Introduction to the Parameta Framework 1 – What is the Parameta Framework?
Greetings from the PARAMETA Team,
Since the release of Parameta Framework, a blockchain framework that enables you to build your own optimized blockchain mainnet, in June, many people have shown interest and support and asked for more information. In this post, we would like to share with you the details of Parameta Framework that have been introduced in existing media, as well as the background and purpose of PARAMETA’s release of this framework, and the features of Parameta Framework.
The Parameta Framework is a blockchain framework that makes it easy to build a blockchain mainnet. The name ‘Parameta’ has two meanings: ‘Para‘, which means parallel, and ‘Meta‘, which means metaverse, which means ‘Parallel Blockchains for Metaverse‘, a world where one mainnet is created in one metaverse and many mainnets operate independently of each other. As a framework that allows you to easily build a blockchain by setting parameters, it also means that you can easily build a mainnet.
How the Parameta Framework came about
Recently, there have been a number of projects building their own mainnet. Mainly, projects that used to issue and use tokens on major Layer 1 (L1) blockchains such as Ethereum and Klaytn are strongly feeling the need for their own mainnet. For example, Yuga Labs, Dapper Labs, and WEMIX, a gaming platform known for NFTs, have declared their own mainnet.
But what’s the real reason for declaring their own mainnet? With so many different dApps on one mainnet platform (Ethereum, Solana, Klaytn, etc.), there is a risk of service disruption due to the impact of other dApps or issues with the mainnet itself. For service providers, this kind of uncontrollable failure is frustrating, so they want a mainnet that allows them to respond to failures directly.
Customization needs are also a reason for wanting their own mainnet, such as slow performance because it’s geared towards generic dApps, too much gas to implement their business logic with smart contracts, or needing to implement it within the blockchain.
In other words, the rise of mainnets is seen as inevitable because it’s impossible for a single platform to meet the needs of a wide variety of dApp services.
In reality, we’re already past the multichain era and into the interchain era.
In the early days of blockchain, it was enough to issue tokens on one blockchain, use a DEX, and use an isolated blockchain. However, as various chains were created, multichain-based services that use multiple blockchains were created. And now, as bridge services that can move assets between various chains are increasing, we are entering the interchain era.
However, interchain technology is still being used for simple asset movement, and bridges for asset movement also weaken security by using a separate validator set rather than protecting the security of the blockchain, so there are concerns about interchain. However, the birth of various mainnets is inevitable and the connection of mainnets is also essential. Therefore, for companies or services that want to create their own mainnet, the technology for the mainnet itself is important, but the technology for the interchain is also very important.
Unlike other blockchain technology companies, PARAMETA has accumulated continuous experience in developing, actually operating, and deploying mainnets based on its own technology rather than through hard forks of existing blockchains. In addition, PARAMETA operates a separate blockchain research center and is leading the overall blockchain technology from blockchain-related foundation technology to interchain technology.
The Parameta Framework is a blockchain framework that supports the construction of a mainnet by applying all these blockchain-based technologies, mainnet, and interchain technologies.
Parameta Framework Providing Elements
The Parameta Framework provides the full-stack technology required to build a mainnet. It provides not only the blockchain core, but also the basic services, development tools, and management tools that must run on top of it, and provides consulting that reflects its know-how to organize governance and token economy.
The blockchain core of the Parameta Framework is loopchain, PARAMETA’s proprietary blockchain engine. Developed from scratch without using open sources such as Ethereum or Cosmos SDK, loopchain has basic blockchain features and a commitment to performance and stability. loopchain has been applied to the ICON public blockchain and has been used to build enterprise blockchains for public institutions such as the Seoul Metropolitan Government and private companies such as gold exchanges.
Having blockchain nodes on its own blockchain mainnet is not enough to provide services; it must also include governance, its own token economy, fee policy, block reward policy, etc. This is one of the main reasons why they want to build their own mainnet, but policies such as governance are also importantly intertwined with the blockchain’s consensus algorithm or block generation method.
When someone fork Ethereum or another blockchain, they are modifying the consensus algorithm or core to create their own governance. This modification to the core can itself undermine the stability of the blockchain as a whole and make it harder to deal with problems when they arise.
In addition, the Parameta Framework provide a number of basic services for the development of various services on our own blockchain mainnet, including Vault for private key backup/recovery, BFS (Blockchain File System) for off-chain data storage in conjunction with on-chain, and PDS (Personal Data Storage) for encrypting and storing personal secret information and managing access rights.
As a major differentiator, it also provides a bridge that applies its own interchain technology, BTP (Blockchain Transfer Protocol). Being able to connect with existing mainnets to move assets is an essential feature for a new mainnet.
Since a mainnet must be able to be equipped with various smart contracts, SDKs, management tools, and development tools are provided to develop and manage smart contracts, and various functions such as Block Explorer are provided to check the status of the mainnet. Based on this, it is possible to provide various blockchain-based services such as DID, NFT, and DeFi at the DApp level.
In the next post, we will take a closer look at each component of the Parameta Framework.