Second State released in Q1 2020 the first extension compatible with Ewasm, its SSVM software; a powerful virtual machine based on the leading industry standard WebAssembly.
With SSVM (Second State Virtual Machine), ParaState has passed all Ethereum test cases, positioning itself as the first solution fully compatible with Ewasm/EVM authorized and recognized by the Ethereum Foundation.
ParaState’s SSVM is today the first smart contract solution that optimizes execution times of WebAssembly for the server side, a virtual machine for all Substrate-based blockchains, establishing itself as the engine for decentralized applications (DApps)
seeking to run on next generation Web 3.0 blockchains like Ethereum 2.0 and Polkadot.
The ParaState virtual machine is the product of a Web3 Foundation grant bestowed following a demo at DEVCON5 2019 in Japan by the Second State SOLL compiler team. While granting the reward, an impressed Ethereum Foundation team said, ”I have no hesitation in handing out a cash prize for developing this solution compatible with the Ethereum 2.0 roadmap.”
SOLL was the world’s first compiler toolchain to support Ewasm, and with this compiler Ethereum developers can compile commonly used ERC20 contracts into Ewasm bytecode and deploy them to the Ewasm development chain via SSVM.
The SSVM virtual machine manages state changes according to the Ethereum protocol, allowing the execution speed of Ethereum smart contracts to increase by more than 10 times.
With this software, any developer can launch an Ewasm blockchain in 10 minutes with little effort and bring support for gigantic ecosystems like Ethereum and Polkadot to their custom use cases.
With funding from the Web3 Foundation, this set of tools (SOLL, SSVM) was configured into a full open source tool stack extension called Pallet SSVM-Ewasm.
Currently, the ParaState pallet under the name WasmEdge VM (previously SSVM) is the highest performing WebAssembly VM on the market, according to an IEEE Software Magazine study. Because the SSVM pallet supports EVM, all of today’s Ethereum applications can be ported to higher performance Web3-ready Substrate chains.
ParaState offers developers in the blockchain ecosystem an option to migrate popular projects that were not developed on Ethereum to the EVM and, in turn, enjoy reverse compatibility with those dApps deployed on Ethereum that suffer from low performance.
Using the SSVM pallet from ParaState, developers can use the module to create blockchains that can implement and execute Ethereum smart contracts in the Polkadot ecosystem, to take advantage of the low transaction fees and high speeds inherent in this ecosystem.
In addition, existing smart contracts built in Solidity on the Ethereum network can be implemented without any alteration, even allowing developers to create next-generation smart contracts in more than 20 different languages, thanks to the Web Assembly standard.
As a result, with ParaState’s SSVM, a multi-chain platform, DApps become perfectly compatible with EVM smart contracts at the source code and bytecode levels, so that all native applications run by developers on Ethereum can run on ParaState without modification of the code.
This translates into a substantial improvement in transactions per second (TPS), which can reach up to 1,000 TPS for each parachain that communicates with ParaState through Polkadot’s relay chain; allowing smart contracts to be deployed up to almost 100 times the current speed with which they are executed in the Ethereum EVM.
In conclusion, with ParaState’s SSVM-Ewasm pallet, developers have almost limitless options to improve the rigid architecture of the Ethereum Virtual Machine and deploy a better response to the calls of smart contracts that are consulted (or modified) by the thousands of decentralized applications compatible with the Ethereum Blockchain.
The foundation of the Polkadot tech stack, Substrate, is architected in WebAssembly (Wasm) using Rust, and secondarily JavaScript. The easy-to-use and fast Rust language well suits the goal of Substrate to make building blockchains and ADpps as easy as building legos.
ParaState’s SSVM virtual machine was built to easily build and migrate Ethereum DApps to high performance Substrate chains.
With ParaState’s SSVM virtual machine, developers can build a variety of blockchain use cases ranging from gaming to decentralized finance (DeFi) in just a few steps with open source resources and migrate Ethereum DApps to high-performance Substrate chains.
The ParaState`s SSVM virtual machine toolkit includes:
With these tools, developers can build Ethereum dApps using the SSVM pallet that run on high performance Substrate blockchains like Polkadot.
Known as Ethereum on steroids, ParaState is a multi-chain smart contract platform bridging the application and developer ecosystem between Polkadot, Substrate and Ethereum, as well as other chains 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. These two infrastructures are ensured to talk to each other and share the same account system on ParaState.
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