Gavin Wood, founder of Parity Technologies, has partnered with a company called Melonport AG on a software for asset managers that supports interoperability among different blockchains with different proof of identity features. The first use will be cryptocurrency portfolios.
The software, Melon, will be the first application for Polkadot, a multi-chain network. Polkadot supports interoperability among blockchains with different properties, including encrypted proof-of-authority chains that are suitable for internal enterprise networks, providing they confirm to certain specifications.
Melon will provide secure and user-friendly access to invest in and manage portfolios similar to hedge funds. It provides a “rule set” that forces certain elements into portfolios such as trade restrictions and performance calculations. In addition, a “modular” element provides room for opinion on matters such as management fees, price feed sources and exchanges.
Melon will target individuals looking to establish and manage crypto portfolios. The protocol enables investing and redeeming in portfolios. Customers will be able to gain exposure to these crypto portfolios in a transparent and inexpensive manner.
Melonport AG, based out of Walchwil, Switzerland will facilitate a Melon token pre-sale accepting Ether contributions that will go towards building Polkadot and Melon.
“We’re very excited to be embarking on this path with Melonport,” Wood said. “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.”