The multi-chain decentralized protocol Astar network has announced plans to activate two smart contracts to boost the performance of the development of Ethereum Virtual Machine (EVM) and WebAssembly Virtual Machine (WASM VM).The Astar team plans to launch the smart contract currently under development on its mainnet on April 6.
A stunning announcement conveyed by Astar’s co-founder Sota Watanabe provided the full details of the upcoming launch. He stated that the Astar team had utilized innovative technologies to expedite the execution of tasks on the WASM and EVM networks.
Importance of the Smart Contract on Virtual Machine
The development of the smart contract will enable the WASM and EVM to integrate with new multi-chain applications more effortlessly. Watanabe argued that the new development would allow users to link their Astar account to either the Polkadot multi-chain or the EVM platform.
The unique development aims to improve the two EVMs’ performance on the Layer-1 blockchain. Despite the benefits garnered from the Ethereum ecosystem, it limits the growth of the blockchain network.
The Astar team stated that the Ethereum smart contract technology could not create a promising future for the blockchain network. The Astar team has arranged a community engagement program to deliberate on the benefits of the integration.
Following this, the team will brainstorm effective strategies to improve the performance of WASM.
Significance of Astar’s Stakeholder Engagement
Astar’s top executives will facilitate the upcoming community event in collaboration with key developers in the blockchain sectors. The Polkadot developers have confirmed to attend the panel discussion. Thereafter, the Astar team will hold private talks with the infrastructure partners tasked to create a friendly environment for the WASM.
The Astar development mirrors Polygon’s recent launch of the zero-knowledge Ethereum virtual machine zkEVM. The development was launched on March 27, allowing developers to access smart contracts at a friendly cost.
Subsequently, the Polygon founder Sandeep Nailwail labeled the development the “holy grail of Ethereum scaling.” Nailwail was delighted to announce that the development of the zero-proof knowledge will eliminate the rerun computation feature to boost the user experience.
Despite the remarkable contribution made by the blockchain firms, the Web3 Foundation and the Polkadot developers engaged in an embroiled debate on the classification of the Polkadot native token (DOT). The heated argument was on whether the DOT token was to be classified as a security or not.
Polkadot Market Outlook
The Polkadot team stated that the DOT token meets all the United States Securities and Exchange Commission requirements to be listed as a digital asset. They concluded that the DOT token should not be considered a security.
According to data provided by CoinMarketCap DOT token dropped to a daily low of $6.12 in the wee hours on April 4. But later, DOT rebounded to reach $6.39 at press time 1551 UTC.
Also, the DOT token is down by 0.01% to exchange hands at $6.32. The market capitalization reaches $7,442,315,931, a 0.38% increase over a day.
