Switzerland-based fintech enterprise, Melonport, has announced today that they’re collaborating with Parity Technologies Ltd and its founder Dr. Gavin Wood on a new venture. Melonport’s innovative software, Melon, is going to be the first Dapp to run on Polkadot, a multi-chain network.
Melon is a blockchain protocol for digital asset management on the Ethereum platform. Melon “enables participants to set up, manage and invest in digital asset management strategies in an open, competitive and decentralized manner,” according to Melonport’s white paper.
The digital asset market is worth over $12-billion, and growing every day. Melon is good for individual crypto investors to large institutional asset managers. Melon will not only make it easy to set up an investment portfolio, it will also reduce management costs. It would eliminate these costs by using smart contracts to automate operations like clearing and settlement, performance monitoring, and broadcasting your validated track record. Due to blockchain’s transparent nature, performance can be easily tracked, allowing talented managers to stand out, so others can seek them out for their skills.
Polkadot is a concept pioneered by Dr. Gavin Wood, former CTO of Ethereum. Polkadot aims to bring together different blockchains into a pooled network. The goal is interoperability, allowing blockchains following certain specifications to be able to easily integrate. Melon is going to run on Polkadot, so it’s transparent and accessible across multiple platforms. Dr. Gavin Wood said:
“We're very excited to be embarking on this path with Melonport. As a next-generation technology which is able to bring together open chains and enterprise chains, we feel Polkadot is uniquely suited to Melon's use-case and welcome the challenge of developing this technology to fruition with open arms.
Polkadot represents the next step in the journey of consensus technologies and opens up some really exciting avenues. With the goal of allowing diverse kinds of blockchains to interoperate within the same consensus network, we can enable a new level of freedom and protection. Innovative new technologies can be quickly integrated, and divisive hard forks can become a thing of the past."
Polkadot could prove to be an indispensable asset for blockchain networks. Allowing public chains to integrate with private chains in a consolidated consensus network, while still retaining their permissioned safeguards, should only help the propagation and adoption of blockchain technology. Reto Trinkler, co-founder of Melonport, said:
"Polkadot feels like the next logical step when it comes to blockchain development and it's a perfect fit for what the Melon project tries to achieve. We are very excited to embark on this journey together with Parity Technologies Limited and make decentralized asset management a reality.”
Melon is for individuals who want to create and manage crypto portfolios, or invest in them. It’s similar to a hedge fund, but Melon uses the decentralized blockchain infrastructure to give users a secure interface that automatically enforces certain rule sets in regards to performance calculations and trade restrictions. This is all accomplished through the use of smart contract technology. Mona El Isa, former hedge fund manager and Melonport co-founder, said:
"Traditional methods of wealth preservation have offered a good service for a long time but we have also seen their limitations. My experience together with Reto's technical skills have been very complimentary. We believe that a collaboration with Parity, will be very complimentary as well and will help make this idea even bigger."
Melon is a great example of a disruptive technology in the financial sector. Cutting down management fees and ensuring transparency are just two of the big benefits of operating on a blockchain. Digital currency is creating an entirely new economy, and Melon is attempting to make it easier to get a slice of the digital pie.
To fund the building of Polkadot and Melon, Melonport will facilitate a Melon token pre-sale accepting Ether. More information regarding the token sale will be available near the end of the month. If you’re curious, Melon’s open source code is available on GitHub.