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The New Age of Smart Contracts Within Cryptocurrency in 2021/2022: Ethereum’s Transformation by ParaState

Oct 21 - Caelan Flemmings
The New Age of Smart Contracts Within Cryptocurrency in 2021/2022: Ethereum’s Transformation by ParaState

From Creation to Deployment

If you read our previous article in this 2-part series, you would have learned of the unique benefits Blockchain developers gain when utilizing our SewUp application, being the world’s first Rust SDK compatible with the Ethereumnetwork. While this revolutionary SewUp application provides the tools necessary to create smart contract programs with the functionality and complexity required for blockchain DApps in 2021/2022, some of our developers may be wondering how we seek to optimize the actual installment of these DApps onto any one blockchain.

An Environment for ParaState’s Arsenal of Tools

This is where our BUIDL application comes into play; Acting as a Browser-based IDE (Internal Development Environment), BUIDL will facilitate the widespread propagation, safety assurances, and overall program refinement capabilities of our developer’s DApps. Before we get into what exactly BUIDL is, let’s go over what ParaState intends to create within the world of cryptocurrency.

ParaState’s Mission Statement #1

First, it is important to note that we at ParaState seek to integrate the world of blockchain into the Ethereum ecosystem, to inject the phenomenal capabilities of alternative Web 3.0 programming languages and smart contract execution environments into Ethereum’s #1 Network Effect in all of cryptocurrency. We seek to be the central hub where current Ethereum DApp developers can seamlessly upgrade their projects, using ParaState’s toolset, and maintain its infrastructure on Ethereum to allow limitless upgradability without the hassle of reintegrating into Ethereum’s blockchain.

ParaState’s Mission Statement #2

Additionally, we seek to provide other developers the chance to utilize our industry-leading Virtual Machine applications to both initiate and complete their DApps, and have those DApps built within our very own Polkadot Parathread to be fully compatible with the Ethereum network (see our article here to better understand our Polkadot integration). The difference in choosing between these two options is largely predicated on various personal factors regarding your own project, namely: Is your project being built from the ground-up or is it already pre-existing within Ethereum, the degree of initial capital you have available to allocate to your development, amongst other factors that can be strategically discussed with our team of expert-level DApp developers.

As there are several components of BUIDL that allow it to enact these application enhancements for our developer’s projects, let’s get right into what these components entail.

What Exactly is BUIDL?

BUIDL acts as a browser application that facilitates both the creation and deployment of DApps onto any Ethereum-compatible blockchain. Think of ParaState’s toolset as providing limitless possibilities for creative implementation into one’s DApps, whereas BUIDL acts as the Apple-grade UI for seamless workability when undergoing the development of one’s DApps. This Apple reference also extends to the incredible speed behind this technology, where the underlying action of DApps takes a measly 1 second to occur, thereby allowing industry-leading efficiency for developers that are creating DApps in time-sensitive crypto sectors (ie. DeFi).

We at ParaState also feel that with the new age of smart contracts on Ethereum, these contracts must have the same safety standards and refinement capabilities as past enterprise software vendors who’ve made billions based on their coding utility.

Lity Provides Silicon Valley-Tier Coding Utility

That is why we are utilizing Lity, which acts as a language extension to Ethereum’s native language Solidity, with a critical twist. Lity will integrate Business Rules into the actual code creation behind these smart contracts. This means that the coding itself will become much more concise and available for seamless modification, which also means that the auditing of such code will be significantly easier and therefore less cost-intensive for any one project to ensure their legitimacy for their users and potential investors. For businesses that want to keep up with the high-paced evolution of blockchain technology, and therefore refine periodically to maintain their industry-leading standards for their DApps, the Lity integration is an absolute must!

Creating Blockchain’s Google Search Engine

Finally, we are creating a real-time smart contract search engine that will be fully integrated into the BUIDL browser. This search engine will be a critical key in archiving, reviewing, and ultimately ensuring the widespread propagation of our user’s DApps across the entire globe. Think Google Search Engine for smart contracts within the world of blockchain, and that is what the ParaState search engine will resemble!

While you have learned about the various amenities provided through utilizing our BUIDL application, let’s briefly touch on our final toolset, the SSVM-node.

A Tool for Every Job: The SSVM Solution

The SSVM (Second State Virtual Machine) will act as the first scalable smart contract execution environment that simultaneously supports EVM and EWASM, and will be run within our very own Polkadot Parathread (as explained in the 2nd Mission Statement paragraph of this article). The ParaState SSVM will become the central hub where the entirety of blockchain developers across the crypto-space can seamlessly migrate their projects into Ethereum’s ecosystem if they wish to capitalize on Ethereum’s bustling marketplaces!

Knowledge, Preparation, then Application

As the SSVM application is considerably intricate, I recommend that you take a look at our 8-part article series outlining in-depth what the SSVM can provide to the crypto-industry (see here). This includes Passive earning potential for ParaState users, revolutionary DApp development alongside immediate blockchain integrations, the underlying technology that governs the application, amongst other critical features one should know before developing and deploying through SSVM.

ParaState Ready to Teach the New Age of Blockchain Developers

If any of this information seems daunting, do not worry, we at ParaState understand the friction of learning complex skills, and are here to help! Through our Hackathon event, we will provide extensive Workshops detailing step-by-step how to master your ParaState craft by strategically utilizing our diverse toolset.

Conclusion

See all the details regarding our ParaState Hackathon event in this article here; We are incredibly excited to see the ingenuity and creativity derived from those ready to learn, expertise, and build from our industry-leading SDKs that are specifically made to evolve the capabilities of Blockchain technology as a whole!

To learn more about ParaState’s underlying technology, check out our website.

 
 
 

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