Astar Network Project Overview

Astar Network Project Overview

According to the Astar developers' plans, the Astar network can become a hub for smart contracts in the Polkadot ecosystem. This project provides users with well-designed tools for scaling blockchains and decentralized applications.

The idea behind ​​the project

Astar Network is a multi-chain that serves as a hub for decentralized applications (DApp). This platform is intended for use in the Polkadot ecosystem. It was previously called Plasm Network.

Astar is compatible with Ethereum and supports various software solutions for working with crypto technologies:

  • DApp
  • WebAssembly
  • Staking
  • Layer2.

The Astar network positions itself as a first-class hub for anything based on decentralized technologies. It is a tool for scaling applications of different blockchains. With its help, you can create a smart contract that supports:

  • DAO
  • NFT
  • DeFi.

The Astar network will be able to take the scalability of Web3.0 to the next level. The decentralized internet will be cheaper, faster, and fully compatible with Ethereum.

Working with Kusama and Polkadot

Solving the problem of scalability of blockchains and the applications built on top of them is still an important issue. Projects based on the Ethereum or Bitcoin blockchains need to be able to interact with other blockchains.

The decentralized ecosystem Polkadot was created to enable extended use of different blockchain applications. This allows a project developed on one blockchain to use services and tools that work on another blockchain.

This effect is achieved by combining different blockchains on one platform. As a result, independent projects have the opportunity to exchange data with each other quickly, with minimal commissions and without compromising security.

Against the backdrop of clear benefits, Polkadot has one caveat. This ecosystem does not have the original function of supporting smart contracts. For this reason, it requires other networks. By connecting with them, this platform ensures that projects can use smart contracts.

For these second-tier networks, Polkadot has dedicated parachain slots. The Astar Network project is one of the few candidates for the role of a parachain that provides decentralized ecosystems with the functionality to work with smart contracts of various types.

To gain access to the slot, you need to collect enough votes in the form of DOT tokens in the Polkadot auction. To vote, users can lend their coins to a project of their choice via the crowdloan process. Each company participating in the auction promises a certain reward to those who vote for it with a token.

Astar Network now ranks third in the auction in terms of the number of DOTs attracted.

With statistics like that, the company has every chance of getting a parachain slot in Polkadot and becoming a popular multi-chain.

The advantage of Astar is that it is fully compatible with Ethereum and all applications based on it. It also supports anything written in the low-level WebAssembly programming language.

The Polkadot platform has a Kusama testnet. It allows you to test the created blockchain projects by launching them in real economic conditions. And Astar Network has already implemented a project that allows full operation of applications in the experimental development environment Kusama. This network is called Shiden Network.

The ASTR Token

The tokenomics of the Astar Network project provides the following features:

  • Payment of commissions for conducting transactions on the network.
  • Project management. Holders of ASTR tokens will be able to take part in referendums and vote on various issues. As a result, Astar Network will be decentralized.
  • Providing basic income for DApps developers. Those who deploy their applications on the Astar network will receive network tokens for their active contribution to its development.
  • Staking. Network participants can provide their tokens for a time to support various processes in the network and the operation of decentralized applications.

Holders of ASTR tokens will have a personal account with a clear interface in the Astar Network application. In it, the user will be able to view his balance, staking income, transaction history, as well as lock coins and exchange tokens.

Plasm Technology

The essence of Plasm is to provide a library for runtime modules for Substrate frameworks. This is a specialized platform for creating blockchain projects. Adding this technology to the platform will make it highly scalable. The process itself takes a few minutes.

Plasm interacts with one of the 2 main Substrate components - SRML. This combination allows developers to create unique blockchains with any set of features. And all this functionality comes with fast and cheap transactions.

Projects choosing Plasm have access to the following tools:

  • Virtual Machine (Optimistic Virtual Machine). This technology enables any decentralized application (dApps) to work seamlessly in a unified environment.
  • Level 2. A protocol for the most efficient data transmission in the second layer network.
  • A parachain. Plasm provides interoperability of several independent blockchains and applications built on their basis.
  • A pallet Substrate. Developers gain access to the capabilities of a scalable blockchain platform using the WebAssembly programming language.

With the Plasm Network, a developer can accomplish 2 main tasks:

1. Create a decentralized parachain-based application in the Polkadot ecosystem.

2. Develop and launch a full-fledged blockchain. It can emphasize large size or commercial applications. Solving tasks of different levels of complexity is possible.

At the same time, Plasm is open-source, so experienced developers can participate in improving this technology.

Shiden Network

This platform participated in the auction and became the application decentralized layer of the Kusama network. Thanks to this, the experimental environment of the Polkadot ecosystem was able to provide testing of applications running on smart contracts. Shiden Network supports all the same solutions as Astar Network, but only for the Kusama network.

