The Web3 Foundation explores ways to incorporate smart contract programming language from Kadena for the Polkadot network. Web3 analyzing mechanism to adopt Kadena’s smart contract language.
As per the declaration made by Kadena during a media event in NYC, both organizations recently entered into a contract to initiate a research initiative to evaluate ways to leverage Pact on diverse Blockchain networks, starting with Polkadot.
Pact has been developed to help programmers who use various blockchains to execute smart contracts. Kadena intends that the language might establish as a standard for all smart contracts irrespective of the blockchains selected by the developers.
In June 2019, Stuart Popejoy, the founder of Kadena launched Pact, the cross-chain smart contract language for both public and private hybrid blockchains. Kadena contends that Pact is, in fact, the first of the kind smart contract language, which can be read by humans for executing their contracts with formal authentication, a mechanism for authenticating the correctness of algorithms through mathematical means.
Kadena’s Pact was previously called Chainweb and was made available to all users on November 4, 2019, connecting 10 blockchains simultaneously together. At the time, when Pact was made public, the company also announced the token sale of $20 million worth.
It operates with several blockchains, with similar Merkle origins that enable information to be distributed across different networks, to address the scaling complexities on current PoW networks.
Fidelity Investment’s subsidiary, Devonshire Investments, Multicoin Capital, Asimov Investments, SV Angel, and SIG participated in the Simple Agreement for Future Tokens (SAFT) sale initiated by Kadena in April 2018 and helped Kadena raise $12 million.
In the wake of the interoperability effort by the Webs3 Foundation, Kadena pressed to merge blockchain technologies with a standard smart contract language that allows incorporation of various blockchain Proof-of-Stake (POS) platforms efficiently.
Dieter Fishbein, The Head of Grants at Web3 Foundation, expressed that his company awaits the results of Kadena’s upcoming feasibility study in order to better understand Pact’s influence on the Polkadot platform.
Web3 Foundation was founded by Gavin Wood. He was also the chief technology officer and co-founder of Ethereum Project. Web3 Foundation unveiled Polkadot’s token sale in July. The token is called DOT Token, which was valued at $12 billion at that time. Additionally, during the launch, three anonymous Chinese firms obtained a small portion of tokens, which were valued at just under $1 billion.
Moreover, the Web3 Foundation collaborated with Polychain Capital in October to establish a new investment fund, which remains undisclosed to support the Polkadot project.