Web3 Foundation offers interlay grants for the creation of Bitcoin – Polkadot Bridge March 7, 2020 March 7, 2020
Interlay, a blockchain compatibility company, has received a grant from the Web3 Foundation to advance its work on Polkadot.
The funds will be used to build a parachute on Polkadot and connect to the Bitcoin (BTC) blockchain.
Interlay is one of the recipients the fifth phase of the Web3 Foundation grants planned for the first quarter of 2020.
Parachain is an application-specific data structure that is coherent worldwide and can be validated by the validators of the Polkadot relay chain.
The Web3 Grants program supports various groups and companies that work Push Polkadot forward in one area of environments.
The maximum amount granted is USD 100,000 and is linked to the achievement of certain milestones, although the Foundation does not disclose the amount actually granted for each project.
Funding is primarily intended for software programmers who create the framework for Polkadot. The software focuses on parachutes and connecting with other companies, unique purses, test tool sets and the creation of user interfaces.
The foundation will too Financial attempts to study Polkadot's security, alliance, and benchmarking, in addition to other educational activities.
Interlay claims to be a company focused on interoperability in decentralized finance (DeFi). An interoperability network called Xclaim has been set up with the intention of developing assets that are supported one-to-one across multiple chains.
From 2018, the company will carry out the necessary work for the blockchain-neutral installation of Xclaim.
Xclaim depends on "Secured intermediaries" pave the way for chain-to-chain money transfers.
The system also allows users to transform "His own mediator" similar to how atomic swaps would work.
Based on Hash Time Locked Contracts (HTLC), programmers point out that Xclaim is “95% faster and 65% cheaper” than atomic swaps.
The Polkadot company is managed by Parity Technologies, a company co-founded by Gavin Wood, who previously co-founded the Ethereum (ETH) blockchain.
It is the provision of an interoperable and fragmented blockchain that immediately competes with the Ethereum platform.
The company has put the spotlight on various high profile integrations of network players that originally focused on Ethereum.
On February 25, it unveiled a synthesis using Chainlink to offer oracles powered by Polkadot, a key feature to activate DeFi.
A strategic partnership was signed a few days ago with Celer Network to implement the two sidechains for Polkadot.
With the Interlay Award, the company now seems to have focused on bringing Bitcoin on board as well.