We are happy to announce that BOTLabs (the company behind KILT Protocol) and PureStake (the company developing the Moonbeam smart contract platform) will work together on Polimec (Polkadot Liquidity Mechanism). Both companies are part of the Polkadot Ecosystem and build on Parity’s Substrate framework.
Polimec is a fundraising mechanism for the Polkadot Ecosystem and it allows the issuance and transfer of multiple cryptocurrencies directly on a dedicated blockchain. The Polimec Blockchain is built on Substrate as well and therefore other Substrate based blockchains can utilize Polimec to issue tokens and make them available to the market even before their own network goes live. In this manner Polimec serves a similar purpose for the Polkadot Ecosystem like ERC20 contracts for the Ethereum Ecosystem.
This collaboration will enable the Polimec Smart Contract System as an extension to the Polimec Core Transfer System, which would act on behalf of an Issuer, execute Smart Contract functionality for vesting (also in periods), air drops, bounties, sales and everything else which already exists (or is possible) on Ethereum. Through this addition Issuers could build their coin offerings and the issuance of Currencies as complex as they need it while also reuse Solidity code of existing coin offering projects through utilizing Moonbeam’s EVM capable runtime.
Ingo Ruebe, Founder of BOTLabs says:
This cooperation showcases the abilities which we get from Polkadot: we now can build several independent blockchains each having its own strengths and use cases. With Polkadot these blockchains become interoperable and start showing their full power. With Polimec we built a very simple mechanism for issuing and transferring tokens. By adding Moonbeam smart contract functionality, Polimec becomes a very powerful tool.
Derek Yoo, CEO of PureStake says:
We’re excited to be partnering with the Kilt Protocol team to integrate Moonbeam with Polimec. Moonbeam based smart contracts will serve as an easy path for developers to customize and extend base Polimec functionality and assets. By leveraging the specialized capabilities of both chains, connected via Polkadot based interoperability, we are able to efficiently cover a wide variety of real world funding use cases.
Polimec differentiates from ERC20 in three main aspects:
- Token transfer fees are paid in the currency, which is actually transferred,
- Polimec has mechanisms to avoid less promising projects from issuing their coins
- Migration of tokens to the main net of a project is much easier and almost seamless for the users.
The features of the Core Polimec are being built by BOTLabs right now and are deemed to be rolled out in conjunction with the opening of the parachain functionality of Polkadot and the implementation roadmap of its cross-chain messaging functionality. This core will be useful to issue tokens for any project that is not yet ready to launch their main net.
Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently in active development by PureStake, Moonbeam is expected to reach MainNet by early 2021.