Curious about BUIDLing at ETHDenver & ColoradoJam 2021 with Acala Network but wanting more details on their project? Get the scoop from their recent interview with ETHDenver:
How Did Acala Start?
“My name is Ruitao Su and I’m one of the co-founders of the Acala Network. I pretty much started this venture with a number of other co-founders. In the previous few years, we were committed to building on top of Polkadot. And it was a quite new concept, but we envision the future will be linked to kinetic blockchains. So this is our news on the next development of the DeFi space.”
Tell Us More About Acala
“I think there’s like a number of ways that you can build on top of polka, or you can be on top of a patch on top of Polkadot. So on the entry level, or if you are familiar with Solidity development, Acala has actually supported Solidity deployment from day one. So it’s like you will be feeling right at home because of what you’re doing- what the developer is doing on Ethereum is pretty much the same stuff you will be doing on Acala. So any Solidity developer, exploring deployment options outside Ethereum should definitely check us out! And for the more adventurous developers, two more ways for developing something on top of Arcola, on top of this the native big smart contract, which is written in Rust, and this also the hardcore way, which is pretty much develop your own blockchain, using the substrate framework, also written in Rust. So it’s like a different level of integration, different level of development depending on your browser and your knowledge on rust.”
What Else Should BUIDLers Know?
“The problem behind the polymer project is that you are pretty much able to customize your own project. And while you were writing smart contracts, on solidity, there’s actually a lot more possibilities you can do. For example, we are building automatic schedulers, right into the production level, the fee, how smart contract fees are being charged, can be customizable, and, and things like that. So pretty much like the whole layer, the whole blockchain core logic is up to up for customization, I would say. So I think the bare minimum is that someone’s able to deploy or to develop a smart contract as if they will deploy on top of Ethereum. But there’s additional flexibility that we’ll be offering as a project.
We’ve been building for the past year and half, pretty much like close to two years, in using the subject framework. And 2021 is actually the year we could get to release the project. So the project is actually coming live very, very soon, maybe Q1 this year. So I’m personally so excited about that, ultimately, where I’m able to use the product that we built, I think it’s gonna be awesome.
In the past year and a half, we have built a set of core financial primitives down into the core level, on a core business level on blockchain. So the Acala network provides a stable coin staking narrative and an aggregated centralized and unified source of liquidity, right in the core blockchain level. So a developer might be able to tap into our stable coin pretty much from scratch, a developer might be able to tap into our staking deity product from scratch. And I can start to imagine a lot of financial products can be developed from what we have built.
Using one simple example, let’s discuss tokens. And given the opportunity to program this token, I can already foresee some products being developed, for example, a fixed income product. If I hold some new bearing token, I would like to draw a tiny bit of cash of a stable coin from my position without risking too much so that it can be already programmed. So I think the general idea behind what we do is that the Acala blockchain is a financial specialized blockchain with a set of building financial primitives. And any developer can tap into what we built in a trustless nature, and start to develop the application. We actually have a very mature community on this site and on Telegram, and we have a great following on Twitter. So it’s a very, very friendly community. So anyone can jump in and say hi, pretty much we are active on Discord all the time! And I will say that for developers joining established and start to explore the new karma or the new layer zero layer one, have a check out of what we build. Check out how Solidity functions in our specialized shot. Deploy some ways you have a playground, so deploy some contracts. Give it a try and see how it goes!”
Meet the team and learn more about Acala Network at ETHDenver & ColoradoJam 2021, February 5–12! Apply today at ethdenver.com.
