Thorchain Hack / Paypal increases purchase limit to $100K / NFT Wearables

12. Polkadot will be used by Pontem to connect Diem and DeFi

Pontem collaborates with Polkadot, a node provider, to complete the experimental test network for Facebook’s Diem blockchain.

Because of the collaboration with PinkNode, the Pontem team will be able to deploy nodes on Kusama, Polkadot’s canary network.

Pontem intends to assist Diem in the introduction of new features by testing them in the Polkadot ecosystem.Pontem will be able to construct an experimental test network for Facebook’s Diem blockchain, formerly known as Libra, as a result of the collaboration.

Diem is an ambitious blockchain initiative by Big Tech staple Facebook, but due to its permissioned structure, it is not open to public participation. As a result, developers and entrepreneurs working on Diem may find it challenging to create open source solutions that can compete with public blockchains such as Ethereum or Polkadot in terms of innovation.

The project’s goal is to assist Diem in integrating new features and solutions by first testing them in the Polkadot ecosystem. To that aim, the project just received $4.5 million in funding from a number of venture capital firms, including Mechanism Capital, Kenetic Capital, and Animoca Brands.

Pontem also intends to develop a bridge connecting the Diem blockchain to Ethereum, the network that powers the growing decentralised finance field that includes more than $55 billion in total value locked, using Polkadot’s interoperable network.

Connecting the two networks, according to Pontem, will expose Facebook’s 2.7 billion users to DeFi. Diem, which is set to begin in 2021, would produce fiat-backed stablecoins that can be integrated with Facebook’s banking and e-commerce services, a strategic move that has been met with strong opposition from regulators.

Source: https://medium.com/coinmonks/thorchain-hack-paypal-increases-purchase-limit-to-100k-nft-wearables-6d132565ff4d?source=rss——-8—————–cryptocurrency