17th of March ParaState Co-Founder Marco Chen held Community AMA event in official ParaState Telegram group. ParaState community had a chance to ask Marco Chen anything about project, communtity, token launch and more.
If you still had not a chance to read AMA — no problem, we prepared for you recap of AMA event. Enjoy!
There were 4 AMA segments.
🔺Segment 1: Introduction
🔺Segment 2: Questions about the Parastate
🔺Segment 3: Free-asking
🔺Segment 4: Quiz
1. Introduction
During that segment, Marco Chen introduced himself.
Marco Chen: Hey guys, happy to be hosted today. I am Marco, co-founder of ParaState.
I have been in the blockchain industry since 2016, first becoming a bitcoin miner and then investing in a lot of early blockchain projects. I am also a member of Rust Foundation and cohort of UC Berkeley Xcelerator 2021.
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 of the blockchain industry.
Afterwards, I started the project ParaState with my Co-founder Michael.
2. Questions about the Parastate
In next segment, Macro Chen answered general questions about ParaState.
Question 1. What is ParaState? Can you share with us more in detail?
Marco Chen: Known as Ethereum on steroids, ParaState is a multi-chain smart contract platform bridging the application and developer ecosystem between Polkadot, Substrate and Ethereum, as well as other chains wanting to provide Ethereum compatibility.
While supporting the EVM pallet to provide seamless compatibility with all existing Ethereum applications, ParaState also provides developers with a next-gen smart contract implementation environment, Ethereum-flavored WebAssembly. These two infrastructures are ensured to talk to each other and share the same account system on ParaState.
Among other projects which aim to provide Ethereum compatibility, only ParaState is building the EWASM 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.
In sum, ParaState is providing an upgradable smart contract platform to developers who want to explore brand new possibilities and achieve higher performance, in the meanwhile we are backward compatible with all existing EVM applications to enable a seamless upgradable feature.
Question 2. What triggers you to launch ParaState? What are some of the real-world problems/ pain points that Parastate aims to solve?
Marco Chen: Parastate is all about making it easy for the developer community in general.
Our goal is to unify a broader developer community through our WasmEdge infrastructure. We want to create a platform that provides scalability and high performing Ethereum compatibility. Developers will therefore be able to seamlessly upgrade their projects on top of our infra.
We also want to reach a wider developer community, so we are focused on building developer tools and language SDKs.
A specific use case can be referred to in the article below:
https://medium.com/ethereum-on-steroids/compounds-gateway-a-deep-dive-into-setting-up-a-validator-node-399a2817702dAnother unique highlight of ParaState is that we will add value to both the Ethereum and Polkadot ecosystems. Ethereum developers will have more choices in deploying their applications, and the Polkadot ecosystem will be able to directly leverage efforts from the large Ethereum developer and tooling support community.
Also, our backend WasmEdge is the first and only WASM runtime infra project recognized as an CNCF Sandbox project and hosted by CNCF.
WasmEdge represents the synergy between cloud native (centralized cloud) and the blockchain (decentralized cloud) runtimes and toolings. It will help ParaState bring the much larger cloud computing developer community to the blockchain.
The pros associated with the Parastate ecosystem include the Layer 1 security Dapps can gain while maintaining the protocol’s composability. Another advantage is the high performance smart contract implementation environment that we provide to developers, which enables a better user experience.
Question 3. What is the role of $STATE in ParaState ? Would you tell us more about its tokenomics?
Marco Chen: ParaState is a decentralized autonomous organization (DAO) funded by license fees (as a percentage of gas fees) generated by transactions on other networks using ParaState technology.
Any blockchain project that is interested in taking advantage of the technical advantages of ParaState EWASM will be charged licensing fees in the native currencies of these blockchains. Therefore, the intrinsic value of STATE is backed by a basket of native cryptocurrencies from these blockchain projects.
Full tokenomics please refer to https://docs.parastate.io/what-is-parastate/token-economics
https://www.youtube.com/watch?v=yB0JdWJxVj0 Here is the tutorial video to introduce the token
Question 4. Are there any exciting news or updates with regards to ParaState that you would like to share with the community?
