The inception of Bitcoin after the financial crisis of 2008, without a doubt generated one of the most essential technological milestones as regards modern era: Blockchain.
With blockchain technology as the foundation, the success of Bitcoin was something that could come, especially after the difficult moments of trust around traditional financial systems after the 2008 crisis.
However, this revolutionary concept had a lot of limitations in the early years by the original design of Bitcoin as competition to traditional centralized payment systems backed by centralized authorities.
Consequently, at the end of 2013, Russian-Canadian Vitalik Buterin framed his vision of how blockchain technology could be harnessed beyond the use cases around Bitcoin itself.
This is how Ethereum was born, embodied in a whitepaper that forever changed the way of executing the benefits of blockchain technology, and that today has inspired other platforms such as ParaState to expand the limits of this disruptive technology further from the imagination of its developers.
Ethereum is an open source blockchain platform that expands its use of a vast variety of applications, becoming the first decentralized network that allows the execution of smart contracts, thus differentiating itself from the Bitcoin network at the time of its creation.
While it has common aspects with the Bitcoin blockchain such as recording transaction history in a decentralized and transparent way through a consensus mechanism based on the Proof-of-Work (PoW) algorithm, Ethereum was disruptive due to the ability to deploy decentralized applications on your network.
These applications (dapps) are open source computer programs that use blockchain technology and unlike traditional applications (apps), they do not need an intermediary to function. Dapps are created from smart contracts, open source scripts that will facilitate today the exchange of assets, money, stocks, real estate or any content that contains value.
In Ethereum, smart contracts are deployed through the virtual machine called Ethereum Virtual Machine (EVM), a rigid architecture that supports few programming languages such as Solidity, the language adopted by Vitalik for the blockchain he proposed.
Thanks to this novel concept (for the time), Etheruem has become today the main blockchain platform that deploys the main decentralized applications of the entire blockchain ecosystem, a market valued today at more than $ 12.15B (see DappRadar Industry Overview).
But what made Ethereum so special that all developers deployed their decentralized applications there?
Well, it should be noted that Ethereum was the origin of the ‘programmable’ blockchain platforms. Thanks to its concept of smart contracts, developers were able to build traditional applications in a decentralized way, something unthinkable 20 years ago for example.
Given that at the time of presenting the Ethereum platform in 2016 there was no other blockchain network that would allow it to act as a decentralized Internet or as a decentralized application store, developers did not have many options to deploy the demands of use cases of the technology blockchain for that time.
Ethereum managed to differentiate itself for the time of Bitcoin because its internal code is Turing Complete, which means that literally everything can be calculated as long as there is enough computing power and time to do it. Bitcoin, which was the first blockchain network at the time, did not have that capability.
Additionally, the block confirmation time of Ethereum is shorter than Bitcoin, a fundamental aspect to take into consideration when deploying an application on a network.
Thus, the developers found unlimited possibilities in Ethereum, which no other blockchain platform possessed at that time. As the popular saying goes: “Whoever hits first, hits twice”. Ethereum is a literal example of what this means in the blockchain ecosystem.
In its beginnings, the development of smart contracts in Ethereum went through the implementation of a rigid virtual machine, as previously mentioned. In addition, Ethereum has a slow code running sandbox environment.
As a consequence, building dApps on Ethereum today poses a challenge for developers, since although they want to take advantage of the enormous market size that this blockchain platform encompasses, they risk executing insecure smart contracts, with slow performance and expensive overhead of Gas cost that Dapp users might be unwilling to bear.
Thus, as the service demand increases in the Ethereum network, its execution is slowing down due to congestion, generating many times that DeFi services, for example, runs the risk of being interrupted by the network being congested or even stuck, as happened recently with the release of Stoner Cats at the end of July.
Although many solutions have been developed to improve these problems in Ethereum, the truth is that each one has its own advantages and complexities; Even the same proposal from the Ethereum Foundation to scale through consensus proof of stake (PoS), it is not entirely clear if it will be able to solve these challenges.
ParaState is aware of the challenges to achieve sustainability of the blockchain ecosystem, which has its backbone in the development of decentralized applications. ParaState has been working hard to offer a neuralgic solution for all blockchain platforms that wish to be compatible with Ethereum.
In that sense, ParaState presents its SSVM-Ewasm Substrate pallet with the aim of offering dApps developers both in Ethereum and in external networks that seek to benefit from the exposure in their ecosystem, an optimized performance at the lowest cost.
What exactly is Parastate?
ParaState is a multi-chain platform designed to bring Ethereum support and tools to the Polkadot ecosystem. ParaState is emerging as a comprehensive development platform ideal for next-generation web3 applications, a development environment that can be called “Ethereum on Steroids”.
The central foundation of its technology lies in its virtual machine, a logical point of the blockchain, which enables the runtime environment where smart contracts are deployed.
Understanding that blockchain virtual machines are like the operating system of a computer, ParaState has been focusing its development on offering a next generation virtual machine focused on supporting both EVM and EWASM (Ethereum favored WebAssembly); considerably improving the execution times of the thousands of smart contracts deployed in the blockchain ecosystem.
With this technological solution, ParaState becomes now the only multi-chain platform in the blockchain ecosystem, offering a VM that allows the use of multiple programming languages to write smart contracts compatible with Ethereum, and run faster with Polkadot; leaving behind the inherent problems of scalability (high transaction fees / low speeds).
With SSVM-Ewasm Substrate, developers of decentralized applications will be able to write smart contracts using native Ethereum languages (such as Solidity and Fe); and also in more than 20 programming languages within the LLVM standard.
Thus, the possibility of development within the ParaState blockchain ecosystem is expanded to unexplored fields such as AI, Big Data, Digital Identity, Cloud Computing, among others.
ParaState, with its WebAssembly-based solution, is one step ahead in the Ethereum 2.0 improvement roadmap, being the first platform to incorporate the industry-leading standard for creating high-performance executable applications for the current and next-generation Web 3.0.
As we can see, ParaState has taken the original Ethereum virtual machine (EVM) to a higher level through its WebAssembly-based VM, SSVM; to bridge the gap not only between Ethereum and Polkadot, but with any public or private blockchain platform that wants to scale the smart contracts of their decentralized applications, without having to change the source code.
This technological solution is an important milestone within the blockchain ecosystem, as Ethereum marked it at its birth, since it solves from the roots one of the great problems that the main blockchain network runs through where most of the dApps are hosted: time execution of smart contracts.
With SSVM pallet, developers will forever change the way they run smart contracts in the blockchain ecosystem, where creativity is the limit for creating next-generation decentralized applications.
SSVM-Ewasm Substrate from ParaState allows safer smart contracts with fast execution times at the best speed/cost ratio of the blockchain ecosystem.