London, UK; Berlin, DE: Parity Technologies Ltd (formerly known as Ethcore) the blockchain core technology company and creator of the Parity Ethereum software announced the immediate availability of the Polkadot technical vision paper. Polkadot is a third-generation public permissionless blockchain technology designed to be at once scalable and extensible, solving two of the greatest problems preventing widespread adoption of blockchain technology today. It will be developed as an open-source technology with public contributions welcomed.
Dr. Gavin Wood, founder of Parity Technologies and lead developer of the acclaimed Parity Ethereum client says, "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."
Ken Kappler, co-founder and CCO of Parity Technologies continues "Polkadot has the potential to integrate so called ‘private’ chains into the same consensus network as public chains like Ethereum - while still retaining their privacy and permissioned safeguards. It gives us a new transactive layer potentially linking hundreds of blockchains to one another."
Parity Technologies (formerly Ethcore) is a UK-based VC backed company founded by Ethereum co-founder Dr. Gavin Wood together with a number of other central figures from the Ethereum project. The Polkadot project is slated to begin in the new year and take up to 24 months to complete.
http://parity.io/ for more about Parity Technologies
http://polkadot.io/ for more about the Polkadot Technology
Ethcore has secured funding of US$750,000 in a preliminary, pre-seed funding round. The funding round is led by San Francisco-based Blockchain Capital and Shanghai-based Fenbushi Capital. The funding will be used to further pursue the development of the most advanced blockchain stack and support industry partners and start-ups alike to innovate using Ethereum technology.
Ethcore was founded by former Ethereum CTO Dr. Gavin Wood, creator of the Ethereum specification as well as smart contract programming language Solidity, together with several former core Ethereum team members. Ethcore will be working with global industry leaders to help unleash the immense commercial potential of the Ethereum protocol and is already working alongside BNP Paribas to implement blockchain specific solutions for finance on top of Ethereum technology.
Despite this growth, there have been concerns that until issues around scalability and privacy are tackled there are limits to the potential impact blockchain could have. Ethcore is addressing this directly and working on modifications to the blockchain architecture to enable large scale and higher value transactions as well as to allow for the preservation of privacy when institutions or individuals deal with each other over a blockchain.
Ethcore recently released the first version of their premium Ethereum client, Parity, the fastest and lightest Ethereum client available. The Parity software client forms the bedrock for the company’s continued innovation in concert with the Ethereum community. Ethcore’s software technology roadmap includes light-client technology for secure IoT applications, permissioned chains, scalability and confidentiality features as well as application level libraries for use by developers and third-party projects.
Update from Ethcore Founder, Dr Gavin Wood
Here at Ethcore we believe that the blockchain is here to stay. We believe that IoT is here to stay. We believe that decentralization and empowerment are here to stay. The digitization of assets, contracts and identity will help individuals, businesses and governments do what they need to do faster, better and cheaper. That's why we're building the best technology for running the best blockchains in the world.
Ethcore is a new venture built by many of the people who brought Ethereum from an initial whitepaper to the first global smart-contract network administering over $200m of value. Founded by Dr. Gavin Wood (Co-designer of the Ethereum protocol and the EVM, and Inventor of the Solidity language) together with Dr. Jutta Steiner (Chief Security Manager, Ethereum, and Co-founder, Provenance), Dr. Aeron Buchanan (Head of Operations, Ethereum), Kenneth Kappler (Communications Manager, Ethereum) and TJ Saw (CEO, OxLegal), Ethcore will be working with trail-blazing startups and global industry leaders alike to help unleash the immense potential of the Ethereum protocol throughout key verticals such as energy, IoT, finance and asset-tracking.
Exactly 2 years after the initial public release of the trailblazing C++ Ethereum client, Ethcore is proud to announce its flagship blockchain technology suite, Parity. Parity is a fully compliant Ethereum client built from the ground up for the IoT and enterprise environment. We’re combining open standards, cutting-edge technologies, the best practices of software development and unsurpassed in-house expertise to create a low-footprint, high-performance, ultra-reliable, developer-friendly, secure and modular blockchain technology set. Parity is the first in a series of scheduled releases which will, over the course of 2016, usher in various optimizations and functionality to make the Ethereum protocol more relevant to both IoT and enterprise.
Ethcore will take an aggressive position in the pursuit of Free software and open standards. We will continue to work closely with others in the Ethereum and blockchain community. As much as possible of our software, including our Parity product line, will be made fully open under the popular Free software licence GNU GPL, exactly the same as the Linux kernel on which we expect Parity to run, allowing everyone to benefit from the success of our vision.