It is known in the blockchain ecosystem that the scalability problems of the applications deployed in Ethereum go through the virtual environment under which its smart contracts are implemented: Ethereum Virtual Machine (EVM).
For this reason, aware that the solutions go through an upgrade of the EVM, the ParaState team has been working to offer a new standard based on WebAssembly that allows the industry to solve this most important network weakness after Bitcoin.
Given the importance of the ParaState proposal at a development level in times of Ethereum congestion, let’s see how the EVM has evolved to the WebAssembly environment through its optics, and what are the benefits that its multi-chain technology offers to scale the dApps deployed in other blockchain networks that need compatibility with the Ethereum Blockchain.
EVM: The Genesis
Ethereum was the first blockchain ecosystem that allowed the use of smart contracts to create a virtual agreement between two or more parties, allowing any user of the public to send unreliable code to the blockchain platform and pay for its execution based on the consumption of resources.
As a result, a range of functionalities allowed users to interact in various ways involving their digital assets, without the need for an intermediary, thus expanding the use cases of blockchain technology beyond the decentralized payment methods imposed by Bitcoin in the beginning.
Currently, Ethereum opens the borders to the imagination of developers with its smart contracts, enabling thousands of decentralized applications (dApps) to give users access unlimited use cases without centralized entities, empowering a new economy around the end users, such as the currently popular decentralized finance (DeFi).
Source: The Block
However, in its beginnings, the development of smart contracts in Ethereum went through the implementation of a simple, rigid virtual machine (EVM), and slow code running sandbox environment. This has led to the problems we encountered in Ethereum development today, including insecure smart contracts, limited development language support, slow performance, and expensive Gas overhead.
WasmEdge (previous SSVM) WebAssembly input on stage
With the support of the world’s leading computer hardware manufacturers, operating systems, and development language, Wasm is used in next-generation public blockchains such as Polkadot, Cosmos, Solana, Oasis, among others, which have chosen WebAssembly as the virtual machine architecture to interact with their dApps.
However, most WebAssembly virtual machines are not compatible with EVM applications currently running on Ethereum, preventing most developers from running new blockchain applications on next-generation networks.
In order to solve this problem, the Ethereum Foundation proposed the WebAssembly — flavored Ethereum virtual machine, better known as EWASM, in order to be able to deploy EVM applications on next-generation blockchain’s.
Due to this technological solution, Ewasm and EVM share the same account and data structure, providing compatible RPC web3 interfaces for external applications.
While platforms on Polkadot are using advanced smart contract execution environments under WebAssembly to outperform and robust the Ethereum virtual machine (EVM), there was no multi-chain platform that offered a third option for developers to migrate projects celebrities that are not from Ethereum to the EVM and which in turn allow reverse compatibility.
ParaState: First blockchain solution with integrated EWASM and EVM technology
Given the problems outlined above, there was a need in the market to generate core solutions from the genesis concept where Ethereum’s scalability problem lies: its Ethereum Virtual Machine (EVM).
Source: Ethereum EVM illustrated by Takenobu T.
Faced with such a situation, ParaState with a grant from the Web3 Foundation, aware of the needs to improve Ethereum’s rigid architecture, developed a completely new standard in the blockchain industry that would allow developers to have an extension for the implementation of machines more efficient virtual machines under the concept of full compatibility with Ethereum.
This is how ParaStatre’s SSVM-Ewasm Substrate module was born, a module that allows developers to create blockchains that can implement and execute Ethereum smart contracts in the Polkadot ecosystem, to take advantage of the lowest transaction fees and high speeds inherent in this ecosystem.
The SSVM module is the ParaState virtual machine under the Ethereum-flavored WebAssembly (EWASM) standard, a key infrastructure component for public blockchains.
Before the SSVM-Ewasm pallet, public chain dApp developers had only two options:
deploy your applications on the huge and popular Ethereum ecosystem through your EVM and build slower and more inefficient systems, or conversely,
opting for the best performance and speed that WebAssembly offers in some chains such as Cosmos, Solana, etc., but limiting it to a single system, with the consequences that it entails in terms of usability and, consequently, market capitalization.
Now with ParaState, its software allows the migration of non-Ethereum projects to the EVM through its SSVM pallet, so compatibility with the gigantic Ethereum blockchain ecosystem is guaranteed, without sacrificing the excellent performance and speed offered by the standard industry leader WebAssembly.
