Pontem to Use Polkadot to Connect Diem and DeFi

Key Takeaways

  • Pontem companions with Polkadot node supplier to finalize experimental check community for Fb’s Diem blockchain.
  • The partnership with PinkNode means the Pontem crew can deploy nodes on Kusama, Polkadot’s canary community.
  • Pontem goals to assist Diem introduce new options by testing them within the Polkadot ecosystem.

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Pontem, an experimental community for Fb’s Diem challenge, has teamed up with Polkadot-based node infrastructure supplier PinkNode.

Behind Pontem’s New Deal

Pontem has partnered with PinkNode, an infrastructure-as-a-service supplier on Polkadot.

The partnership will let Pontem deploy an experimental check community for Fb’s Diem blockchain, previously often called Libra.

Diem is an bold blockchain challenge from Large Tech mainstay Fb however is just not open to public members resulting from its permissioned nature. Consequently, builders and entrepreneurs engaged on Diem could discover it troublesome to construct open supply options that may compete to the extent of innovation with public blockchains similar to Ethereum or Polkadot. 

That is the place Pontem is available in. Based in 2020, Pontem makes use of Substrate, Polkadot’s software program growth equipment, to construct a blockchain with a codebase virtually equivalent to Diem’s.

The challenge goals to assist Diem onboarding new options and options by first testing them within the Polkadot ecosystem. To this finish, the challenge not too long ago raised $4.5 million from a number of enterprise funds together with Mechanism Capital, Kenetic Capital, and Animoca Manufacturers. 

The PinkNode deal will permit Pontem to deploy nodes and different API endpoints on Kusama, Polkadot’s canary community, to finalize its community.  

On account of deploying the nodes and API endpoints, Pontem will assist builders interested by Diem check new options within the Polkadot ecosystem earlier than immediately submitting them to Diem. This may also allow new initiatives on Diem to check their product-market match on Polkadot. 

Boris Povod, the founding father of Pontem, mentioned of the partnership:

“With Pinknode performing as our main infrastructure supplier, their dependable and safe API endpoints can be a key constructing block to finishing our joint aim of bettering Polkadot’s present infrastructure, whereas additionally permitting us to work in direction of our aim of changing into the experimentation community for Diem. We look ahead to what this partnership will carry.”

By means of Polkadot’s interoperable community, Pontem additionally plans to construct a bridge that connects the Diem blockchain with Ethereum, the community that underpins the burgeoning decentralized finance house and comprises greater than $55 billion in whole worth locked.

In keeping with Pontem, connecting the 2 networks will expose Fb’s 2.7 billion customers to DeFi. Slated for launch in 2021, Diem will challenge fiat-backed stablecoins that may be built-in with Fb’s banking and e-commerce providers, a strategic transfer that confronted a variety of resistance from regulators.  

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