ParaState x Influencer Club AMA
2022/08/30
Here’s the schedule for the AMA:
👉S1) Brief Introduction
👉S2) Question & Answers session The host is asking a few general questions from the team!
👉S3) We are selecting three questions from Twitter. Selected persons will be rewarded
👉S4) We are selecting three questions during the Live session. Users feel free to drop their questions in the chat.
👉S5) Quiz Segment. The ParaState team is asking three questions. 1st correct answer will be rewarded.
Segment 1
Host: Could you please introduce yourself to the community?
Malith(ParaState): Thank you for the opportunity to be here on this AMA. I’m Malith from ParaState, and I am ParaState Global Community Contributor and have been closely working with the ParaState team since 2021.
When it comes to blockchain, I have already been involved in activities related to blockchain for about four years. Not only that but also I have engaged in trading and investment too.
Host: Excellent, thanks, It seems the team has been doing significant upgrades on the project, and excited to hear from you.
Malith(ParaState): Recently, we launched our Safestake Incentivized Galileo Testnet stage 1, and users are very keen on that. We noticed many people joined as Operators and validators in our testnet. On the other hand, we released our Tribe of STATE NFT, which is very exciting! I believe I can share more details during the AMA. ;)
Host: Thank you, Malith. Let’s start segment 2 of the AMA session.
Segment 2
Introduction Question & Answers(5)
1. First of all, please give us a brief explanation about ‘ParaState’.
ParaState is a multi-chain smart contract platform that provides full compatibility between Ethereum, 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.
2. Can you give a brief explanation about ‘SafeStake’
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
3. What are the ways for your project to generate revenue in the long run? What is the business development progress, and what are some of your commercial partnerships?
We have two major approaches for go-to-market and bringing our core tech for massive adoption. The first one is to build a first-party substrate blockchain. The approach is to open the license of the EWASM ssvm-pallet to all other substrate blockchains and projects which also aim to provide Ethereum compatibility. For more information about our Go to Market Strategy, please refer to our Medium Post. https://medium.com/ethereum-on-steroids/an-improved-paper-with-go-to-market-strategies-471e45c42dbb
4. What are some utilities of $STATE Token in Your Ecosystem? And if possible, share with us the Tokenomics.
You can read more about ParaState tokenomics here https://docs.parastate.io/what-is-parastate/token-economics
If it comes to o SafeStake, I want to share also relevant information about new economics and use cases for $STATE tokens. For SafeStake $STATE token will be instrumental and will play the below roles:
- To register node as Operator, the user has to stake a minimal amount of $STATE.
- Validators that stake 32ETH should pay 25 $STATE per month as a service fee and stake 100 $STATE to set up a validator.
- All DAO governance protocols 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
5. What plans do you have for the future? And what can we expect from ParaState? If possible, could you please share the road map with us?
As you probably know, some time ago, we launched a parachain auction on Polkadot and haven’t seen much traction. 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 the 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 a 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 implement the use case in the ParaState ecosystem.
We expect that implementing SafeStake within the ParaState ecosystem will drive massive 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
Segment 3
Our vibrant and enthusiastic community had submitted a lot of questions. We have selected good questions for the AMA session.
Let’s proceed to our Twitter Questions section.
- Question from: @DILHARA20011122
What are the benefits for NFT holders, and is staking available?
NFT Holders will have the opportunity to get access to a special Discord channel to discuss key governance issues in the future. We use NFTs for the DAO Governance Discussion channel in Discord. [#governance]. It’s a badge or identity to get a unique role in governance discussions. Therefore you will be the first to get project development details and enjoy the priority to unlock new incentivized tasks. You are the first group of ParaState members who will engage with early-stage community governance!
2. Question from @SOlshanskiy
What is the primary goal of the project today?
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 the 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 the SafeStake solution and implement the use case in the ParaState ecosystem.
We expect that implementing SafeStake within the ParaState ecosystem will drive massive demand for STATE tokens after the ETH2.0 merge.
Feel free to read more details here: https://medium.com/ethereum-on-steroids/mid-term-roadmap-shift-announcement-b9db6f1748b3
Moreover, We launched our Safestake Incentivized Galileo Testnet stage 1; On the other hand, we released our Tribe of STATE NFT.
I invite you to dive into this stuffs
https://parastate.medium.com/safestake-incentivized-galileo-testnet-launches-stage-1-324b19255d99
3. Question from @mlam1234224
Can you list some partners and backers of Parastate? And which one is the most important?
ParaState’s and SafeStake’s Co-Founder is Marco Chen. In the blockchain industry since 2016, he has worked on BTC mining and invested in blockchain projects. In 2018 he built a decentralized product, Ticktack. Marco is a member of the Rust Foundation and a cohort of UC Berkeley Xcelerator 2021. Michael Yuan is also a Co-Founder of ParaState and SafeStake. Michael is an ex-JBoss and maintainer of WasmEdge. JBoss was the first company that commercialized JAVA on the enterprise server and was later 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 the Solana team; he says that the ParaState team has a similar gene because it is required strong working experience in the chip industry to build the compiler. For now, the team is working hard on the SafaStake solution. We will be happy to present the output of our work soon. Stay tuned!
Segment 4
Let’s move to the Live session!
We will select three questions during the Live session. Users feel free to drop their questions in the chat.
ඔබට ප්රශ්න යොමු කිර්රිමට අවස්ථාව ලබා දෙන අතර කණ්ඩායම විසින් තෝරා ගන්නා ප්රශ්න වලට පිළිතුරු ලැබේ. තමන් යොමු කරන ලද ප්රශ්නය තෝරා ගෙන තිබේනම් එම සාමාජිකයන්ට තයාග ලැබේ. ( මෙම අවස්තාවේදි Chat එක unmute කරනු ඇත)
1.
Is it possible to get rewards by staking the PraState token? And if it is, what is APY?
Currently, we have a ParaState staking possibility. For ParaState staking, you can check the documentation here https://docs.parastate.io/stake-your-state-token-to-receive-rewards. You get can passive income by staking STATE tokens.
2.
What is the main reason to build your token on the Ethereum blockchain? And there will be Ethereum merge. Does it have an impact on your project? If yes, what’s your plan?
As you know, EWASM is a part of the ETH2.0 roadmap. ParaState is a multi-chain smart contract platform that provides full compatibility between Ethereum and Substrate-based chains, among other chains wanting to provide Ethereum compatibility through its next-gen runtime infra Ethereum-flavored WebAssembly (EWASM).
We are working as per the ETHEREUM roadmap, which is why we have shifted our focus to the Safestake ETH2.0 platform.
And please note that ParaState is the only project which built EWASM runtime pallet from scratch !!
Don’t forget to check Safestake roadmap on the website https://www.parastate.io/safestake
3.
What are the benefits if you are a part of the ParaState DAO by holding ParaState NFT?
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 hold community meetings to discuss staking parameters, for example, ranking of operators, fees, evaluation of current services, possible grants, etc.
Segment 5
Here we go for the most exciting part of the AMA. The Quiz session is coming !!!!
1. What is the Tribe of STATE NFT maximum supply?
2. What is the total incentive for Galileo testnet stage participants? (total rewards)
3. What is the operation time of Galileo testnet stage 1?
4. What is the ParaState symbol, and where can you buy it?
Website (https://www.parastate.io/)
Twitter (https://twitter.com/_ParaState)
Telegram (https://t.me/ParaState)
Discord (https://discord.com/invite/zFS3Mnfpwj)
ParaState Newsletter (https://substack.com/profile/30700768-parastate)
