AMA Recap: CRYPTO MINERS X PARASTATE

ParaState is a multi-chain smart contract platform bridging the application and developer ecosystem between Ethereum and Polkadot, as well as other high performance Substrate-based blockchains 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 (Ewasm). These two infrastructures are ensured to talk to each other and share the same account system on ParaState. ParaState aims to provide an industry standard, highly optimized, and extensible smart contract execution environment, while maintaining Ethereum compatibility. It does so as a universal Substrate VM runtime pallet, which allows it easily to integrate into Polkadot parachains with Substrate module, and at the same time, to take advantage of cross-chain services provided by other parachains.

We hosted an AMA session with ParaState on 30th May.

Mr. Ramsy was the host from Crypto Miners and Mr. Dmytro was the guest. He shared delightful knowledge and unique features of ParaState.
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Segment 1️⃣: Introduction

Ramsy | Crypto Miners:
Hello everyone 👋 and welcome to the Crypto Miners AMA session With ParaState

To help us learn more about the featured project of this AMA session, we are lucky to be joined By MR D. T.

D T:
Hi All. My name is Dmytro. I am Ambassador at ParaState. I help to spread the word about ParaState and SafeStake, Im engaged in community development and glad to be here with you today!

Ramsy | Crypto Miners:
Hello there 👋

Welcome here
Thanks for bringing Us ParaState❤️

D T:
Thanks for having me!

Ramsy | Crypto Miners:
I’m pretty sure that our Community is very much excited to learn more about ParaState ✌️

So let’s get started if you’re ready!!

D T:
Sure, lets go! 🔥

Ramsy | Crypto Miners:
First of all Please give us a brief explanation about ‘ParaState’ .

D T:
ParaState is a multi-chain smart contract platform that provides full compatibility between Ethereum, Polkadot and other Substrate-based chains, among other chains wanting to provide Ethereum compatibility through its next-gen runtime infra Ethereum-flavored WebAssembly (EWASM).
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.

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.

For more information you can visit our youtube channel

Ramsy | Crypto Miners:
Thanks Dmytro for this great start about ParaState👌

Now let’s see our second question from this segment

2) Can you give a brief explanation about ‘SafeStake’.

D T:
As you probably know, transition from Ethereum to Ethereum 2.0 brings a core change to the engine of the blockchain, its consensus mechanism. New update will make the definitive leap from Proof of Work (PoW) towards consensus based on Proof of Stake (PoS).

SafeStake is a trust minimized middle-layer fostering the decentralization of ETH2.0 staking. SafeStake is a non-custodial infrastructure for distributed validator technology written in Rust, implementing HotStuff consensus and Threshold signing architecture to provide more robust security for ETH 2.0 staking.

Long story short, we lower the ETH 2.0 staking threshold to only 8 ETH (instead of 32 ETH). It will drive a more extensive validator base, improve diversity and decentralization, and strengthen the security of ETH 2.0 staking. Using SafeStake solution, more people can take part in Ethereum staking and not only receive rewards, but also use solution with improved decentralization and strengthened security!

Please feel free to check our webpage and documentation for more details

https://www.parastate.io/safestake/
https://docsend.com/view/22tth6krr9mnfhre

Ramsy | Crypto Miners:
Cool 👍

Moving on…

3) Can you tell us more about ParaState Team?

D T:
Sure. Let me briefly introduce our team. ParaState’s and SafeStake’s Co-Founder is Marco Chen. In blockchain industry since 2016, he worked on btc mining and invested in blockchain projects. In 2018 he built a decentralized product Ticktack. Marco is a member of Rust Foundation and cohort of UC Berkeley Xcelerator 2021. Michael Yuan is also Co-Founder of ParaState and SafeStake. Michael is an ex-JBoss and maintainer of WasmEdge. JBoss was the first company that comercialized JAVA on the enterprise server, later was acquired by Redhat.

ParaState and SafeStake are developed by an experienced international team of builders, engineers, entrepreneurs and business developers. Macro Chen compares our team with Solana team, he says that ParaState team has similar gene, because it is required strong working experience in the chip industry to build compiler. For now, team is working hard on SafaStake solution. We will be happy to present output of our work soon. Stay tuned!

Ramsy | Crypto Miners:
4) Now Share us about your Native token, What are the some of utlities of $STATE Token in Your Ecosystem? And if possible share to us the Tokenomics.

D T:
You can read more about ParaState tokenomics here https://docs.parastate.io/what-is-parastate/token-economics

If it comes o SafeStake, I want to share also relevant information about new economics and use case for $STATE tokens.
For SafeStake $STATE token will be instrumental and will play below roles:
- To register node as Operator, user has to stake minimal amounf of $STATE.
- Validators, that stake 32ETH should pay 25 $STATE per month as service fee and stake 100 $STATE to set up a validator.
- All DAO governance protocol will be based on $STATE tokens only.

