The Web3 Foundation is learning how to undertake blockchain startup Kadena’s Pact sensible contract programming language for the Polkadot ecosystem.
The two organizations signed an settlement to kick off a analysis venture learning how Pact might be built-in into totally different blockchain platforms, starting with Polkadot, Kadena introduced on Tuesday at CoinDesk’s Invest: NYC occasion.
Pact is designed to facilitate sensible contract executions amongst builders that use totally different blockchains. Kadena hopes the language will grow to be a sensible contract normal, no matter builders’ most popular blockchains.
The agency’s founder Stuart Popejoy unveiled the cross-chain sensible contract language in June 2019 for “hybrid blockchains,” each private and non-private. Kadena claims Pact is likely one of the first “human-readable” languages to execute sensible contracts with Formal Verification, a method of verifying algorithms’ “correctness” utilizing mathematical strategies.
Formerly referred to as Chainweb, Kadena’s blockchain platform went live on Nov. four, weaving collectively 10 proof-of-work (PoW) blockchains operating concurrently. At the identical time, the agency additionally introduced a $20 million token sale.
The community tackles scaling challenges on present PoW networks by operating a number of blockchains concurrently, with shared merkle roots permitting for knowledge to be shared throughout totally different networks.
Kadena raised $12 million via a Simple Agreement for Future Tokens (SAFT) sale in April 2018. Fidelity Investments’ personal investor arm, Devonshire Investors, Multicoin Capital, Asimov Investments, SV Angel and SIG participated within the token sale
The firm’s push to combine blockchain platforms with a common sensible contract language got here on the heels of the Web3 Foundation’s interoperability undertaking that facilitates inclusion of various 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 inspiration’s head of grants, stated in a press release.
Started by ethereum co-founder Gavin Wood, Polkadot launched its DOT token sale in July with a $1.2 billion valuation on the time. Three unnamed Chinese funds purchased a sure portion of tokens with a valuation underneath $1 billion.
The Web3 Foundation, joined by Polychain Capital, arrange a brand new funding fund to again Polkadot in October. The quantity of this backing was not disclosed.
Stuart Popejoy picture courtesy of Kadena