Marco Chen: The 1st Parachain in fair launch without a private sale and supported by the advanced ParaState tech stacks will continue the parachain auction on Polkadot next week.
For more details please follow up on https://geminis.network/
Second, our staking contract is being audited now and will launch soon. Stay tuned!
Further, we also plan to design governance NFTs to give free mint tickets to long term community backers.
And around May, we plan to partner with Gitcoin to host a new Hackathon.
Question 5. If you were to summarize Parastate in ONE word, what would it be? Why?
Marco Chen: Innovative.
3. Free-asking
Third segment covered free-aking questions from community. There were a lot of quesions from which Marco Chen selected 5. You can find questions and answers below.
Question 1: What is your top 3 things for priorities in 2022? Could you share some plans for the upcoming year?
Marco Chen: 1.try our best to win a parachain slot on Polkadot, so there will be a valuable production showcase of our tech stacks in the Polkadot Eco. 2, will try to complete our EWASM runtime as a standard parachain runtime module as well, so all parachain projects can integrate with the pallet as their high performance runtime choice. 3. keep developping our Rust SDK to attract unify a broader dev community and attract more talents from traditional internet to build with us. That’s common good for the industry.
Question 2: Can you list 1–3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
Marco Chen: we are the only team who build EWASM runtime from scratch in Polkadot eco, and EWASM was actually a part of ETH2.0 roadmap back in 2019. We fulfilled it and integrated into Substrate framework. All new Layer 1 projects like Near, Solana, Polkadot are implementing WASM standard, except for Ethereum.
We believe there must be some new infra to replace the current EVM infra even though it’s not the EWASM we are building. ParaState is still an infant startup, we know we could be failed but we bet in a big track.
EVM infra is everywhere at the moment. Imagine after ETH2.0 code merge, when Ethereum is looking for upgrading its runtime infra, ParaState could become the 1st production ready platform in the market.
Question 3: Can you tell us about your team members? are they qualified and professional in their fields? what are the recruiting qualifications for team members for your extraordinary project?
Marco Chen: our core team are mainly focus on building runtime and compiler tools, dev SDK etc. My co-founder Michael is an ex-JBoss and maintainer of WasmEdge. JBoss is the first company that comercialize JAVA on the enterprise server end and acquired by Redhat.
I think our dev team has similar gene like the Solana team.
Because to build compiler requiring strong working experience in the chip industry.
Question 4: Since NFT is popular nowadays, is there a plan for NFT integration?
Marco Chen: ParaState is a runtime platform. all kinds of Dapps including Defi, NFT market place and GameFi etc. can deploy on our infra.
Talking about NFT, we do have a plan to design our governance NFT to give free mint tickets to our long term community backers to build up our strong community in the long run.
Question 5: What are the benefits of holding your token as long term investment? Can you tell us about the motivation and benefits for investors to keep the your token in the long run?
Marco Chen: Any blockchain project that is interested in taking advantage of the technical advantages of ParaState EWASM will be charged licensing fees in the native currencies of these blockchains. Therefore, the intrinsic value of STATE is backed by a basket of native cryptocurrencies from these blockchain projects.
For example, if Geminis.network can win the parachain slot on Polkadot, it will become the 1st valuable network to accrue license fee to STATE holders.
4. Quiz
In Quiz segment users had a chance to answer questions about ParaState and to share prize pool
Big Congratulations to the Community quest and quiz winners @charlesachilefu @robert_sleep @franctel @fantabulous23 @dzhigis @huydo @suseman1 @Emmy_scintillating @Beinghappy23 @rupalm16 @RitaNaranjo @Mervin_dale_2001 @Noreen_Underwood_81 @omicheung and @KathiBelcher 🏆 💐
About ParaState
Known as Ethereum on steroids, ParaState is a multi-chain smart contract platform bridging the application and developer ecosystem between Polkadot, Substrate and Ethereum, as well as other chains wanting to provide Ethereum compatibility. While supporting the EVM pallet to provide seamless compatibility with all existing Ethereum applications, ParaState also provides developers with a next-gen smart contract implementation environment, Ethereum-flavored WebAssembly. These two infrastructures are ensured to talk to each other and share the same account system on ParaState.
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