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What Is Astar Network ($ASTR)?

What Is Astar Network ($ASTR)?

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The Astar Network allows individual users to use Web3 technology, connecting people to Web3 through entertainment, blockchain development, business development, and community events.

Previously known as Plasm, the Astar Network is a decentralized blockchain platform that supports EVM and WebAssembly environments and enables interoperability between them.

A Brief History Of The Astar Network

The Astar Network was founded by Sota Watanabe in 2019, a prominent figure in the blockchain space. Watanabe and his team maintain the network through Stake Technologies. The project was rebranded to Astar Network in 2021. It has since raised over $33 million and has established itself as one of the biggest and most prominent projects in the Polkadot ecosystem and in Web3.

The Astar Network initially focused on developing a Layer2 scaling solution for Polkadot. The project successfully completed this endeavor and continues to work on it. However, today, the network is known for something more. Astar Network is now a well-known smart contract platform that offers compatibility with the Ethereum Virtual Machine (EVM) and WebAssembly (WASM) compatibility. It hopes to improve the efficiency, cost, and speed for developers in an increasingly crowded blockchain ecosystem. With the introduction of dApp staking, users can also support their favorite projects instead of staking to secure the entire network.

A Faster And Richer Experience

With more and more users joining the crypto ecosystem, dApps are gaining mainstream acceptance. As a result of this shift, users want access to quicker, richer, and inexpensive experiences. Astar allows developers to focus on these aspects and abstract a part of their operations away from the primary chain. This helps reduce congestion and costs. All this is underpinned by the Optimistic Rollup Machine (OVM) module. Developers can also make further optimizations via Plasma and zero-knowledge rollup functions, while Web3 applications can use cross-chain interoperability thanks to Polkadot.

Since its founding, the Astar Network has significantly expanded its scope and user base and is poised to bring considerable innovation into the Web3 ecosystem. Thanks to its technical offerings and financial incentives, Astar has become a leading candidate for new projects.

Astar’s cross-layer stack will allow developers to benefit from an array of VMs, layers, and consensus protocols. It offers developers two solutions, Astar Substrate, and Astar zkEVM. Astar Substrate is the backend technology that powers Polkadot’s leading parachain. It allows developers to seamlessly build across virtual machines and access a higher degree of interoperability through Polkadot SDK. Ink and Rust smart contracts ensure safety and an innovative reward mechanism powers public goods.

Astar zkEVM is an ideal solution for enterprises that want to leverage Ethereum’s security and network effects without compromising user experience. It is powered by cutting-edge zero-knowledge technology, empowering businesses to embrace Web3 at scale while giving developers a familiar environment and proven tooling.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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