July 14, 2021 — ParaState, a multi-chain smart contract platform that extends the frontier of Ethereum using the Substrate framework, is thrilled to announce the successful close of a new $5.5-million private fundraising round led by HyperChain Capital. ParaState provides developers with a next-generation smart contract virtual machine to make any Substrate-based blockchain compatible with Ethereum while taking full advantage of the modern WebAssembly ecosystem.
Other prominent backers contributing to the round include Firstchain Group, OIG, DCI Capital, Moonboots Capital, AuBit, CSP DAO, Maven Capital, GD10 Ventures, Parsiq, Playcent, Its Blockchain India, Llama Ventures and ThorX Crypto. Previous investors such as Kenetic, Moonwhale, Master Ventures, Taureon, Chronos Ventures, 1 Cap, Titans Ventures, pSquare, Bitcoin Guru and others also extended their support in this round.
The proceeds from this round will be used to expand the core team, continue development of the core Ewasm (Ethereum flavored WebAssembly) runtime, the Rust SDK (SewUp) and the Solidity compiler (SOLL), onboard a developer community to build applications on top of ParaState’s infrastructure, and bootstrap the ParaState ecosystem.
The ParaState Ewasm infrastructure is based on the WasmEdge runtime. WasmEdge has recently been accepted as an official sandbox project by the Cloud Native Computing Foundation. WasmEdge represents the synergy between the cloud-native (centralized cloud) and blockchain (decentralized cloud) runtimes and toolings. It will enable ParaState to bring the much larger cloud computing developer community to blockchains.
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 networks wanting to provide high-performance Ethereum compatibility. While supporting the Ethereum Virtual Machine (EVM) pallet to provide seamless compatibility with all existing Ethereum applications, ParaState also provides developers with a next-generation smart contract implementation environment, Ewasm. These two infrastructures share the same account system on ParaState and are made to communicate with each other.
ParaState has officially launched its public testnet, Plato, which is currently running as a standalone Substrate blockchain. Plato is the first production-ready public testnet featuring both EVM and Ewasm. By bringing in LLVM standards to support over 20 programming languages to create Ethereum-compatible smart contracts, ParaState is unifying a larger developer community to boost cross-chain interoperability and enabling it to surf in the highly optimized industrial standard infrastructure while exploring brand new possibilities at the Ethereum frontier. ParaState is prioritizing and emphasizing fast execution and delivery of novel research on production while committing to radical transparency and open-source values on our development journey.
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