Polkadot features help to develop Facebook’s blockchain environment

    01 Aug 2021

    Built on Polkadot, Pontem Network, a decentralized application framework, has partnered with Pinknode service provider to develop an experimental test environment for Facebook’s Diem blockchain-based payment system. It will lay the groundwork for various applications to join Diem’s network, providing decentralized finance and other features to Facebook’s users.

    Diem Association, the rebranded Libra cryptocurrency project co-founded by Facebook, is a blockchain-based payment system that aims to become FB’s primary payment service and support other products in the FB ecosystem.

    Later this year, Facebook is preparing to launch in the U.S. a Diem blockchain and accompanying stablecoin, which will serve as FB’s native cryptocurrency, connecting businesses and consumers within the Facebook economy. Therefore, developers are in a hurry now to start building and testing applications that will attract Facebook’s 2.7 billion users must, while Diem still isn’t live and hasn’t announced a launch date yet.

    Based on the new coding language “Move,” Diem is a permissioned blockchain, meaning that anyone who wants to participate requires the network’s approval first, unlike permissionless blockchains behind Bitcoin and Ethereum, where anyone can participate freely.

    To help developers access the Move language to begin building Diem’s applications, Pontem Network, a decentralized application (dApp) framework built on Polkadot, has created an experimental test environment.

    Playing a role of the ‘permissionless version’ in the ‘private’ Diem Blockchain, Pontem provides a bridge between the permissioned Diem network and other permissionless, decentralized blockchains.

    Also, Pontem has partnered with another Polkadot-based service provider Pinknode, to broader scale this test network’s abilities, providing developers with more flexibility and freedom in customizing and market testing their beta products. After testing and developing in Pontem’s experimental environment, applications can be transferred directly to the Diem blockchain due to Pontem’s cross-compatibility.

    Pinknode’s and Pontem’s solutions to improve Polkadot’s existing infrastructure will expand the ecosystem and help developers to use the suite of its tools.

    While Pontem continues to add more features to its experimental environment for FB’s Diem, Pinknode provides secure, scalable, and reliable infrastructure solutions to support developers in the future.

    Integrated with Pinknode for using public blockchains, Pontem becomes the R&D hub for Diem for first build, test, and deploy numerous decentralized applications, including decentralized finance (DeFi) and non-fungible tokens (NFTs), and other potential use cases.

    Facebook’s Diem cryptocurrency, which under its former name Libra made a lot of noise in 2019, alarmed American and global financial regulators, and now is preparing to launch a dollar-pegged stablecoin.

    Source: https://www.nasdaq.com/articles/polkadot-ecosystem-eyeing-facebooks-blockchain-project-2021-07-21

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