More importantly, it is backward compatible for developers with the SSVM pallet which means the existing smart contracts built in Solidity on the Ethereum network can be implemented without any alteration.
With these guaranteed integrations, developers of different blockchain projects can be synchronized without having to deal with different contracts, saving a lot of time and effort along with efficiency. Instead of worrying about specific programming languages, all of them can be used with the ParaState Network, which guarantees compatibility in more than 20 different languages.
WasmEdge (Previous SSVM): Better performance
This is how ParaState’s WebAssembly (SSVM) has become the industry-leading WebAssembly environment, being the best performing virtual machine in the industry that can support the standard WebAssembly system interface and large memory execution scale, according to the IEEE Software Magazine.
As a result, with this SSVM extension, in addition to supporting Ewasm, ParaState enables its multi-chain platform to seamlessly support EVM smart contracts at source and bytecode levels, so all native applications run by developers on Ethereum they can run on ParaState without modifying the code.
The ParaState Ewasm infrastructure is based on the WasmEdge runtime. WasmEdge has recently been accepted as an official sandbox project by the Cloud Native Computing Foundation. WasmEdge represents the synergy between the cloud-native (centralized cloud) and blockchain (decentralized cloud) runtimes and toolings. It will enable ParaState to bring the much larger cloud computing developer community to blockchains.
Benefits with ParaState
With ParaState, the benefits at the development level are almost unlimited. In addition to being able to generate more powerful applications to the next generation client, ParaState is in line with the demands for improvements at the UI / UX level that both users of decentralized applications implore, such as in the DeFi sector, gaming, data analysis, digital identity, among others.
With ParaState and its SSVM-EWASM pallet, we can find among other benefits:
Compatible migration between native application chains (dApps) both in Ethereum and in other public blockchain networks, guaranteeing interoperability between blockchain’s
TPS increase, covering Ethereum’s shortcomings in this regard
Full compatibility with tools and platforms such as Metamask and Uniswap, as well as all other industry-leading blockchain hardware and software solutions
Developers will be able to generate smart contracts in more than 20 languages supported by LLVM, and the use of domain-specific languages (DSL), leaving strict limitations on the use of Solidity to be forgotten.
Timely confirmation of low-cost transactions (gas fee)
Stronger next-generation smart contract deployment environment with better security and performance to accommodate peaks in user demand
The benefits of having a larger developer community that involves both Ethereum and Polkadot support developers, in addition to the LLVM and WebAssembly standard
Use one of the most efficient virtual machines (SSVM), which uses AOT to optimize different CPU and operating system architectures, expanding the development of applications of any type.
The best comprehensive development platform for next-generation WEB3 applications
ParaState is a multi-chain smart contract platform that runs as a standalone Substrate blockchain. Known as “Ethereum on Steroids,” ParaState attempts to bridge the development and application ecosystem between Polkadot, Substrate, and Ethereum, as well as other chains that want to provide Ethereum compatibility.
ParaState supports Ethereum EVM applications and has an efficient next-generation smart contract Ewasm architecture, making it the best comprehensive development platform for next-generation WEB3 applications today.
Through its Web Assembly-based virtual machine, SSVM, ParaState can bridge the gap between Ethereum and Polkadot.
With its SSVM-Ewasm pallet, ParaState can provide at the development level, all the facilities so that any popular decentralized application, regardless of its nature, running on high-level public blockchain’s, can be implemented in a way compatible with Ethereum EVM without losing the robustness of your smart contracts and the speed of their execution in a highly superior environment.
ParaState successfully closed a $5 million strategic funding round in April, led by KNS Group along with contribution from Alameda and other reputable venture capital funds.
And recently the team announced successful closing of a new private fundraising round led by HyperChain Capital.
The proceeds from all these rounds will be used to expand the core team, continue development of the core Ewasm (Ethereum flavored WebAssembly) runtime, the Rust SDK (SewUp) and the Solidity compiler (SOLL), onboard a developer community to build applications on top of ParaState’s infrastructure and bootstrap the ParaState ecosystem.
ParaState has officially launched its public testnet ‘Plato’, which currently runs as an independent Substrate blockchain, making it the first production-ready public testnet with EVM and EWASM featured.