The experimental environment will now be able to interact with various types of decentralized applications, including NFT and DeFi.

Shiden multichain enables bridges between independent blockchains to work together with such as:

  • Ethereum.
  • Cosmos.
  • Cardano.
  • Secret Network, etc.

The SDN service token can be used to vote for those applications that users consider promising.

The Shiden network coin is used for the following purposes:

  • Paying transaction fees;
  • staking;
  • voting for updates and improvements;
  • payment of rewards to developers.

To date, the SDN token has the following indicators:

  • The current value of $3.51;
  • The market capitalization is at $195.6 million;
  • The daily trading volume - $2.6 million.

Creating DApps in Shiden Network

Shiden Network supports 2 types of virtual machines: WASM and EVM. Developers can choose the option that suits them. The very algorithm for deploying decentralized applications on the network is quite simple.

After selecting a virtual machine, an application is created. Next, developers need to compile a smart contract and deploy it.

If a contract is created using Solidity, there are 2 ways to compile it:

  • Ethereum blockchain tools.
  • Solang, a compiler for WASM.

After compilation is complete, the completed contract can be deployed to the Dusty Network testnet.

If testing of the created application on Dusty passes, it is deployed to the Shiden Network. The general principle of interaction between the two networks is the same as in the case of Polkadot and Kusama, only focused on working with smart contracts.

The Shiden Network project already has major sponsors and supporters.

Fundamental analysis

Smart contract technology addresses the actual needs of modern users and large projects. Successful solutions that allow applications to scale inevitably attract attention.

Astar Network is already familiar to many thanks to Plasm technology. Plus, the updated network looks like one of the most effective tools for scaling projects using smart contracts from Ethereum and other blockchains.

Developers are able to create different types of decentralized applications, test them on the Shiden Network, and deploy them on the Astar Network. Thanks to this approach, at all stages of working with DApps, key difficulties are either neutralized or minimized.

All this forms 2 main advantages due to which many will choose the Astar network:

  • Scalability. Transactions are getting much faster and cheaper. Plus they are not limited to one blockchain.
  • Compatibility. Many independent blockchains do not have interoperability features with other blockchains. The Astar network, having received a parachain slot in Polkadot, will provide a full exchange of information between different chains, while maintaining decentralization.

The fact that many companies and users see clear value for Astar Network is illustrated by the level of funds already raised through the Polkadot parachain auction. Now 6,123,419 DOT have been donated to the project. The total is $28.1 million.

The Astar network already has major sponsors. One of them is the global blockchain ecosystem Binance.

Serious projects are also supporters of Astar Network.

Against the backdrop of these statistics, Astar's participation in the Crowdloan process is justified. Now you can give away DOT tokens and receive your reward after the end of the auction. 10% of the promised coins will be issued immediately.

The Astar Network project promises to pay the remaining 90% in equal installments within 22 months. Tokens can be used for staking, supporting the work of DApp smart contracts with their help.

Of the 7 billion ASTR tokens, 1.4 billion will be allocated for the payment of remuneration.

There is also a bonus accrual system:

  • 20% is charged for joining the Polkadot parachain auction before it ends.
  • A 10% bonus will be received by those who participated in the auctions of the Plasm Lockdrop or Shiden Crowdloan projects in Kusama.
  • A referral bonus of 1% is available.

Since the project looks smart, already has strong support, and is connected with the popular Polkadot ecosystem, the value of ASTR tokens will grow rapidly after the end of the auction. Thus, the received remuneration will rise in price in a short while.

Prospects for development

It is enough to look at the list of sponsors and partners to understand that multi-chains for smart contracts will be actively used by various platforms and blockchains. Versatility is the path to the scalability and profitability of any decentralized platform.

For individual projects and full-fledged blockchains using smart contracts, the market will expand significantly. Fast, secure, and cheap exchange of transactions/data between separate independent blockchains will become available, and the increased demand for parachains for smart contracts will stimulate the development team to consistently update the code, introducing improvements and additional tools.

Astar Network already has a large community - the project's Twitter page is read by 78.5 thousand users. Being open-source and engaging in actively looking for new community members will allow the network to be provided with smart ideas for effective change on a stable basis.

The project already has a system for finding professionals to form a program committee in different regions. Experienced developers benefit not only from being rewarded for their contributions but also from being part of a team that works with established platforms.

Active participation in Astar Network is an opportunity to create a professional reputation in a short time. Specialists who have shown their best performance will be mentioned in the official channels of the project on Discord and Twitter.

All of these motivation tools work to strengthen the community and allow quickly finding the best solutions to current problems.


Show Comments

Traders rating | Mirror Trading

© Copyright 2021 AIVIA Wealthtech, Inc. All Rights reserved.