One of the biggest challenges in the crypto industry is to enable blockchains to be scalable and interoperable. Blockchains like Polkadot (DOT) and its early testing arena Kusama (KSM) are working on the problem using the concept of relay chains and parachains. A relay chain is the main chain that hosts para chains whereas para chains are project-specific and customisable. Over the past few years, Polkadot has given rise to a lot of great projects. One of the parachains on the Polkadot network is Astar (ASTR). Let us understand what Astar is and how it works!
So, What is Astar?
The Astar (formerly known as Plasm) is a Polkadot based project that Sota Watanabe founded in 2019. Astar is a platform for the development of decentralised applications (dApps) to make smart contracts in the web 3.0 ecosystem. It also supports Ethereum Virtual Machine (EVM) and WASM virtual machines. EVM is a computation engine on Ethereum with millions of projects that are executable. WASM virtual machine is a portable compilation target. It uses programming languages to enable deployment on the web.
As users in the crypto space increase every day, decentralised applications are going to be used in the mainstream. As such, the need of the hour is cheaper, faster, and richer experiences with dApps. Using Astar, developers only need to focus on richer experiences as it offers a faster, cheaper and scalable platform. The platform also offers layer 2 solutions like Plasma and zero-knowledge (ZK) rollups to improve efficiency. Plasma is used to manage transactions outside the main chain, that too at a faster clip. Further, web 3.0 applications can also enjoy cross-chain interoperability which is powered by Polkadot. Moreover, Astar has introduced the concept of dApp staking where users support specific projects instead of staking to secure the network.
How does Astar work?
The Astar Network works on two layers. The first layer (called the base layer) is a layer one blockchain built using the Substrate blockchain framework. The second layer is a scaling solution that is created by using an Optimistic Virtual Machine (OVM) invented by the Plasma Group. Astar allows developers to use the OVM module to customise their scaling design. Later, developers can plug their application layers into the base layer of Astar using Plasma or ZK rollups. Layer 2 solutions on Astar store data and commit state transitions on Astar’s base layer.
The Astar network has the following core features:
Developer rewards and dApp staking:
There is a blockchain specific rewards system for application developers. Almost fifty per cent of the network’s staking rewards are given to app developers. Users can also stake their favourite decentralised application and earn rewards for it.
This feature on the platform allows operators to earn rewards. A developer on the platform may choose to assign a particular operator to a task of chain maintenance or administration for a particular use case. Now, operators may choose to sell off this task and earn rewards in return. This feature will enable the creation of off-chain markets.
The ASTR token: A snapshot
The ASTR token is the native token of the Astar platform. It is also the utility token of the Astar network and it serves the following functions:
This type of staking has been introduced by the Astar Network itself and is an original. This feature is only available on the Astar ecosystem. Token holders can stake ASTR tokens on dApps and earn rewards. Generally, application developers on the network also receive Astar tokens by developing smart contracts or infrastructure for the Astar Network.
ASTR token holders can stake their tokens on the network to become validators and earn rewards.
The ASTR token can also be used as payment for on-chain transaction fees.
Layer 2 deposits:
Astar is a layer one platform that supports layer 2 implementations. As such, layer 2 applications make an ASTR token deposit on layer one smart contracts and create layer two applications.
ASTR token holders also take part in governance by voting on proposals.
Knowing what you know now about the token, We are sure you are wondering, “Where to buy the Astar token from?”. You can buy the ASTR token with Zebpay today.
Astar is a Polkadot based project that offers a platform for developers to create decentralised applications to support smart contracts in the web 3.0 ecosystem. It uses the latest technology to offer faster, cheaper and scalable platforms for dApps. The native token of the network is called the ASTR token. The token is used for dApp staking, on-chain governance, paying of transaction fees, network staking and more. You can now buy the ASTR token on Zebpay crypto exchange platform!