAYU) business model for cooperation. What is the PALU model and will there be deployment fees for those who want to integrate it with the ssvm-pallet into the substrate blockchain? 🔵 What languages are supported by the Infra LLVM standard?
What advantages does this standard bring to software portability?
Marco Chen
the PAYU model is the standard model how blockchain manage resources onchained for Dapps (smart contracts) to run. collecting GAS fee. and we will charge a small percentage gas fee as license fee for our EWASM runtime infra. this is the major Go-to-market strategy of ParaState. Detailed use case could refer to this article about partnership with ICON https://link.medium.com/Ob6NkWoInjb
Cryptodiffer Community
ParaState is not the only goal to introduce Ethereum to the Polkadot network, as there are already projects on the market, such as Moonbeam and Clover. What is the difference between ParaState and others? How will ParaState compete with its competitors? Marco Chen
this is a pretty good question. What’s the differentiations of ParaState? Currently, Moonbeam, Plasm and Clover are also aiming to provide Ethereum compatibility. Among all these projects, only ParaState is building the virtual machine pallet from scratch by ourselves. For others, they just integrate the EVM-pallet into their parachains. This EVM-pallet (modified edition SputnikVM to enable it running in Substrate framework) is developed by Parity. And only ParaState has EWASM production ready.
More and more parachains are going to integrate the EVM-pallet like Acala, Darwinia etc. And even some new public chains like Near, Oasis, Avalanche and even BSC, Huobi Heco and Okex OKT are integrating EVM to enable Ethereum compatibility in order to interact with the huge Ethereum ecosystem.
In the foreseeable future, there won’t be any differentiation among those projects that are integrated with the same infrastructure. However, ParaState can provide such differentiation to the industry which is EWASM, a highly optimized, industrial standard smart contract execution environment. Developers can explore brand new possibilities of Ethereum frontier here, in the meanwhile maintaining seamless compatibility with EVM applications.
Also, we prefer to say projects i.e. Moonbeam, Plasm and Clover or others that want to provide Ethereum compatibility as well, are more like collaborators than competitors. Since we can help them to integrate with EWASM into their blockchain, they could get a high performance runtime infra and improve user experiences, so ParaState will benefit as well. After five years of development, EVM seems to still dominate the VM market share in the blockchain industry.
Our main goal is always to bring the EWASM infra for massive adoption. This will be a winner-take-most game.
Cryptodiffer Community
Hello sir 🙋 @Mc0xCrypto
👇👇👇👇👇
MANY PROJECTS ARE UNDER DEVELOPMENT BECAUSE THEY ARE STILL TRYING TO BUILD THEIR OWN SUBSTRATE BLOCKCHAIN...
Do you hope to give OPPORTUNITY for such projects to INTERGRATE ParaState's
SSVM PALLET into their blockchain system ?
If yes,
How can they use your SSVM pallet ?
Is there an UPFRONT DEPLOYMENT FEE ??
✨✨✨Thank you..✨✨✨
Marco Chen
I think you have some misunderstanding about our Go-to-market strategy. There’s no any upfront development fee to use our infra. It’s permissionless.
we just split a small portion for each smart contract transaction on your network if you integrate with our runtime infra.
This will be a win-win collaboration. As our infra can ensure your network having higher perfomance and better user experiences. And the networks which integrate with our infra can gain higher Ethereum compatibility and a lot of mature tooling supports.
Cryptodiffer Community
Are there any added advantages which the EWASM network brings to the migration of Ethereum DApps? Marco Chen
IMO, there will be a lot. As you know, EWASM is a part of ETH2.0 roadmap backed in 2019. We just finish it by our internal dev force in advance. WASM is an industry standards that maintain by all the industrial leaders like Google, Microsoft, Mozila, RedHat and Fastly.
Web3.0 is already a clear future and standard for the new internet.
All the brand new L1 projects like Near, Solana and even Polkadot are implementing WASM standard except for Ethereum now.
that’s why we bet all of our limited resource to this new standard infra and hopefully could speed up the roadmap for ETH.20
Cryptodiffer Community
1. ParaState intends to launch a Rust SDK. How soon will this be launched? Why do you want to launch this Rust SDK? And how will it be of benefit to developers? 2. Are there plans in place for ParaState to integrate on new networks like Solana and Heco that are fast rising networks in the crypto space?
Marco Chen
yes, we will launch the Rust SDK next month during RustConf China, the biggest Rust dev community meetup each year. What’s the benefit of this SDK? Obviously, according to Rust Foundation official data last year, there are more than 600K Rust devs all over the world. It is at least twice as many as the Solidity dev community world wide.
We could unify a broader dev community with this SDK to come to build with us.
And attract more talents from traditional internet sector.
hi, are we good for this sector?
Cryptodiffer Community
1. I am quite impressed with your introduction and the exciting features that ParaState. This got me thinking about the several work that you must have done behind close door. Can you tell me about the core development team, their experience and whether you also use Open sourcing for recruitment of your team ? 2. How did you conceive the Idea to establish the Parastate Protocol ? Knowing that ach project has a peculiar story about how it started, can you recount the before it is created. So can idea and motivation behind building such a Success-bound project ?
Marco Chen
yes, our core dev team are mostly coming from open source community. My co-founder Michael, who was early employee from JBoss. JBoss was the first company that successfully commercialize Java on enterprise server end, and acquired by RedHat. our dev team has similar gene like the Solana team who worked in the chip industry before. Our core competency lays in the VM and compiler level.
Cryptodiffer Community
One of the important points for the adoption and large-scale of your project is simplicity, so I want to know how the workflow is optimized so that the platform is really easy to use for users? Marco Chen
sure, I agree adoption is very important. And that’s why we choose to build on Substrate. First of all, we chose to build on Polkadot because Parity creates a really awesome framework Substrate, a modular framework that enables you to create purpose-built blockchains by composing custom or pre-built components. With Substrate, building a chain becomes efficient and the core component pallet like consensus, VM runtime etc could be easily changeable and plug-n-go. So our EWASM SSVM can be integrated into all other Substrate blockchains with limited development efforts for massive adoption. According to W3F official data, there are more than 300 projects under development to build their own Substrate blockchains. These projects can become our target partners.
Secondly, it will take a very long process and time to get EIP approval to integrate our EWASM VM into Ethereum. Most of the major infra improvements within Ethereum take almost one year to discuss internally and get approval to deploy, ie EIP1559 etc.
But we could still go through EF to apply for EIP when ETH2.0 is approaching.
that’s why ParaState targets to bridge application and developer ecosystem between Ethereum and Polkadot.
Hi, are we good enough today?
Myko (CryptoDiffer)
yeah) thanks for the ama
Marco Chen
awesome. thanks for hosting me again! have a good day guys