Jun 28, 2022
Parastate AMA
Held on 28th June, 2022 at t.me/oddgemsfamilia Telegram channel.
It was my pleasure to host ParaState Ambassador Dmytro for an hour-long AMA session. It was divided into two parts. The first part was Dmytro answering the questions from my side, followed by the second part where he answered some of the questions that the team had chosen from the ParaState Telegram group.
This AMA mainly covers everything related to ParaState & SafeStake (You’ll learn more about SafeStake in this AMA). Will be worth the read as the answers are well detailed and explained in a very comprehensive manner.
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!
QCould you provide us brief information about ParaState?
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 upgradeable 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 website documentation https://docs.parastate.io/
QCan you tell us more about SafeStake?
As you probably know, Ethereum transition to Ethereum 2.0 or in other words transition from Proof of Work (PoW) towards consensus-based on Proof of Stake (PoS) will bring a core change to the engine of the Ethereum blockchain and its consensus mechanism. Transition to Ethereum 2.0 will have a significant impact on blockchain technology.
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. SafeStake will 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 solutions with improved decentralization and strengthened security!
Please feel free to check the webpage and documentation for more details https://www.parastate.io/safestake/
https://docsend.com/view/22tth6krr9mnfhre
QAre ParaState and SafeStake different projects? What do they have in common?
Good question. As discussed, ParaState is a multi-chain smart contract platform that provides full compatibility between Ethereum, Polkadot and other Substrate-based chains. From other side, SafeStake is our latest secure, scalable and decentralized use case for ETH 2.0 staking. Both solutions are developed by ParaState Team, but have slightly different use cases. SafeStake is a unique initiative, showing that new benefits continue to be added to ParaState and ParaState’s infrastructure continues to expand across the industry. Moreover, STATE tokens will be used in SafeStake solution, so we expect the implementation of SafeStake will drive huge demand for STATE tokens.
QCould you tell us more about ParaState and Safestake Team?
Sure, let me introduce our team. ParaState’s Co-Founder is Marco Chen, in the blockchain industry since 2016. 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 Co-Founder of ParaState, ex-JBoss and maintainer of WasmEdge. JBoss was the first company that commercialized JAVA on the enterprise server, which later was acquired by Redhat. Moreover, ParaState is built by an experienced international team of developers, engineers and entrepreneurs.
QCould you please tell us more about the advantages of SafeStake compared to competitors? Why people should select the SafeStake solution?
Sure. let me briefly highlight the advantages, that make SafeStake project unique:
1. Decentralization. As already pointed out, SafeStake will lower the ETH 2.0 staking threshold to 8 ETH. Such a solution will bring more people to staking, will drive a more extensive validator base, improve diversity and decentralization and strengthen the security of ETH 2.0 staking.
2. Security. SafeStake solution will allow validators to split the validation keys into multiple shares, which will be distributed to multiple operator nodes after it. The proposed solution will reduce security risk since none of the validators can recover the validation key.
3. Efficiency. 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 beats Go in runtime benchmarks. It's more efficient for processing large volumes of data and other CPU-intensive operations.
QI read that ParaState is looking into DAO as one of the possible scenarios to manage processes. Could you share more details? Will it cover ParaState or SafeStake?
We can say that we could archive full decentralization only when the project will be governed by a decentralized autonomous organization (DAO). So here comes the idea of ParaState DAO. ParaState DAO will build the network and will be responsible for the maintenance and governance of the staking network. ParaState DAO will cover both ParaState and SafeStake communities.
ParaState as a DAO plans to use STATE token as fuel for its internal economy, applying a model of the token economy configured as a DAO to allow everybody to earn more tokens for positively contributing to the development and expansion of the ecosystem.
Actual 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, for example, ranking of operators, fees, evaluation of current services, possible grants etc.
You can read more about ParaState DAO in our SafeStake documentation: https://docsend.com/view/22tth6krr9mnfhre
QCould you please share with us more details on your roadmap updates? What to expect from ParaState and SafeStake in the next months?
We have many exciting plans and news for next months. First of all, SafeStake mainnet launches by end of 2022, like everybody, we are waiting for ETH 2.0. Before SafeStake mainnet we are planning to have Galileo Incentivized Testnet for SafeStake. Also, keep an eye for our NFT campaign. More updates are to be shared soon!
QI read about upcoming incentivized testnet at SafeStake. Could you please share with us more details about it? Who could take part in testnet?
As discussed, before launching the SafeStake mainnet, we are targeting to launch the Galileo Incentivized Testnet. It is planned for July-August. We expect to implement SafeStake within the ParaState ecosystem to drive an extensive demand for $STATE tokens after the ETH2.0 PoS merge. If you would like to take part in our incentivized testnet and win rewards, don't hesitate to fill in our google form. Moreover, verified operators will have a chance to win free-mint ParaState governance NFT and have early access to the testnet rewards.
Feel free to fill in the google form to become incentivized testnet participant and to win rewards! Just check the detailed article on our medium, there you will find all details https://medium.com/ethereum-on-steroids/safestake-galileo-incentivized-testnet-operators-onboarding-announcement-35188ab50c96
QCould you please share more details about most recent community initiatives and campaigns?
I already mentioned Incentivized testnet and NFT campaign as our community initiatives. Don't hesitate to check the links and do take part. There are rewards for participants :)
Also, I would like to highlight our STATE tokens staking campaign and ParaState & SafeStake Gleam campaign!
Our staking contract for STATE tokens is live now. There are 25M STATE tokens as rewards for all stakers. Feel free to check our article for more information https://docs.parastate.io/stake-your-state-token-to-receive-rewards and to stake STATE.
Our Gleam campaign is also live. Check the form and complete all the tasks to boost your chances of winning Parastate Governance NFTs! For more information, you can visit https://medium.com/ethereum-on-steroids/welcome-to-parastate-safestake-gleam-32627dc3b01b
It’s now time for the “Community Questions” that were picked from ParaState’s telegram group by the ParaState team. I will also share the original telegram link to the questions here as well.
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:
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!
ParaState Links:
Website — https://www.parastate.io/
SafeStake — https://www.parastate.io/safestake/
Medium — https://medium.com/ethereum-on-steroids
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
Oddgems Links:
Twitter — https://twitter.com/oddgems
Medium — https://medium.com/@oddgemsofficial
Telegram Group — https://t.me/oddgemsfamilia
