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Parity Founder Demonstrates Ease of Creating a DLT System, Launches a Blockchain Within Minutes

Parity Founder Demonstrates Ease of Creating a DLT System, Launches a Blockchain Within Minutes

Reading Time: 2 minutes by on October 25, 2018 Altcoins, Blockchain, Business, Ethereum, News, Platform
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While distributed ledger technology (DLT) undoubtedly has the potentials to revolutionize nearly all sectors of the global economy, many startups still find it an arduous task creating and deploying their blockchain networks. However, the founder of Parity Technologies, Gavin Wood has turned the game on its head by launching a blockchain within 60 minutes at the Web 3 Summit in Berlin, reported TechCrunch on October 23, 2018.

Built on Substrate

Per sources close to the matter, the founder of Parity Technologies, Gavin Wood, has achieved a feat never heard of in the over a decade old history of DLT.

Present at the Web3 Summit in Berlin, Wood “demoed launching a distributed ledger technology platform under 60 minutes,” using Substrate, Parity’s blockchain framework which is made up of WeAssembly,  Libp2p, and AfG Consensus.

According to TechCrunch, it took Wood only 15 minutes to launch a new blockchain from his brand new Mac laptop which he dramatically tore off the wrap in the presence of the crowd of expert blockchain developers present at the conference just to demonstrate how easy it has now become to launch a blockchain with only a few tools.

Parity’s Substrate Blockchain Framework Goes Live in November

According to the Parity team, Substrate is the next generation infrastructure for blockchain innovation. Parity has made it clear that the version 1.0-beta of Substrate framework will be released in November 2018.

If all goes as planned, come November 2018, Substrate will be launched as a standalone blockchain framework, making it easy for developers to create highly functional and advanced distributed ledger technology solution that Parity says can be customized for any project.

Importantly, the Parity team firmly believes that Substrate will provide a framework for DLT innovators to do their work with maximum freedom and less stress.” Wood has reportedly declared that Substrate will bring an end to what he calls “blockchain maximalism,” and eradicate all “nationalistic” tendencies that are plaguing the DLT ecosystem.

Wood also stated Substrate would be “relicensed” to Apache 2, to allow all the Fortune 500 companies experiment with it. He further noted that all the lessons its team learned while building Ethereum and Polkadot had been put together to create Substrate.

As reported by BTCManager, earlier in November 2017, a bug in the Parity ether wallet allowed a user to accidentally freeze more than one million worth of users’ ether holdings.

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