The Web3 Foundation, the non-profit entity behind Polkadot, has funded a new bridge to link the multi-blockchain network to bitcoin.
The effort will see London-based developer house Interlay receive funding from Web3 to build a “BTC-Parachain” to bring Bitcoin-backed assets to Polkadot. Using its proprietary XCLAIM framework, the parshain would be an “open and unreliable system that exploits a dynamic set of guaranteed intermediaries,” the company said in an article published on Thursday.
Launched in 2016 by Ethereum co-founder Gavin Wood, Polkadot is a network for connecting and launching blockchain applications using parshains to connect to different networks.
Once complete, users will be able to use the parshain to hit PolkaBTC on a 1: 1 ratio with deposited bitcoin and will be redeemable for the original bitcoin at any time. “XCLAIM is on average 95% faster and 65% cheaper than using HTLC atomic swaps with Bitcoin,” said Interlay.
Fully interoperable through the Polkadot ecosystem, the parshain also stores DOT guarantees which can be allocated to the user, with a bonus, in the event of failure of the redemption process.
A regulated entity in Switzerland, the Web3 Foundation has, since the start of 2019, awarded grants ranging from $ 3,000 to $ 100,000 to projects aimed at leveraging the Polkadot platform. Web3 has so far funded more than 60 teams in five separate funding waves, according to its GitHub page.
Other projects supported by Web3 include a Metamask plugin, an interoperability bridge with EOS and a parshain connecting Polkadot to the potential ecosystem of Libra.
Last October, Web3 created a new Polkadot ecosystem fund with Polychain Capital. Although the foundation does not specify exactly how much was set aside for the new fund, a spokesperson at the time said it was “in the millions”.
It is not known how much funding Interlay has received from Web3. The company did not immediately respond to requests for comment.
Disclosure Lily More
The leader in blockchain news, CoinDesk is a medium that aims for the highest journalistic standards and respects a strict set of editorial policies. CoinDesk is an independent operational subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
