Home Cryptocurrency Pontem Network Joins Polkadot’s Substrate Builder’s Grant Program

Pontem Network Joins Polkadot’s Substrate Builder’s Grant Program

by Serge Shlykov

Polkadot is a new Ethereum-based platform with the goal of developing and implementing an open, secure and scalable multi-chain architecture. Recently, Polkadot announced that Pontem Network had applied to join their Substrate Builder’s Grant Program which was created to support blockchain developers who want to build on top of or alongside

24th October 2021, Tortola, British Virgin Islands

Pontem is pleased to report that they have completed Milestone #1 of Parity’s Substrate Builder award program after three months. This initiative, sponsored by Parity, the Polkadot blockchain’s creators, enables companies constructing Substrate-based blockchains, apps, or ecosystem components to benefit from Parity’s considerable knowledge and resources in technical problems, strategy, and ecosystem creation. 

Pontem is one of over 50 projects selected into the Substrate Builders Program, which means they’ll get help from Parity Technologies with their technical and community roadmaps, as well as establishing pre-determined targets to meet their objectives and launch their product. 

Pontem recently achieved Milestone #1 of the Builder’s Program, which comprises the following accomplishments:

  1. Creating their own crypto-currency

Pontem used the Cumulus framework and the Nimbus consensus enhancements to transform their single Substrate blockchain to a Parchain. 

  1. For interoperability with Pontem, the Diem Standard Library was used.

Compatibility concerns emerged during the implementation of the new standard library. Some functions were limited to remedy the problem, and some Pontem-only related functions were established. 

  1. Implementing a staking system for collators

Following the debut of the parachain, parachain collator staking – comparable to Moonbeam and Moonriver, respectively, Ethereum-compatible smart contract parachains on Polkadot and Kusama. 

  1. Bridge’s alpha is being implemented. 

Following advice from Pontem Network and Diem to develop an alpha version of Bridge, Pontem opted to implement alpha versions of Bridge contracts that can subsequently be merged with ChainBridge. 

Pontem was also able to upgrade all of its environments to the current version of Move VM, including tools, VM WASM, and Pallet, in addition to these important milestones. During the launch of their parachain, they were also able to effectively build up and operate their own Relay Chain, which they subsequently linked to the Parachain. Updated documentation and the release of a bootstrap docker compose for validators are two more modest achievements. 

Pontem is already looking ahead to Milestone 2, and several components such as governance, treasury, and xcmp have already begun to advance. After completing integration and runtime testing, they aim to focus significantly on Milestone #2 in the next days. Their objective is to be able to join Kusama’s parachain in the near future. 

Pontem is looking forward to the next step toward their eventual objective of being a permissionless, exploratory testnet for the Facebook-backed Diem blockchain. You may discover more about them by visiting their website, following them on Twitter, or joining their Telegram conversation.

Pontem’s Background 

Pontem is constructing a bridge to link the Diem Blockchain to the decentralized environment of public permissionless blockchains like Ethereum through Polkadot. This will make every crypto use-case available to Facebook’s 2.7 billion users, from decentralized finance (DeFi) to non-fungible tokens (NFTs). Users may create and test applications on Polkadot and other popular blockchains before moving their products to the Diem Blockchain using the Pontem Network and development platform.

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