Pontem Network is the first to make Diem’s Move language available on Polkadot

Crypto education

Pontem Network is a Substrate-based experimental network that allows developers to build and test dApps compatible with the upcoming Diem blockchain. With the completion of its third milestone for the Web3 Foundation grants program, Pontem becomes the first project to bring Diem’s Move programming language to Polkadot.

About Pontem Network

Pontem Network is an ambitious testing ground for the soon-to-be-released Diem blockchain, spearheaded by Facebook. Built on Substrate and completely independent from Diem, Pontem uses a near-identical codebase, allowing developers to create and deploy solutions aimed at Diem before the latter is released. At the same time, product teams will be able to benefit from Pontem’s Polkadot parathread to tap into liquidity on various blockchains and reach out to a wider audience.

Pontem’s founders include Boris Povod and Stas Oskin, both known for having developed Crypti, the first DPoS blockchain, as well as co-founding WINGS DAO; Boris also founded the Swiss-based non-profit Wings Foundation.

Pontem makes Move available on Polkadot

In late 2020, Pontem Network received a grant from the Web3 Foundation to develop a Polkadot smart contract pallet for Move, a safe and flexible programming language used by the Diem blockchain.

The pallet (which is the Polkadot term for module) allows developers to compile smart contracts in the Move language and deploy them in a permissionless way within the thriving Polkadot ecosystem. Pontem also supports Move VM (virtual machine), a sandbox layer used to run code safely without the risk of creating problems for the live blockchain. In the future, the dApps built on Pontem Network can be submitted and eventually migrated to Diem.

Releasing the Move pallet on the testnet was the focus of Pontem’s third milestone for the Web3 Foundation grant. The pallet is freely available to all developers working with Substrate, so they can already start experimenting with Move and even build functioning testnet dApps.

The Pontem team has prepared detailed documentation explaining how to use the pallet, the graphic UI, and the CLI (command line interface).

Pontem’s roadmap for the coming months includes the launch of its own Polkadot parathread and the migration to the new version of Diem VM, as well as more work on the Move pallet.

About the Web3 Foundation grants

The Web3 Foundation awards grants for specific research and development projects in the field of decentralized protocols. The program’s aim is to promote the growth of the Web 3.0 — a next-generation digital fabric where users and computers will interact in a direct and distributed way, without the need for centralized intermediaries.

For more information on Pontem Network’s experimental tools for building Diem-compatible dApps on Polkadot, visit the official website: https://pontem.network/

Follow us: Telegram | Twitter | Website

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

  1. Blockchain fees. Most NFTs are issued on the Ethereum blockchain, where you have to pay for gas. NFT minting involves a complex smart contract and thus requires a lot more gas than simply sending crypto. Plus, the gas has been very expensive in the past few months, so you can expect to pay at least $50–100 in gas fees per NFT collection.
  2. Marketplace fees. While you can issue an NFT on your own, it will be hard to promote it and find buyers. That’s why most creators work with NFT marketplaces like OpenSea and Rarible. And while minting NFTs on OpenSea is technically gasless and free, there is a gas fee to initialize a seller account and accept a bid from a buyer — expect to pay around $150 in total. On Rarible, the costs can exceed $600.
  • Facebook has almost 3 billion monthly active users, giving Diem the largest potential audience of any blockchain project on earth;
  • The stablecoin will probably get integrated into transactions on Facebook, Instagram, Messenger, and Whatsapp (shopping, paying for ads, sending money to friends etc.);
  • Facebook can afford to hire the best developers and marketers, so the execution and promotion will be top-notch;
  • Diem’s programming language, Move, is safe, flexible, and well-suited for writing smart contracts;
  • It should be possible to add third-party dApps to the Diem ecosystem — think of WeChat with its thousands of mini programs, but on blockchain.

Copyright: 2020 Pontem Technology Ltd. All Right Reserved
Privacy Policy

Subscribe

Quarterly newsletter

Please tick the relevant boxes below if you agree to receive the following marketing materials:

Thank You for Joining Us!

Your have successfully subscribed to our newsletter.
Oops! Something went wrong while submitting the form.