What is Astar? All You Need to Know About ASTR
What is Astar (ASTR)?
What is the ASTR Token?
Astar Ecosystem
Is Astar a Good Investment?
How to Own ASTR?
News on Astar
As blockchain technology becomes more mainstream, it is essential for developers and users to harness the power of blockchain protocols in a flexible and dynamic way. With decentralized applications (dApps) gaining traction, it is vital to have a platform that can support multiple blockchains and virtual machines. Polkadot’s relay chain, while offering a unique set of benefits, does not support smart contracts. That’s where Astar (ASTR) comes in.
Astar is a specialized dApp hub on Polkadot that provides developers with a multi-chain smart contract platform. By enabling users to access and utilize different blockchain protocols in a seamless and interconnected way, Astar aims to promote a more fluid and flexible blockchain ecosystem that can support a variety of use cases.
What is Astar (ASTR)?
Astar (previously Plasm) is a multi-chain smart contract platform built on the Polkadot network. It was founded by Sota Watanabe and originally launched as Plasm in 2018. Over the years, Astar Network has raised roughly $33 million and become a valuable player in the Polkadot ecosystem.
In 2020, Plasm became the first Polkadot parachain testnet to successfully connect with Ethereum, allowing for the interoperability of assets between the two chains. This breakthrough helped establish Plasm as a major player in the interoperability space.
In early 2021, Plasm rebranded to Astar, and the project launched its mainnet in August, and it aims to be a hub for various dApps that need a reliable and secure smart contract platform.
In September 2021, Astar became the first parachain to secure a slot on the Polkadot network through the first slot auction, beating out several competitors. This milestone further cemented Astar’s position as a leading player in the Polkadot ecosystem.
Astar has continued to develop partnerships and collaborations with other major blockchain projects, including Bifrost and Phala Network, among others. The project has also been working to expand its ecosystem by launching various dApps and projects on its platform.
Overall, Astar has quickly established itself as one of the most promising projects in the Polkadot ecosystem, with a strong team, solid technology, and a growing community of users and developers.
How does Astar Work? Two Layers Mechanism and OVM Module
Astar is a dApp hub that aims to provide developers and users with a seamless, scalable, and efficient way to utilize blockchain protocols. Its focus is on delivering a multi-chain smart contract platform that supports multiple blockchains and virtual machines, which are becoming increasingly important in the world of dApps.
To achieve this, Astar has built a two-layer mechanism that consists of a Polkadot-based Relayer Chain and an Ethereum Virtual Machine (EVM) Layer. The Relayer Chain is responsible for cross-chain interoperability, data storage, and transaction verification. It connects different chains, and it is also responsible for managing the economic and governance aspects of the Astar ecosystem. On the other hand, the EVM Layer is where smart contracts are executed. It provides an environment that is compatible with Ethereum and allows developers to build and deploy their contracts with ease.
To make the smart contract execution more efficient, Astar is working on integrating an Optimistic Virtual Machine (OVM) Module, which is a Layer 2 scaling solution. The OVM Module allows smart contracts to run off-chain and then brings the results back on-chain. This reduces the load on the main chain and improves scalability, throughput, and transaction speed.
Astar Network is revolutionizing the concept of multi-chain smart contracts by enabling developers to use the most efficient features from both EVM and WebAssembly Virtual Machines, as well as any application-specific blockchains within the Polkadot ecosystem.
This approach ensures that Astar Network remains future-proof, making it a versatile platform for building and deploying dApps. The ability to use multiple blockchains simultaneously allows for greater flexibility and scalability, allowing for seamless integration with a variety of decentralized applications. This means that developers can create more sophisticated and diverse applications on the platform.
The potential for cross-chain communication and interoperability between different blockchain networks is becoming increasingly important as the blockchain industry continues to grow. Astar Network’s unique approach offers a solution to the current challenges of scalability, interoperability, and flexibility in the blockchain ecosystem.
Overall, Astar is an ambitious project that aims to solve the scalability and interoperability challenges facing the blockchain industry. By providing a robust and efficient dApp hub, Astar hopes to attract developers and users and become a leading player in the growing world of decentralized applications.
Astar Use Cases
Astar (ASTR) has several use cases, and some of them can be extended beyond its primary purpose as a multi-chain smart contract platform. Some notable use cases include:
- Decentralized Finance (DeFi): Astar Network can be used to create DeFi applications that run on multiple chains, providing a more decentralized and interoperable ecosystem.
- Gaming and NFTs: Astar’s use of the OVM module and multi-chain support makes it an ideal platform for gaming and NFT applications, allowing for efficient trading, minting, and ownership of digital assets.
- Cross-chain data exchange: Astar’s use of the Polkadot ecosystem allows for secure and efficient cross-chain data exchange, enabling different blockchains to interact with each other seamlessly.
- Web3 incubation programs: Astar Network partners with major companies like Toyota and Sony to provide Web3 incubation programs to help startups build decentralized applications.