We expect the implementation of SafeStake will drive huge demand for STATE tokens.

Feel free to check for more in our documentation: https://docsend.com/view/22tth6krr9mnfhre

Ramsy | Crypto Miners:
Let’s move to our last question from this segment

5) What plans do you have for the future? And what can we expect from ParaState? If possible could you please share road map with us.

D T:
As you probably know, some time ago we launched a parachain auction on Polkadot and didn’t see a lot of traction to date. So, we recognized it is still not a perfect time to launch our EWASM runtime infra. Therefore we will not pursue another parachain auction, at least during upcoming months. Instead, we will keep building the EWASM runtime infrastructure and wait for suitable timing to launch when the Ethereum Foundation has a clear signal of EWASM adoption in the future.

As the result, recently we announced our plans to shift our mid-term roadmap to a new tech stack, which we’ve been building since last year. We will spend more resources to develop SafeStake solution and to implement the use case in the ParaState ecosystem.
We expect the implementation of SafeStake within the ParaState ecosystem will drive huge demand for STATE tokens after the ETH2.0 merge.

Moreover, we are preparing Incentivized Galileo Testnet to be launched in July 2022.

Feel free to read more details here:
https://medium.com/ethereum-on-steroids/mid-term-roadmap-shift-announcement-b9db6f1748b3

Ramsy | Crypto Miners:
Thanks Dmytro for this well detailed introduction about ParaState:)

And that’s the wrap up of our the first part of the AMA session ✅

D T:
Thank you Ramsy. Looking forward for second segment!

Ramsy | Crypto Miners:
Sure Let’s proceed to our Twitter Questions section 👍

Segment 2️⃣: Twitter Questions

1)As an investor, I want to know how strong is your project security system? and what benefits will a user have in the years to come when I decide to join the project you are working on right now?

D T:
This is very good question, keeping in mind recent news on some projects.

Firstly, ParaState staking contract was audited by Certik. You can check report here https://www.certik.com/projects/parastate

Secondly, I would like to highlight some important information related to SafeStake.
First of all, for us security always comes first! Our code is written in Rust and hence is compatible with ParaState codebase. Moreover, Rust is very good to prevent memory-related bugs and always beat Go in runtime benchmarks. Its more efficient for processing large volume of data and other CPU-intensive operations. Also, SafeStake is a non-custodial infrastructure, for distributed validator technology provide more robust security for ETH 2.0 staking. Proposed system will allow validators to split validation key into multiple shares, which will be distributed to multiple operator nodes after it. Proposed solution will reduce security risk, since none of validators can recover validation key.

SafeStake is our latest secure, scalable and decentralized use case for ETH 2.0 staking, ensuring investors not only have low barriers to access this rapidly growing economy that is moving around staking on the industry’s leading blockchain network, but also the peace of mind of knowing that your funds will be in a secure environment with the best decentralized technical stack available on the market.

You can check for more information in our documentation: https://docsend.com/view/22tth6krr9mnfhre

Ramsy | Crypto Miners:
2) Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project? And do you have any plan to create other feature? Maybe yield farm, stake, or NFT project? Can you explain more detail?

D T:
Idea to fully decentralize ParaState is let it be governed by a decentralized autonomous organization. ParaState as a decentralized autonomous organization (DAO) plans to use its STATE ERC-20 token as fuel for its internal economy, applying a model of the token economy configured as a DAO to allow all actors to earn more tokens for positively contributing to the development and expansion of the ecosystem.

ParaState DAO will build and maintains the network and will also be responsible for the maintenance and governance of the staking network
Actual ParaState DAO will cover both ParaState and SafeStake communities. ParaState DAO members will consist of a group of validators, operators and STATE holders. It is planned to held community meetings to discuss staking parameters, in example ranking of operators, fees, evaluation of current services, possible grants etc.

Ramsy | Crypto Miners:
3) Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project??

D T:
Let me briefly cover latest community updates at ParaState. ParaState Team is working hard on community development. We have a team of great ambassadors. We are preparing content for you, writing articles, supporting you in chats etc. You always can check ParaState’s social media channels for most recent ParaState and SafeStake news. Moreover, if you speak Arabic, feel free to check our new initiative, website https://parastatearabia.com/, where you can read more about ParaState and SafeStake in Arabic.

For now, we are on target to launch the incentivized testnet in the middle of July. Feel free to join and to get rewards (more updates to be provided soon). Also, we will have NFT freemint campaign for ParaState community members soon. Unfortunately I cant share all details for now, but you will have more information during next weeks!

Ramsy | Crypto Miners:
4)Is your project (_parastate) willing to participate in a staking programme? If the answer is yes, What are the requirements for users that want to invest in your platform, and how does your stake system work?

