Every decentralised blockchain ecosystem requires a virtual machine to process and execute their operations. The higher the complexity of the smart contract higher the execution time and the computational power required.
EVM (Ethereum Virtual Machine)
The EVM pretty much acts like this global computer, accessible by multiple nodes throughout the world.
So if a developer wants to host their dApp on Ethereum he can do so by deploying it on the Ethereum blockchain.The charges for doing so, is paid as the gas fee.
Whats the problem?
As with any new ecosystem, the blockchain world has evolved so rapidly and has so much adoption the EVM is
- not as fast as it can be
- not as cheap as it should be
Whats the solution?
As with any natural system improving the performance will reduce the cost and push the ecosystem to the next level. In comes WASM or the Ethereum flavour EWASM.
EWASM stands for Ethereum Web assmebly
WASM is quick
WASM has a stack-based, low-level binary format that’s small by default, it can load and execute quickly.
EWASM can be precompiled
Precompiles are unique bits of EVM bytecodes, making efficient cryptographic computations without consuming a tremendous amount of gas
EWASM supports multiple Programming languages
From having to develop smart contracts only in Solidity, WASM lets you develop your contracts in Rust, solidity etc.
EWASM is the new JS
eWASM enjoys native support from all the major JavaScript engines
So whats the significance of Parastate in all this?
Given multi chain is the next obvious step, there is a need for the bridge to connect the dapp's to run in multiple blockchains.
Thats where parastate comes in
Parastate has the ability to run contracts developed in ethereum on substrate platform.
It does so by using SSVM the fastest software execution as recognized by IEEE
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