These are just a few examples of the many potential use cases for Astar Network. As blockchain technology continues to grow and evolve, Astar Network’s flexibility and scalability make it a promising platform for a range of use cases.
What is the ASTR Token?
The ASTR token is the native utility token of the Astar Network and serves as a unit of value and means of exchange within the network. Its total supply is 7 billion coins, of which 4.5 billion are in circulation (May 2023). Astar Network’s goal is to become the primary hub for decentralized applications (dApps) on Polkadot, and they have developed a unique concept called dApp Staking, which is exclusively available on Astar within the Polkadot ecosystem.
Below are the three main functions of the Astar token:
- dApp Staking: Astar Network’s innovative approach allows Astar token holders to show their support for their preferred dApps by staking Astar tokens. By doing so, they not only contribute to the ecosystem’s growth but also earn Astar tokens through block rewards. Additionally, dApp developers can receive rewards based on the amount staked on their applications. Developers can earn Astar tokens by creating smart contracts or infrastructure for the Astar Network community, making it a robust and decentralized grant mechanism.
- Transactions: Every on-chain transaction requires the sender to pay fees. Part of the fee is burned, and part is deposited to the collator.
- On-chain Governance: Astar Network is committed to implementing on-chain governance, where every member of the community has a say in shaping the network’s future. The Astar token serves as the primary means for facilitating governance activities such as voting and referenda.
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Astar Network has an inflationary token model where the total supply of ASTR tokens increases over time. This is achieved through block rewards that incentivize validators to secure the network and through the dApp Staking mechanism that rewards both stakers and developers. The inflation rate decreases over time and reaches a fixed percentage, ensuring that the value of the tokens is not diluted too quickly. The majority of the inflation is directed toward block rewards, which are distributed to validators who secure the network. The rest of the inflation is directed towards dApp Staking rewards, which are distributed to stakers who support dApps and developers who create new dApps on the network. The goal of this model is to incentivize participation in the network while also ensuring that the token remains valuable over time.
Source: astar.network
Astar Ecosystem
Astar Network ecosystem is growing rapidly, with several projects already developed or in progress. Here are some of the notable projects within the Astar ecosystem:
Cere Network
Cere Network is a decentralized platform that allows enterprises to build blockchain-powered solutions. They use Astar as their parachain to leverage the interoperability of the Polkadot ecosystem.
Kylin Network
Kylin Network is a cross-chain data infrastructure platform that provides data analytics and visualization tools. They utilize Astar’s fast transaction times and low fees to deliver their services.
Zenlink
Zenlink is a decentralized exchange (DEX) aggregator that allows users to trade on multiple DEXs through a single platform. They use Astar’s high transaction throughput and low latency to deliver fast and efficient trades.
Community
Astar SpaceLabs: Astar SpaceLabs is an initiative within the BizDev department that aims to support young developers and projects to launch in the Astar ecosystem. It is led by community leaders who conduct due diligence on each project.
Astar Degens: Astar Degens is a community-governed DAO fund that incubates promising projects and brings new ideas to the Astar ecosystem. It is a community without hierarchy that values productive effort and encourages fearless participation within the Astar Network.
Astar Troopers: Astar Troopers aim to unite different projects and groups and create activities that they can all participate in. They also serve as a platform to learn about different NFT projects and jump into them if interested.
It seems that the Astar community is quite involved in building the Astar Ecosystem, and several community-led initiatives have been established to support new projects and young developers.
Is Astar a Good Investment?
It is worth saying that Astar Network seems to have a promising future within the Polkadot ecosystem. The project’s unique dApp Staking concept, on-chain governance, and low transaction fees make it a compelling choice for developers looking to build decentralized applications.
Moreover, Astar has had successful funding rounds, and its initial stage has seen contributions from many individuals and organizations. The project’s expanding ecosystem, which includes partnerships with other notable blockchain projects, reinforces its potential as a valuable asset within the blockchain industry.
Overall, Astar’s innovative approach to decentralized application development, commitment to sustainability and decentralization, and strong community support, make it a project to watch closely. As with any investment, it is essential to conduct thorough research and consider all factors before making any decisions.
How to Own ASTR?
To own ASTR, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then you are ready to go through the steps to buy ASTR.
News on Astar
As reported in February 2023, Sony Network Communications and Astar Network collaborated to launch a Web3 incubation program. The joint initiative aimed to support and encourage the development of Web3 projects that could benefit from the advanced capabilities of the Astar Network ecosystem. The program received over 150 registrations, showcasing the high level of interest in Web3 and blockchain technology among developers and entrepreneurs.
The partnership between Sony and Astar highlighted the growing recognition of blockchain’s potential and its integration into mainstream industries. The collaboration with a well-established company like Sony also lent credibility and legitimacy to Astar’s platform, further increasing its visibility and potential for growth.
The Web3 incubation program provided participants with access to Astar’s extensive resources and expertise, as well as mentorship and support from industry experts. This initiative demonstrated Astar’s commitment to fostering innovation and driving the development of cutting-edge technology in the blockchain space.
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