Web3 Foundation to provide Funding for the Integration of Polkadot to Bitcoin

Uzair S. March 5, 2020 - Last Updated: March 5, 2020

1 minute read

Interlay is a London based developer house that has received funding from the Web3 foundation for the task to build a “BTC-Parachain” to bring bitcoin-backed assets onto Polkadot. To accomplish this assignment the XCLAIM framework has been used, this would make the parachain an “open and trustless system that leverages a dynamic set of collateralized intermediaries,” According to the company’s Medium blog.

Polkadot was launched in 2016 by Ethereum co-founder Gavin Wood, Polkadot is used for connecting and launching the blockchain based applications to different networks using parachains.

Benefitting the Users

With its completion, users will be able to deposit their bitcoins and mint PolkaBTC on a 1:1 ratio. Interestingly the PolkaBTC can be converted back to the original Bitcoin at any time. ”XCLAIM is on average 95% faster and 65% cheaper than using HTLC atomic swaps with Bitcoin,” Interlay said.The Polkadot biological systems provides us the access of working and communicating among different networks,the parachain likewise stores DOT insurance that can be distribute to the client, with a premium, should there be a mistake with the recovery methodology.

As per Web3 Official GitHub page, since 2019 Web3 Foundation has provided funding to almost 100 projects to build on the Polkadot platform and the funding amount lies between $3,000 to $100,000.

Web3 Foundation has supported some other projects also which includes the Metamask plugin, a bridge that allows working and communication between different networks with EOS and a parachain has been built to link Polkadot to an ecosystem.

In October 2019, Web3 made another Polkadot environment subsidize together with Polychain Capital. Despite the fact that the establishment would not determine precisely what amount had been saved for the new reserve, a representative at the time said it was “in the millions.”. It’s clear that Interlay has received funding from Web3 but to be precise the amount is still unknown.