Web3 Foundation announces funding for Second State blockchain company, introduces Ethereum virtual machine to Boca ecosystem

The Web3 Foundation announced funding for Second State, a cloud and blockchain infrastructure company, to bring Ethereum's favored WebAssembly (Ewasm) virtual machine to the Polkadot ecosystem.

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This virtual machine is a key infrastructure component of the public blockchain. It allows any public user to submit trustless code to the blockchain platform in the form of a smart contract and pay for its execution based on resource consumption. Ethereum's favored WebAssembly (Ewasm) virtual machine is considered the dominant virtual machine in the upcoming Ethereum 2.0 blockchain platform.

Through a Web3 Foundation grant, Second State will create extensions for its high-performance WebAssembly virtual machine, the Second State VM (SSVM). These extensions will enable SSVM to act as a blockchain virtual machine according to the Ewasm specification. It will develop the necessary software to boot and load the SSVM as a baseboard module. The SSVM-Ewasm Substrate module will allow developers to create a blockchain that can deploy and execute Ethereum smart contracts in the Polkadot ecosystem.

The project will add value to the Ethereum and Polkadot ecosystems. Ethereum developers will have more options when deploying applications, and the Polkadot ecosystem will be able to directly leverage the efforts of large Ethereum developers and tool communities.

Second State is a recognized leader in virtual machine software. Second State VM (SSVM) is a general purpose and highly scalable virtual machine optimized for server-side and cloud applications. It conforms to the WebAssembly specification and provides a secure and high-performance runtime engine for native code and user-submitted code in the cloud environment. For example, through a partnership with Qualcomm, SSVM has local access to Qualcomm CPU's built-in AI inference hardware. SSVM can also be accessed from application frameworks such as NodeJS. Scalability makes SSVM a great choice for Ewasm.

In addition to the runtime, Second State creates a complete developer toolchain and host environment around the virtual machine. Its SOLL compiler project is the leading LLVM toolchain for Solidity and YUL languages, and has been recognized by the Ethereum Foundation and Panvala DAO. BUIDL IDE is a leading developer tool for creating smart contracts that run on the blockchain or in the cloud.

About Second State

Second State focuses on building and commercializing infrastructure software for cloud computing and blockchain. It develops a complete set of developer tools and runtime technologies based on the WebAssembly standard. It is the developer of the next-generation Ethereum's WebAssembly (Ewasm) and public and enterprise blockchain toolchains. Second State is headquartered in Austin, Texas, with development offices in Taipei, Beijing and Australia. It has received funding support from the Ethereum Foundation, Web3 Foundation, CyberMiles Foundation, ETC Labs, Panvala DAO, Qualcomm, and investments from leading angel investors and venture capitalists, including recently led by SIG Ventures $ 3 million seed round investment.

About the Web3 Foundation

The mission of the Web3 Foundation is "to nurture and manage cutting-edge technologies and applications in the field of password-driven decentralized software protocols." Its ultimate goal is to provide Web 3.0, a decentralized, fair Internet, Users can control their data and thrive the market through network efficiency and security.