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What Is Astar?

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Nov 23, 2022
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5 min read
what-is-astar

This blog post will cover:

  • About Astar (ASTR)
  • Where did Astar (ASTR) come from?
  • What are the advantages of Astar (ASTR)?
  • What are the disadvantages of Astar (ASTR)?
  • How to buy Astar (ASTR)?

About Astar (ASTR)

Astar Network is a multi-chain smart contract platform supporting multiple blockchains and virtual machines. The company claims to be created by devs and for devs. Astar wants developers to build any apps of the platform with no need to think of its scalability. The main issues to be solved by Astar are interoperability, lack of devs motivation and scalability itself. 

ASTAR is an official coin of the network. You can find it on SimpleSwap now. 

Where did Astar (ASTR) come from?

Sota Watanabe, who is a well-known person in Crypto World, is a founder of Astar. The network was created in 2019 and still is maintained by Watanabe and his team members via Stake Technologies which is working in Japan. 

Astar was named Plasm Network until 2021, when the rebranding took place. The main aim of Astar was to develop the Layer 2 scaling solution for the famous Polkadot. The task was completed successfully, and the team switched to setting other goals. For example, now they focus on improving the efficiency (including price and speed) for the devs in more and more packed blockchain surroundings. With the establishment of decentralized apps staking, people get a chance to support projects they want rather than stake to protect the network. 

What are the advantages of Astar (ASTR)?

  • Build Layer2 apps
    
    With Astar, Layer 2 decentralized apps have an opportunity to come to chains, which they didn’t have before. dApps also don’t need to overcome huge changes to do so, which is a big plus.
  • Staking
    
    ASTR token holders get to choose whether they want to stake it on a decentralized app or on the network level. In any case, users get rewarded with more ASTR. This mechanism works as an additional motivation for people to hold and stake. 
  • Governance
    
    Another use case of ASTR is governance. Users can use it to vote and join the decision making process, which is a good feature of a decentralized network.  

What are the disadvantages of Astar (ASTR)?

  • Less liquidity
    
    As assets are available on one blockchain only, it leads to the fragmentation of liquidity which results in less liquidity within every deployment and more slippage and decreased trading fees. 
  • Limited interoperability
    
    The fundamental flaw in Astar's smart contracts is their limited interoperability across blockchains, sidechains and Layer 2 networks. 

How to buy Astar (ASTR)?

Want to buy ASTR? Visit the SimpleSwap homepage. Follow this instruction to buy ASTR:

  • Let’s assume, you plan to exchange BTC for ASTR. Select the crypto you wish to exchange (BTC) in the 1st drop-down list. Insert the number you want to swap.
  • Choose ASTR in the 2nd drop-down list. You will see the estimated amount that you’ll receive after the swap.
  • Click the Exchange button.
  • Enter the Recipient's Address. ASTR will be sent to this address. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the BTC deposit address. You have to transfer the necessary amount of BTC to this address to start the exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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