D T:
One month ago we had launched ParaState staking contract. It was audited by Certik.
The first round of governance staking rewards will be a total of 25 million STATE tokens. Every participant could share a daily compounding yield within 360 days. Currently we have ~200 APY, feel free to check our staking here https://staking.parastate.io/.

More information and guides are here, please feel free to check
https://docs.parastate.io/stake-your-state-token-to-receive-rewards

Ramsy | Crypto Miners:
5)Is your project only for elite investors, what about others with small funds, is it open to everyone?

Here is our last question from twitter

D T:
Both ParaState and SafeStake are opened for everyone. Moreover, we would like to develop democratic and decentralized solution to wider audience. For example, we not only lowering the ETH 2.0 staking threshold to only 8 ETH and opening staking possibility for all of those who do not have 32ETH for now, but we also welcoming everybody to take part in ParaState DAO and not only to take part in ETH staking and to get rewards for it, bit also be responsible for the maintenance and governance and to decide and to manage the whole process!

Thank you for great questions!

Ramsy | Crypto Miners:
Now Moving on to our last segment — Live Q&A

Shall We Go mate?

D T:
Sure, lets go!

Ramsy | Crypto Miners:
lets go,

Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)

1) Emperor Dollar:
Partnership is constantly an essential component for every undertaking. So who is your partner? What are the blessings you get from those relationships?

D T:
Let me highlight most recent partnerships. ParaState partnered with DoraHacks to organise a Hackathon event, which was successfully held in Q421.
In September ParaState partnered with ICON to achieve both EVM and eWASM compatibility through a customized and novel Substrate based side-chain. In December ParaState partnered with SupraOracles. As mentioned Marco Chen: “SupraOracles looks to be a market leader in the oracle space with significant potential to disrupt the current incumbents”.
In January ParaState partnered with Meter’s Fast-Growing Blockchain Bridge Network. Also recently we had partnership with WWVentures, fund supported and backed by crypto industry veterans!

2) Emperor Dollar:
Will you take measures to ensure that your project is not adversely affected by this process, at a time when bear market expectations are increasing? Will you be able to prevent your token price from falling excessively?

D T:
We realize that currently crypto market is not on highs. For long-term players, it’s often best to ignore the ups and downs of the market. Instead, focus on roadmap and work to deliver the best product. As it already was discussed, we are focusing on development. Please stay tuned for updates — NFT campaign, incentivized testnet, SafeStake launch are to be announced soon and will bring value to our community!

3) Itz Abhi ⚡️:
You mentioned about the Guaranteed passive income

can you please talk more about? Can you also tell us how does it works and how can we earn a passive income?

D T:
Currently we have a ParaState staking possibility. For ParaState staking you can check documentation here https://docs.parastate.io/stake-your-state-token-to-receive-rewards. You get can passive income by staking STATE tokens.
There is no additional staking fee, except fee for transaction. For unstaking there is a penalty. However, penalty fee tokens will be burned.

As discussed, we are planning to launch SafeStake, so you will have possibility to stake ETH and to also get passive income. Only 8ETH is needed to take part in ETH staking.

More details you can check here:
https://docs.parastate.io/stake-your-state-token-to-receive-rewards
SafeStake — https://www.parastate.io/safestake/

4) 🌻 MAYABI 🌻:
Everyone should know about the future plans of each project through which we are able to believe and invest in each project. Therefore,Can you tell us about “#_parastate” current progress and future plans?

D T:
Roadmap question was covered before, I will highlight second part of question — some competitive advantages of ParaState and SafeStake, which makes ParaState and SafeStake unique solutions

For ParaState and SafeStake:
- WASM solution
- Low Validator Staking Threshold: 8 ETH
- HotStuff Consensus protocol
- Rust as source code
- Governance through the ParaState DAO
- Guaranteed passive income

*This segment ends here*

Ramsy | Crypto Miners:
Thankyou so much DmytroFor your valuable answers and information about ParaState,
It Was Pleasure Hosting An Ama With You

Time To Conclude Our AMA Section

Is there anything else you would like to share or you want us to know ?

D T:
Thank you Ramsy for having me today, it was a pleasure! I wish everybody all the best! Thank you!

Ramsy | Crypto Miners:
We Wish all the very best for Project ParaState And The Entire team behind the project ❤️🤝

Learn more about ParaState here:

Website: https://www.parastate.io/
SafeStake: https://www.parastate.io/safestake/
Medium: ParaState
Twitter: https://twitter.com/_ParaState
Telegram: https://t.me/ParaState
Discord: https://discord.com/invite/zFS3Mnfpwj
Facebook: https://www.facebook.com/ParaState.io/#
Github: https://github.com/ParaState