Short About: Pontem Network
Pontem network is the first (and only) project aiming to bridge permissioned and public blockchain ecosystems that will allow for the exchange of data and value between these two metaverses.
More specifically Pontem builds a Polkadot-based Dapp framework to connect public blockchains like Ethereum or Polkadot to Facebook’s (Meta’s) permissioned Diem Blockchain project (former Libra).
Few words about Diem.
Diem is an ambitious project of Meta (Facebook) Corporation based on blockchain technology to create a digital analogue of the payment system mainly in countries where people have difficulty with banking services.
According to the plan, about 2 billion users will become active clients of the online transaction platform. At the same time, the company’s mobile networks, such as WhatsApp, Messenger and Instagram, will provide convenient access to domestic and transnational transactions worldwide.
Diem is governed by Diem Association that is responsible for governance, strategy and validating processes. The Association will work to foster the development and deployment of the Move language, allowing developers to use the safeguards inherent to the Move language to develop innovative financial applications.
Move is a new programming language for implementing custom transaction logic and “smart contracts” on the Diem Blockchain. Because of the Diem Association’s goal to one day serve billions of people, Move is designed with safety and security as the highest priorities. Specifically, Move is designed to prevent assets from being cloned.
Pontem network’s solution
With the huge potential of monetization and pros of using Move and Move VM, Diem will be a centralized network with all its inherent features and inconvenience for developers: centralized dApp review process, length of review process, KYC, etc. That’s where Pontem can help.
Pontem is focused on creating an experimentation network that will include the best Diem’s open-source technology and Move.
Pontem will be the first project to bring the Move VM and Move language to Polkadot. In May 2021 the project completed all Web3 foundation grant milestones to bring Move VM smart contracts to Polkadot .
Projects aiming to build on Diem will be able to align their apps to Diem architecture and technology stack even before the official launch, which in turn will speed up the release of applications on Diem ecosystem and give faster access to the huge Facebook audience (2.9 billion+ users):
- Projects can build, test, and deploy dapps using decentralized architecture that is compatible with the Diem Blockchain and technology stack
- A developer friendly platform enables product market fit testing for apps by connecting to data and liquidity in established public blockchain ecosystems like Ethereum and Polkadot.
- Users can tap into the liquidity held in Polkadot-based DEXes and other protocols.
When Diem finally launches and it (hopefully) becomes possible to submit third-party dApps to it, devs can easily migrate from Pontem network to Diem. And if something goes wrong (for instance, if the dApp doesn’t satisfy Diem’s strict regulatory requirements), the project can stay and develop further on Polkadot.
In October 2021 Pontem joined Substrate Builder’s Program and so far achieved Milestone #1 (created a MOVE VM pallet, added a MOVE standard library, built Diem to Polkadot Bridge alpha and other features).
The testnet is already live, check out the guide for details.
Initial utility features:
- Payment of gas fees for the Move VM and transaction validation.
- As reward for crowdloans participants of parachain auctions on Polkadot/Kusama.
- Staking (collators/nominators) and governance (rewarding voters and collators/nominators for participating in governance).
Nox: Pontem’s canary.
Nox is Pontem’s incentivized ‘canary’ network where code and features will first ship for the Pontem Network. It’s a no-limits permissionless network that will serve as a sandbox for integrating regulatory compliance and regulatory compliant bridge to Pontem on Polkadot.
Pontem Nox will be connected to Kusama as a parachain and therefore it will participate in Kusama parachain auctions. The network will use standard crowdloan mechanism to obtain a parachain slot, find the crowdloan details below. The tockenomics and crowdloan rewards are the subjects to change, so follow Pontem to be well informed about all changes:
The last but not the least: Investors.
In June 2021 Pontem raised a $4.5M round led by Mechanism Capital and Kenetic Capital with other funds and established crypto projects including 30+ investors Alameda Ventures, Delphi Ventures, Animoca Brands, NGC Ventures, Morningstar Ventures, Genesis Block Ventures, Spartan Capital, Altonomy, Avalanche, CMS Holdings, Momentum 6, Taureon, AU21 Capital, GIBC and others.