ParaState Newsletter April 2022
April was an eventful month for ParaState. In this news update, we will look at the major achievements of the month. We would like to extend our gratitude to our community for their support, commitment to ParaState, and activity on social networks to promote our mission to become the first EWASM solution in the blockchain industry.
Let's start!
Geminis Network is participating in the #14 – #18 rounds of the SLOT auctions.
The Geminis Network is the first Polkadot parachain supported by the advanced technical stack of ParaState, a multi-chain smart contract platform bridging the application and developer ecosystem between Substrate-based blockchains like Polkadot, and Ethereum.
Geminis takes Ethereum compatible Dapps support to the next level on Substrate chains through WasmEdge. Developers can develop and execute high-speed smart contracts with built-in Ethereum compatibility (EVM & EWASM) and interoperability in Solidity, Vyper, and next-level programming languages like Rust, C++, and Golang.
Take part in the voting, support the project and get rewards!
Check out how to contribute to the Geminis Network via Polkadot.js.
AMA with Metamoonshots
On April 5th we had an AMA session with Metamoonshots on their Telegram channel. Metamoonshots is a growing Telegram and Reddit community focused on discussion related to the metaverse, GameFi and the future of crypto.
During the AMA, our ambassador DT shared information about ParaState and answered questions from community members.
Here is the entire conversation for those who missed the AMA session.
Parastate Tech Talks at Polkadot Decoded 2022
Parastate is going to take part in Polkadot Decoded 2022 on June 29th - 30th. Michael Yuan (co-founder) will talk about how to:
1) Use Rust to write Ethereum smart contracts for Substrate
2) Increase Substrate node software diversity through an alternative WASM runtime WasmEdge
ParaState staking is now live
ParaState wants to become one of the leading decentralized infrastructure options for ETH2.0 staking, and what better way to get familiar with this simple way to generate passive income in our ecosystem than to start with our Staking Website. Our Staking Contract has unmatched benefits over any other staking option available on the market.
Stake Your STAKE Tokens to Receive Rewards
ParaState has allocated a total of 25 million tokens in this first round as rewards for users who participate in the ParaState staking program for locking their tokens to multiply them. As an added incentive, the tokens bestow future governance rights in the ParaState project.
Any STATE holders can stake their STATE tokens to receive extra STATE tokens as rewards.
Check out the rules here:
The first round of governance staking rewards will be 25 million STATE tokens. The sum of 25 million STATE tokens will be burned from the genesis contract (see the TX hash here). And a Token Distributor Contract (0xbb56aec363b501fa4ed406f544a05595eb67072e) will mint the same amount in 360 days.
Every participant will receive their share based on a daily compounding yield within 360 days.
The release schedule is: 10 million for the first 100 days, based on a linear release per block. 15 million for the remaining 260 days, based on a linear release per block.
Early withdrawal penalty: within 100 days, 5%; within 360 days, 1.5%.
The penalty will be burned.
Full instructions on how to stake and unstake your $STATE tokens is here.
Mid-term Roadmap Shift Announcement
We would like to inform you that we plan to shift our mid-term roadmap to a new tech stack, which we have been building since last year. SafeStake is a trust-minimized, middle-layer fostering decentralization of ETH2.0 staking.
As the ETH2.0 merge becomes closer in this Q3, we decided to pivot our resources to this new tech stack — SafeStake, implement the use case in the ParaState ecosystem and accrue value to STATE tokens.
We are on target to launch the incentivized testnet in the middle of July. And we expect the implementation of SafeStake within the ParaState ecosystem will drive massive demand for STATE tokens after the ETH2.0 merge.
For more insights, please see the SafeStake whitepaper here.
We would like to draw your attention to the articles published this month for those of you who want to learn more about the project.
The Geminis Network - A Fast Ramp to ParaState and WasmEdge EWASM Solutions
Decentralized Autonomous Organization - The ParaState DAO Business Model
ETH 2.0 PoS: What does it mean and Who are the main players in this segment?
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About ParaState
Known as Ethereum on steroids, ParaState is a multi-chain smart contract platform bridging the application and developer ecosystem between Ethereum; and Polkadot and Substrate, and 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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