Astar Crypto: The Future of Smart Contracts?
Astar crypto, the most comprehensive smart contract platform in the Polkadot ecosystem, can handle WASM and EVM. It has a parachain slot that provides direct access to the Polkadot ecosystem. It also has connections with other significant ecosystems such as Ethereum, BSC, Cosmos, Polygon, and others.
Astar has a program called #Build2Earn that gives DApp developers a basic income via inflation and directly funds projects through the Astar Incubation Program. This company has secured $24.4 million in funding through two funding rounds, with contributions from 16 investors. Among the recent investors are Keisuke Honda and GSR.
Astar crypto tokenomics and ecosystem
The tokenomics model of Astar crypto centres on aiding developers through DApp staking. ASTR token, the Astar crypto, has several functions, including serving as a means of payment for transaction fees, staking DApps, and receiving rewards for both DApp staking and collator rewards.
There are four key roles you can play on this network:
Developer: Build DApps or infrastructure on the blockchain.
Collator: Where you run a node to support the blockchain.
Staker: Stake $ASTR, the Astra crypto, to earn rewards.
User: Join the Web3 movement and use Astar crypto tokens.
DApp staking on Astar Network
The core team has developed a unique concept known as DApp Staking, which is exclusively available on Astar within the Polkadot ecosystem. It aims to become Polkadot's primary hub for decentralised applications (DApps). It has prepared incentives for DApp developers who build their smart contracts on the network.
The DApp Staking mechanism is both simple and effective.
Astar Network's innovative approach enables Astar crypto token holders to express their support for their preferred DApps by staking the tokens.
This contributes to the ecosystem's growth and allows them to earn Astar crypto tokens through block rewards. Moreover, DApp developers can receive rewards based on the amount staked on their applications.
Astar Network is committed to sustainability and decentralisation. It allows developers to earn tokens by creating smart contracts or infrastructure for the network community. This makes it a robust and decentralised grant mechanism.
Why should you choose Astar to build?
The reason for choosing Astar as a platform for developing DApps is its high flexibility and interoperability within the Polkadot ecosystem.
It supports both WASM and EVM and hybrid Cross-VM dApps that can interoperate with one another. The platform provides direct access to the Polkadot ecosystem via its parachain slot. Its asset bridges and general message-passing protocols offer routes to other significant blockchains, including Ethereum, BSC, Cosmos, and Polygon.
Furthermore, the innovative DApp staking program allows developers to earn a basic income as they work on building their products and communities. In collaboration with the community, the Foundation may also provide direct funding to projects through various ecosystem incubation initiatives like #MVP2Earn.
Astar is constructed using Substrate, a framework that enables developers to easily create customised blockchain solutions using Rust programming language.
Substrate's modular structure makes it easy to choose and use only the necessary components for supporting networks and DApps, such as smart contracts, consensus, and storage, while reducing the focus on low-level implementation details.
The advantages of using Substrate for building blockchain networks include several features such as forkless upgrades, cross-language compatibility through WebAssembly, deterministic finality that is light client-friendly, and smooth integration with other blockchains.
For blockchain networks that aim to interface with the Polkadot network without intermediaries directly, the Substrate framework is essential, just like it is for Polkadot.
Developers can build complex DApps using tools and languages they know through WASM smart contracts, bridging the gap between Web2 and Web3 development.
It offers direct access to the runtime, enabling developers to build DApps previously not possible on the Ethereum Virtual Machine. Astar Network supports any programming language that compiles to WASM, making it a secure and versatile environment for deploying highly optimised smart contracts.
Developers familiar with Solidity will find Astar EVM a comfortable environment for building smart contracts. Additionally, they can fragment their smart contracts and selectively move logic to the WASM Virtual Machine, which offers better performance, security, and cost-effectiveness for certain applications.
Astar Network's DApp Staking (#Build2Earn) feature enables users to support projects by staking on them, thereby contributing to developers' passive income. This innovative approach motivates projects to offer unique value propositions and cater directly to end-users.
Astar Network offers the Cross Virtual Machine (XVM), which enables developers to call smart contracts from one virtual machine to another, such as WASM to EVM. The creation of hybrid cross-VM DApps is facilitated by the innovative XVM protocol, which is exclusively available on Astar Network.
Polkadot Relay Chain
The security of Layer 1 blockchains is enhanced with the Polkadot Relay Chain, considered the industry's most secure. Moreover, it enables the development of genuine multi-chain smart contracts that communicate across chains.
Astar Network utilises XCMP, a message transport system, to establish connectivity with the Relay Chain and multiple other para chains within the Polkadot ecosystem. It employs vertical channels (VMP + DMP) to connect with the Relay Chain, while para-chain communication occurs horizontally through HRMP channels.
Astar is designed to be interoperable with various blockchain ecosystems such as Ethereum, Polkadot, and Cosmos. This interoperability enables the seamless transfer of assets and communication between multiple ecosystems.
For instance, thanks to Astar's cross-chain capabilities, users can easily transfer assets from Ethereum to Astar and vice versa without needing an intermediary. Furthermore, developers can create DApps on Astar that interact with DApps on other blockchains, resulting in an ecosystem that transcends the limitations of individual chains.
This interoperability feature allows for a more connected and robust blockchain network, paving the way for new and innovative use cases that would have been impossible in the past.
Author: Harsh Verma
Harsh is the founder of FinEndorse SEO agency and is an experienced content writer and SEO expert with hands-on industry experience and a proven track of success.