Microsoft Announces Support for this Web3 crypto project Incubation Program.
The year 2021 has been dubbed “the year of L1 blockchains.” However, I continue to see two issues:
1) Blockchain interoperability
2) Incentives for developers are lacking.
3) Smart contracts are not supported by Polkadot Relaychain.
Astar Network previously received $22 million in venture capital funding, indicating that they have the financial resources to work on the project. This project is also a parachain winner.
However, compatibility and a lack of developer incentives remain two important issues. These issues are addressed by Astar.
The Ethereum Virtual Machine and WebAssembly are both supported by Astar. Developers can use Polkadot native smart contracts as well as existing Solidity contracts. Astar also supports numerous L1 bridges, both EVM and non-EVM. Multichain and Celer Network have already deployed Ethereum bridges, while the Cosmos bridge is expected to arrive in Q1. Second, Astar comes with built-in support for the Build2Earn protocol. On the Astar Network, the #Build2Earn protocol delivers basic income to developers. Developers can earn $ASTR tokens by producing a product on Astar.
How does ASTR work?
Both the Ethereum Virtual Machine and WebAssembly are supported by Astar. Developers can use Polkadot native smart contracts as well as existing Solidity contracts. Astar also supports numerous L1 bridges, both EVM and non-EVM. Multichain and Celer Network have already deployed Ethereum bridges, while the Cosmos bridge is expected to arrive in Q1. Second, Astar comes with built-in support for the Build2Earn protocol. On the Astar Network, the Build2Earn protocol delivers basic income to creators. Developers can earn $ASTR tokens as a basic income from block rewards based on their performance and decentralized vote by constructing a product on Astar. This provides a compelling reason for developers to select Astar.
Roadmap
The Astar roadmap provides a comprehensive description of a prospective product’s goals, timing, features, and resources, among other things. The roadmap outlines what the development team is working on, as well as the problems we’re trying to solve and the new product’s business objectives.
Scalability
Blockchains do not scale by design because of the decentralized consensus mechanism. The TPS (Transaction Per Second) is much smaller than a centralized database, and there is an upper limit to the amount of data that can be stored in every block. Therefore, users across the network may notice their transactions sitting unconfirmed or pending for long periods of time, creating a poor user experience.
Scalability on the Astar Network is addressing the following topics:
- TPS (Transactions Per Second) Increase
- Lower transaction costs
- Faster finality
Interoperability
Many different blockchains exist, but few have interoperability as a feature. To move “value” from Bitcoin to Ethereum, we need a centralized exchange. Polkadot is a sharded protocol that enables blockchain networks to operate together seamlessly.
The Astar Network is compatible with Polkadot. By connecting Astar Network to Polkadot, we will have true interoperability.
Tokenomics
· Deployment Network: Astar
· Relay Chain: Polkadot
· Token Standard: Updating
· Contract: Updating
· Token Type: Utility and Governance
· Total Supply: 7,000,000,000 ASTR
· Inflation: 10% (yearly)
ASTR Token Allocation
· Users and Early Supporters: 30%
· Parachain Auction: 20%
· Parachain Auctions Reserve: 5%
· Protocol Development: 10%
· On-Chain DAO: 5%
· Marketing: 5%
· Early Financial Backers: 10%
· Team: 5%
· Foundation: 10%
The project is legit is being backed by these big names
Conclusion
Supported by some of the biggest names in the venture capital world such as Alameda Research, Alchemy Ventures, and most importantly Binance Labs. My advice buys 500 to 1000 ASTR from Binance and holds them to 2023 I believe this project gives you a massive gain.
Disclaimer
This content contains an opinion and is solely for informational reasons. It is not intended to be financial or investment advice. Seek investment/financial guidance from a properly licensed specialist. I have no affiliation with any of the companies whose coins are referenced in this article. Please always conduct thorough research prior to investing, as you are solely responsible for any capital-related decisions you make and the outcomes.
