There are many initiatives in the blockchain industry that can complement one another rather than serve as competition. For example, the much anticipated Facebook-backed Diem blockchain is a project getting much attention. This single move could almost instantly unlock 3.1 billion users into crypto.
However, this closed-loop approach makes it difficult for developers to gauge the technology, which is where Pontem Network comes into the picture.
Facebook’s Diem Needs More Openness
While it is understandable for a technology giant like Facebook to keep its cards close to its chest, it can also hinder the adoption of the Diem ecosystem. That is because building a permissioned blockchain will always be a double-edged blade. On the one hand, it gives Facebook far more control over who can access products and services. But, on the other hand, it also deters developers from building applications, as there is no “test network” to try new things.
As Facebook isn’t necessarily inclined to build an open testnet, Pontem Network will provide a good alternative. It is a ‘canary in the mine’ network to Facebook’s Diem, created by team members who have extensive expertise in this ecosystem and other blockchain ecosystems. Making a permission-less version of Facebook-backed blockchain will prove beneficial to global entrepreneurs looking to build new products and solutions for this network.
Pontem Network is designed to bring Diem Association native move technology to a broader audience. The cryptocurrency community can be a good group for experimenting with applications on Facebook-backed blockchain. Move is a next-generation coding language for formally verified programming. As a result, developers benefit from more flexibility in their programs for managing and transferring assets. Additionally, there is extra security and protection against attacks on those assets.
Diem is the first real-world use case for the Move programming language. Even though it is limited in what developers can achieve, that will not be the case much longer, thanks to Pontem Network. The Pontem ecosystem is fully compatible with Diem and will help developers build and test new solutions before submitting them to the official Diem ecosystem. A sandbox environment is crucial when pursuing innovative ideas.
Pontem Network Fuels Developer Creativity
Through the native Pontem Blocks interface, Pontem Network provides a universal developer interface for smart contracts that lets coders create products, services, and even other blockchains. So whether one wants to explore financial strategies, develop new blocks to earn revenue, or anything else, there are many opportunities to explore. That is part of the reason why Pontem raised $4.5 million in funding to date. Investors see tremendous potential in this canary network for Facebook-backed Diem.
Other benefits of the permissionless version of Diem to explore include tapping into cross-chain liquidity, unlocking more advanced smart contracts, and having a package manager and other tools for DApp creation. Everything is set up to provide convenience and security simultaneously, creating a compelling developer sandbox. Ultimately, Pontem’s approach may attract hundreds of millions of users who seek exposure to Diem and its unique financial possibilities.
For developers and coders, the existence of Pontem Network helps them unlock unrestricted freedom to create new things. As more people explore Diem’s opportunities and potential, Pontem’s ecosystem will keep growing and thriving. Moreover, the compatibility with Facebook’s blockchain makes it easy to submit fully-built applications, products, and services on Diem and tap into its growing user base.