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ChainSafe Acquires Web3 Grant to Develop Polkadot Runtime

Reading Time: 2 minutes by on February 1, 2019 News

ChainSafe,  a Canadian distributed ledger technology (DLT) startup has secured a grant from the Web3 Foundation. The grant will enable the firm to develop a runtime environment for the Polkadot network using the Golang programming language, according to a Medium blog post on January 29, 2019.

Polkadot Runtime

In December 2018, Web3 Foundation, a platform dedicated to building a decentralized internet launched a grants initiative aimed at empowering development teams building with Substrate and Polkadot.

Now, per a Medium blog post by the W3F team, ChainSafe and two other blockchain projects have been selected to receive the grants, beating out numerous startups that had sent in their application.

Reportedly, ChainSafe will build the next node implementation of the Polkadot Runtime Environment (PRE) using the Golang programing language.

For the uninitiated, Polkadot is merely a multi-chain framework that supports interoperability between vast arrays of chains that have different properties including encrypted-proof-of-authority that can be used in developing enterprise blockchain networks. Per the team, Polkadot Runtime Environment, on the other hand, is a platform that would enable devs to develop and run their applications, seamlessly create parachains and more.

The PRE is targeted at making life easier for programmers by providing reusable components including a networking layer, a consensus layer, and a Wasm interpreter.

Differences

Explaining further, W3F has made it clear that in order to improve the modularity of the entire protocol it has separated the Polkadot Runtime Environment from the Polkadot Runtime.

Specifically, W3F has stated that in addition to improving the modularity of the Polkadot protocol, building multiple implementations also makes it completely decentralized, facilitates knowledge dispersion, network resilience and better definitions of Polkadot.

Why ChainSafe?

W3F says it decided to approve the application of ChainSafe and the two other yet to be announced firms due to their development capabilities including their excellent work on Ethereum 2.0 and in the Ethereum ecosystem, since Polkadot will be bridged with the Ethereum smart contracts network to enable the two systems to work together and make the Web 3.0 dream a reality.

On January 26, 2019, BTCManager informed that creators of the Polkadot project had announced plans to raise $60 million despite the current cryptocurrency market downturn.

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