Fun

Web3 Studying How to Integrate Kadena’s Smart Contract Language on Polkadot

News Feed - 2019-11-12 10:11:03

The Web3 Foundation is studying how to adopt blockchain startup Kadena’s Pact smart contract programming language for the Polkadot ecosystem.


The two organizations signed an agreement to kick off a research project studying how Pact can be integrated into different blockchain platforms, beginning with Polkadot, Kadena announced on Tuesday at CoinDesk’s Invest: NYC event.


Pact is designed to facilitate smart contract executions among developers that use different blockchains. Kadena hopes the language will become a smart contract standard, regardless of developers’ preferred blockchains.


The firm’s founder Stuart Popejoy unveiled the cross-chain smart contract language in June 2019 for “hybrid blockchains,” both public and private. Kadena claims Pact is one of the first “human-readable” languages to execute smart contracts with Formal Verification, a way of verifying algorithms’ “correctness” using mathematical methods.


Formerly called Chainweb, Kadena’s blockchain platform went live on Nov. 4, weaving together 10 proof-of-work (PoW) blockchains running concurrently. At the same time, the firm also announced a $20 million token sale.


The network tackles scaling challenges on existing PoW networks by running multiple blockchains concurrently, with shared merkle roots allowing for data to be shared across different networks.


Kadena raised $12 million through a Simple Agreement for Future Tokens (SAFT) sale in April 2018. Fidelity Investments’ private investor arm, Devonshire Investors, Multicoin Capital, Asimov Investments, SV Angel and SIG participated in the token sale


The company’s push to integrate blockchain platforms with a universal smart contract language came on the heels of the Web3 Foundation’s interoperability project that facilitates inclusion of different Proof-of-Stake (PoS) blockchain platforms.


“Web3 Foundation looks forward to the results of Kadena’s forthcoming feasibility study, and learning more about the role the Pact language could play in the Polkadot ecosystem.” Dieter Fishbein, the foundation’s head of grants, said in a statement.


Started by ethereum co-founder Gavin Wood, Polkadot launched its DOT token sale in July with a $1.2 billion valuation at the time. Three unnamed Chinese funds bought a certain portion of tokens with a valuation under $1 billion.


The Web3 Foundation, joined by Polychain Capital, set up a new investment fund to back Polkadot in October. The amount of this backing was not disclosed.


Stuart Popejoy image courtesy of Kadena

News Feed

Tron’s Justin Sun Reveals Decentralized Algorithmic Stablecoin USDD
Tron"s Justin Sun Reveals Decentralized Algorithmic Stablecoin USDD On April 21, Justin Sun, the founder of Tron, announced the launch of a decentralized algorithmic stablecoin cal
Former FTX exec Ryan Salame to give up $5.9M Bahamas property
Martin Young5 hours agoFormer FTX exec Ryan Salame to give up $5.9M Bahamas propertySalame proposes to satisfy the debtors by transferring a residence he owns to FTX Digital Markets Ltd.2143 Total views3 Total sharesList
Two brothers manipulated Ethereum protocols to steal $25M — Justice Dept
Turner Wright7 hours agoTwo brothers manipulated Ethereum protocols to steal $25M — Justice DeptU.S. officials alleged the individuals engaged in a “first-of-its-kind manipulation of the Ethereum blockchain” by tam
Notcoin (NOT) Gears Up For Major Rally – Is $0.12 Still Within Reach?
Este artículo también está disponible en español. Notcoin (NOT) has recently been in an impressive price form rising by 19.71% in the past day to reach a local peak of $0
Chance of Bitcoin price drop to $52K rises as derivatives show traders losing hope
Marcel Pechman5 hours agoChance of Bitcoin price drop to $52K rises as derivatives show traders losing hopeWorsening US macroeconomic data and some slight changes in the Bitcoin options market could be signs that BTC’s
Nicholas Anthony2 hours agoExpect new IRS crypto surveillance to come with a surge in confiscationThe Justice Department is claiming that it"s "critical" for it to have the power to seize cryptocurrency from Am
New zero energy storage tech could lead to immortal blockchains
Tristan Greene3 hours agoNew zero energy storage tech could lead to immortal blockchainsToday’s tech allows us to preserve data for thousands of years with zero energy usage, tomorrow’s could ensure Satoshi’s visio
David Attlee14 hours agoIMF director urges ‘financial inclusion’ via digitalizationIMF managing director Kristalina Georgieva says digitalization is “the most important way” to scale up financial inclusion.1605 T
Ubisoft teases new blockchain game at Paris Blockchain Week
Gareth Jenkinson6 hours agoUbisoft teases new blockchain game at Paris Blockchain WeekThe AAA game developer aims to launch its first blockchain-based game by the end of 2024.918 Total views16 Total sharesListen to artic
Spanish Securities Regulator Orders Binance to Stop Offering Cryptocurrency Derivatives
Spanish Securities Regulator Orders Binance to Stop Offering Cryptocurrency Derivatives The Spanish securities regulator, the CNMV, has ordered Binance to stop offering cryptocurre
Global Crypto and Blockchain Investments Soared in 2021, Rising 5.5X to $30 Billion
Global Crypto and Blockchain Investments Soared in 2021, Rising 5.5X to $30 Billion A new report by one of the Big Four accounting firms, KPMG, reveals that investment in the crypt
8 People Arrested in Argentina Linked to Onecoin Ponzi Scam
8 People Arrested in Argentina Linked to Onecoin Ponzi Scam The Public Prosecutor’s Office of the Argentine city of Córdoba has indicted 12 people i