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About Astar
Key Points
- Astar Network is a decentralized application (dApp) and layer 2 solution provider, offering interoperable web 3.0 infrastructure, financial incentives, incubation programs, and technical support.
- It connects the Polkadot ecosystem with layer 1 blockchains like Ethereum and Cosmos.
- The project is backed by Binance Labs and Coinbase Ventures.
- Astar was founded in 2019 by Sota Watanabe, a blockchain pioneer.
Founder and Team
- Sota Watanabe, founder and CEO of Stake Technologies.
- Watanabe has a degree in economics from Keio University in Japan
About Astar Network
Introducing Astar (ASTR): A Revolutionary Blockchain Ecosystem
Astar Network empowers developers to craft decentralized applications (dApps) and layer 2 solutions by furnishing an interoperable web 3.0 infrastructure, accompanied by financial incentives, incubation programs, and comprehensive technical support. Its mission is to provide an optimal solution for all developers by supporting EVM and establishing a parachain where EVM and WASM smart contracts can seamlessly coexist and interact with one another.
Astar serves as a vital nexus, bridging the Polkadot ecosystem with prominent layer 1 blockchains such as Ethereum and Cosmos. As a Polkadot Parachain, Astar is meticulously designed to function as a multi-chain Polkadot dApp hub, offering comprehensive support for decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs). This enables developers to transcend infrastructure development and concentrate on crafting innovative applications.
The project, bolstered by the esteemed backing of Binance Labs and Coinbase Ventures, is architecturally composed of two distinct layers: the first, founded upon the Substrate framework, and the second, leveraging the scalability afforded by OVM, or Optimistic Virtual Machine.
The Visionary Founders Behind Astar
The Astar Network was established in 2019 by Sota Watanabe, a visionary blockchain entrepreneur who garnered recognition as one of Forbes’ esteemed 30 Under 30 Asia in 2022.
Watanabe holds a degree in economics from Japan’s prestigious Keio University. Throughout his distinguished career, he has leveraged his expertise as a marketing specialist at Chronicled, a San Francisco-based IT company, and has successfully founded multiple ventures, including Next Web Capital, an investment firm dedicated to supporting entrepreneurs and their innovative crypto startups.
Formerly known as Plasm Network until 2021, the Astar Network underwent a rebranding to Astar, subsequently emerging as a multi-chain smart contract platform on Polkadot in January 2022.
Astar was conceived by Stake Technologies, a Singapore-headquartered entity with operational roots in Japan. At the helm of both Stake Technologies and Astar is Soto Watanabe, the visionary founder and CEO.
Unveiling the Uniqueness of Astar (ASTR)
The Astar project aspires to evolve into a comprehensive, multi-chain smart contract platform, seamlessly integrating diverse layer 2 solutions, blockchains, and virtual machines.
The network is built on Parity Substrate, a cutting-edge web 3.0 blockchain-building platform. By leveraging Substrate, networks like Astar can tap into a plethora of innovative features, including upgradable blockchains, modular architecture, customizable block execution logic, and hot-swappable consensus mechanisms. This framework is specifically designed to facilitate rapid and seamless blockchain development.
Beyond the Substrate modules, Astar boasts an array of features, including:
Operator trading: a paradigm-shifting mechanism that enables the seamless buying and selling of decentralized applications (dApps), facilitating the tokenization of smart contracts, the transfer of ownership to other users, and the assignment of operator roles to designated individuals.
Introducing Multi-Lockdrop: a novel iteration of the Lockdrop mechanism, designed to facilitate the distribution of tokens across a decentralized network. By locking tokens from disparate blockchains for a predetermined period, native tokens are incrementally allocated to token holders over time, thereby fostering a sense of community and encouraging users to actively participate in the network’s ecosystem.
Astar’s innovative monetization model revolves around a reward system that incentivizes dApp developers to contribute to the ecosystem’s growth and add value to the Astar Network. The block reward is divided, with 50% allocated to dApp developers (10% to nominators and 40% to operators, also known as smart contract administrators), and the remaining 50% distributed among validators. This mechanism encourages nominators to stake on smart contracts, thereby increasing the value of the ASTR token.
What Is the Circulating Supply of Astar (ASTR) Coins?
The native token of the network, ASTR, serves a multifaceted purpose, functioning as a utility token, a governance token, and a staking token. ASTR enables users to settle transaction fees, participate in the platform’s governance by casting votes or proposing referenda, and stake tokens to facilitate consensus and earn rewards.
The total supply of $ASTR tokens stands at 7,000,000,000, with a circulating supply of 4,487,130,325 as of April 2023. The token distribution is allocated as follows:
Thirty percent will be allocated to our valued users and early supporters;
A 5% allocation to the development team;
A 10% allocation to the foundation;
A 5% allocation for strategic marketing initiatives;
Ten percent will be allocated towards fostering protocol developments and grant programs;
A 5% allocation to the on-chain treasury, governed by the decentralized autonomous organization (DAO);
Ten percent will be allocated to our early financial backers;
Twenty percent allocation to the parachain auction;
A 5% allocation is reserved for auctions.
The Astar Network’s Security Mechanisms: A Robust Framework
ASTR is founded upon a nominated Proof-of-Stake (NPoS) consensus mechanism, leveraging the robust framework of a Polkadot Parachain. This strategic integration enables ASTR to harness the scalability and security benefits inherent in Polkadot’s innovative, segmented design and shared security umbrella.
Where to Acquire Astar (ASTR) Tokens
Astar (ASTR) is available for purchase on a multitude of prominent cryptocurrency exchanges, including Binance, KuCoin, Kraken, Gate.io, OKX, Huobi, Crypto.com Exchange, BKEX, CoinEx, MEXC, Bitbank, WhiteBIT, XT.COM, BigONE, BingX, CoinW, Hotbit, and ZT.
Stay up-to-date with real-time ASTR prices – download the CMC mobile app now.
Associated Resources:
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Discover the essence of decentralized applications (dApps) and delve into the world of blockchain innovation with the CMC glossary.
Discover our comprehensive, step-by-step tutorial on seamlessly integrating Astar Network with MetaMask.
New to the world of cryptocurrency? Explore CoinMarketCap’s comprehensive educational portal, where you’ll find the latest news, expert insights, and valuable resources to help you navigate the ever-evolving crypto landscape.