The decentralized application (Dapp) system designed to explore and improve Facebook’s Diem blockchain, Pontem Network, has revealed their partnership with Pinknode; a Polkadot-only infrastructure provider.
Per the announcement shared with Altcoin Buzz, the collaboration between Pontem Network, and Pinknode infrastructure is expected to provide entrepreneurs around the world with “product market fit in an incentivized public network.” Thereafter, transmitting their apps to the Diem blockchain.
It’s important to note that Pontem is setting up a “public and permission-less version” of Facebook’s Diem blockchain; its release is set to be in late 2021. This will give users access to the features on Diem blockchain and Pontem Network as the networks are interoperable.
Pinknode is expected to give Pontem Network reliable, scalable, and secured API endpoints as Pontem Network creates the new alternative to Facebook’s Diem.
Creating the system on Polkadot makes it possible for any project joining the Parachain to be interoperable with Diem. Also, it makes it possible for products designed on Polkadot to connect with Diem via Pontem Network.
The collaboration will also help in developing the state of Polkadot’s infrastructure, therefore serving as an advantage to Dapp developers.
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The collaboration is another major achievement for Pontem, as they already secured a $4.5 million private fund that involved Mechanism Capital, Animoca Brands, Kenetic Capital, and a few others.
Pontem Network founder, Boris Povod, commented saying: “…With Pinknode acting as our primary infrastructure provider, their reliable and secure API endpoints will be a key building block to completing our joint goal of improving Polkadot’s current infrastructure, while also allowing us to work towards our goal of becoming the experimentation network for Diem. We look forward to what this partnership will bring.”
Co-founder of Pinknode, Eric Poh, also said: “In light of our synergies as infrastructure projects on Polkadot, Pinknode fully supports Pontem’s mission to build a bridge to Diem’s permissioned blockchain and potentially onboarding billions of users onto the Polkadot ecosystem. Collaborating with Pontem will allow Pinknode to do what it does best – providing dApp developers the infrastructural support they need to accelerate and expand the revolutionary potential of Polkadot’s cross-chain interoperability.”
About Pontem Network and Pinknode
Pontem Network was created in 2020. The network is designing a “public and permission-less version” of Facebook’s Diem blockchain wjhile designing a bridge that connects other decentralized platforms of public permissionless blockchains – like Ethereum – to Diem blockchain using Polkadot. Therefore, connecting Facebook’s 2.7 billion users with several use-cases; spanning across DeFi to NFTs.
Pinknode is reportedly a trusted node infrastructure provider existing on Polkadot. It’s focused on helping innovators create Web3 apps without needing to manage node software and hardware. They also help innovators fast-track product development by providing API endpoints with a well-organized onboarding process.
DOT Price
As of the time of publication, Polkadot’s price was $12.11 with a 24-hour trading volume of $586,180,442. DOT price also dropped down by 4.4% over the last 24 hours
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Polkadot is an interesting project. But I am not quite sure about Facebook Diem because their blockchain has not been online yet.
Anyway, thank you for your article. I just wonder is it easy to set up DOT wallet ?