Parity Technologies-Guided Pontem Network Launches Its Parachain, Completes Milestone #1

Pontem Network, an experimentation platform for Facebook-backed Diem planning to run on Kusama, has completed the first milestone set out under the Substrate Builder’s Grant Program by Parity Technologies.

Pontem Network Completes the First Milestone under the Substrate Builder’s Grant Program

As per an update on October 24, in three months, Pontem Network managed to launch their Parachain and adopt the standard Diem library for compatibility with Pontem. It is on top of implementing an EVM compatible collator for staking and activating a bridge in Alpha to be later integrated with the Chainbridge.

In addition to these notable accomplishments, the Pontem Network developers also upgraded all their environments, including tools, VM WASM, and Pallet, to the latest version of Move VM.

Under the Substrate Builder’s grant program, the project is receiving critical technical support from Parity—the developer of Polkadot.

The latter is one of the most valuable blockchains that will host high-quality projects accessing interoperability from an ultra-secure, community-driven platform.

The Pontem Network is one of the 50 projects under the program.

Pontem Network’s Achievements in 3 Months

Specifically, in launching their Parachain, the Pontem Network developers also successfully set up and ran the Relay Chain before linking it with the independent blockchain.

The project’s developers, during set up, converted their standalone Substrate blockchain using the Cumulus framework and the Nimbus consensus extensions to a functional Parachain.

The independent blockchain is the main feature of Polkadot. Through Parachains, there is interoperability, flexibility, and, critically, scalability to overcome the prohibitive high Gas fees experienced in Ethereum.

The ultimate goal of the Pontem Network is to be a trustless, reliable test network for the highly anticipated Diem blockchain on Kusama.

The scalable platform with support from the social media giant, Facebook, is expected to shake down remittance, porting processes into the blockchain.

As studies show, the redundancy of a public ledger translates to improved security and better efficiency.

Work on Milestone #2 Begins

With the completion of the first milestone, Pontem Network developers are hunched, working on the subsequent phase beginning with run tests and starting off with key integrations.

Under the second milestone, the project’s creators are currently looking to work on essential aspects relating to governance, treasury, and xcmp.

As BTCManager reported, Pontem Network partnered with Pinknode to improve web3 infrastructure.