ParaState Completes $5 Million Fundraising Event

ParaState is popularly known as a multi-chain smart contract platform focused on ensuring substrate-based blockchains are compatible with the Ethereum chain. The platform recently announced the completion of a strategic fundraising event where it raised $5 million. The funding round was led by KNS Group.

This fundraising event closely follows the launch of the ParaState public testnet, Plato, and is also a strong validation of the public testnet’s smooth standalone running.

Blockchain technology is one of the most innovative inventions of the 21st century with Bitcoin issuance serving as the first use case of this technology. The launch of Ethereum, however, took the blockchain technology to a whole new level. The Ethereum blockchain made it possible for smart contracts and dApps to be built and operated without the need for any form of third-party interference.

Ethereum, however, is currently facing a lot of scalability issues. Transactions are generally slow and gas prices are at an all-time high. This issue has led to the launch of several new and highly optimized protocols, most of which currently suffer from a poor adoption rate. Interacting with Ethereum is an effective way to deal with poor adoption. Hence, the launch of the multi-chain smart contract ParaState. Its recently launched Plato public testnet will feature both EVM and EWASM. With EWASM (Ethereum WebAssembly), developers will enjoy a reliable smart contract environment.

Plato Testnet Timeline

ParaState’s recently launched public testnet was named after Plato, the ancient Greek philosopher. The idea behind the name is to ensure community members adhere to the thesis: Don’t trust, Verify it.

The public testnet takes place in four stages, namely:

  • Phase 1 – Involved closed internal testing which took place between March 15 – 21, 2021.
  • Phase 2 – From March 22 – April 11, 2021, involved receiving feedback from developers and community members.
  • Phase 3 – April 11 – ongoing, until required.
  • Phase 4 – Upcoming (official mainnet launch).

As previously stated, ParaState recently completed a $5 million funding round led by KNS Group and Alameda Ventures.

Several other top firms took part in the funding round. Some of them include, Genesis Block Ventures, DuckDAO, DAO Maker, ZMT Capital, Master Ventures, Signum Capital, HyperChain Capital, BiXin Ventures, Polkastarter, Moonwhale Ventures, Chronos Ventures, Lotus Capital, GenBlock Capital, DDC, Blocksync Ventures, GFS Ventures, Gainz Associates, AKG Ventures, etc.

According to reports, the raised funds will boost ParaState’s development as well as to help incubate top DeFi projects.

Ethereum on Steriods – ParaState

Many call ParaState, majorly due to its EWASM and EVM features, as building Ethereum on steriods. This refers to the combination of substrate chain and Ethereum blockchain, with smart contracts enjoying the scalability and interoperability of the substrate chain as well as Ethereum’s security. ParaState will connect Polkadot, Substrate, and Ethereum. This feature is also available to any blockchain looking to be compatible with Ethereum.

According to Dilip Chugani, chairman of KNS Group, ParaState will ensure better efficiency, higher scalability, and lower transaction costs.

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