Parastate AMA

Oddgems: Let’s welcome Parastate ambassador Dmytro to our family. It’s a pleasure and an honour for us to have you here in our TG family and for me hosting this AMA :)

Oddgems: Before we begin with the technical part, could you please introduce yourself?

Dmytro: Sure! Hello all! My name is Dmytro and Im ambassador at ParaState. I help to spread the word about ParaState and SafeStake and mainly focusing on community development and management. Glad to be here and thanks for having me today!

Question from @VisionXYZ :

How Parastate is better than other L1 projects and what’s the plan for its adoption. How it will help in transformation of Industries?

Question Link — https://t.me/ParaState/115238

With support of 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). One of the key points that differentiates ParaState from other solutions is the fact that ParaState presents Ewasm incorporated into its native pallet called WasmEdge.

There are a lot of immediate benefits for the blockchain industry of the use and deployment of smart contracts on the superior infrastructure of ParaState, some of them are below:

- low execution times of smart contracts (among the best on the market)

- low transaction fees

- high transaction speeds

- compatibility with EVM and the entire Ethereum ecosystem (including ETH 2.0)

-powerful graphical interface

- development of smart contracts in more than 20 programming languages

- broad support among large developer communities, among other benefits

If you would like to read more about Ewasm and EVM, you can check our medium article below:

https://medium.com/ethereum-on-steroids/why-is-parastate-the-most-advanced-solution-in-the-blockchain-industry-e19e40953bd0

Question from @rupalm16 :

Since inception staking APY is higher than expectations. How many tokens reserved for staking. Is it good time to stake STATE tokens?

Question Link — https://t.me/ParaState/116309

Good question. As I already mentioned, we have staking possibility. Our staking contract was audited by Certik.

We have total 25 million STATE tokens as reward for stakers. Currently we have approx. 150 APY, feel free to check our staking site here https://staking.parastate.io/

More information and guides are here

https://docs.parastate.io/stake-your-state-token-to-receive-rewards

and it is always good time to stake STATE tokens 👍

Question from @CryptoMonk81 :

What is the use of parastate governance NFT. Can we buy it from market ?

Question Link — https://t.me/ParaState/116160

As it was already discussed, ParaState and SafeStake will be under the governance of the ParaState DAO. Holding governance NFT user is becoming a part of ParaState governance process. Using a governance NFT users can participate in decisions making and voting on process management. Like every NFT token, it will be possible to buy it going forward. More details will be announced soon, stay tuned for updates!

Question from @Funsuk93 :

How ETH2.0 merge will help Parastate in future?

Question Link — https://t.me/ParaState/116482

This is very good question. To answer it I would like to cover 2 topics. First of all, after ETH2.0 merge, using solution of SafeStake you will be able to stake your ETH and receive staking rewards, only 8 ETH will be needed to start.

Also I want to share relevant information about new economics and use case for ParaState tokens, since STATE tokens will be widely used in SafeStake solution.

For SafeStake STATE tokens will play below roles:

- To register node as Operator, user has to stake minimal amount of $STATE.

- Validators, that stake 32ETH should pay STATE per month as service fee and to stake STATE to set up a validator

- All DAO governance protocols will be based on STATE tokens only

As discussed, it is expected that SafeStake will bring value to ParaState and will bring demand for STATE

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

Question from @Dieselby59 :

What is the main difference between stakesafe and Eth staking platforms like rocketpool?

Question Link — https://t.me/ParaState/115265

1. In SafeStake user needs only 8 ETH to stake, other staking platforms have more (i.e. 16 ETH). Which means more users could take part in staking via SafeStake solution.

2. SafeStake solution will allow validators to split validation key into multiple shares. This is very important for security reasons, especially in terms of recent crypto news.

3. Every staker will have a chance to be a part of ParaState DAO and to manage staking process. I believe this is unique possibility, which you could have at ParaState!

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