Former JP Morgan blockchain team launches feasibility study with Web3 Foundation
Kadena, the first blockchain technology company to come out of JP Morgan’s Blockchain Center for Excellence, has signed an agreement with Web3 Foundation to explore the implementation of Pact on Polkadot.
Driven by a shared interest in facilitating interoperability among blockchains, engineering teams from both organizations will share learnings about architecture, including on WASM+GHC, to identify the strongest opportunities for integration.
As agreed by Kadena and Web3 Foundation, the technical feasibility study for Pact implementation on Polkadot is to commence immediately. If successful, Kadena and Web3 Foundation will consider further steps towards deployment.
Polkadot empowers blockchain networks to work together under the protection of shared security. By parallelizing transactions, Polkadot solves major scalability issues that have thus far hampered blockchain development. Web3 Foundation is overseeing the launch of Polkadot as its flagship project.
Pact is the first human-readable smart contract language with Formal Verification. The simple and secure language can be used by both developers and business professionals. Pact is open-source and Turing-incomplete to better support on-chain services.
The feasibility study increases the number of blockchain ecosystems considering Pact as a smart contract standard. Pact on Polkadot would improve interoperability, which is key to wider blockchain adoption. With this agreement, the smart contract language from Kadena is one step closer to becoming available for the majority of blockchain developers, regardless of their preferred blockchain.
“Kadena is solving longstanding issues in blockchain that address interoperability, scalability, and security,” said Will Martino, Founder and CEO of Kadena. “A big piece of the solution to those issues is Pact, which is rapidly becoming the standard for smart contracts. In Web3 Foundation, we see an organization that is equally committed to making blockchain accessible. Polkadot provides people with a trustless environment where Pact can get broad use.”
“The importance of smart-contract languages is difficult to overstate,” said Dieter Fishbein, Web3 Foundation’s head of grants. “Web3 Foundation looks forward to the results of Kadena’s forthcoming feasibility study and to learning more about the role the Pact language could play in the Polkadot ecosystem.”
The news with Polkadot follows Kadena’s announcement of a collaboration with interoperable blockchain network Cosmos. Kadena is also providing an enterprise-grade solution as a Blockchain-as-a-Service offering on the AWS Marketplace and Azure Marketplace.