News
Polkadot Funds $600,000 Project to Introduce Smart Contracts, Boosting Blockchain Capabilities
THE Polka dot The governance community has approved approximately $600,000 for Pop Network’s R0GUE team to develop smart contracts that integrate the blockchain network’s native DOT token.
Smart contracts they are digital agreements stored on a blockchain that are automatically executed when predefined conditions are met.
These contracts are widely used on networks like Ethereumbut they are not supported natively on Polkadot’s Relay chain.
Therefore, Polkadot smart contract-enabled parachains operate with their own native tokens, which hinders seamless integration with DOT.
Pop Network
Pop Network addresses this major pain point that has hindered DOT’s growth by leveraging ink!, Polkadot’s smart contract language. This provides clear and stable interfaces (APIs) for smart contracts and exclusively uses the DOT token.
These APIs allow smart contract developers to easily leverage Polkadot’s capabilities to build innovative solutions, such as cross-chain applications, without the complexity of blockchain.
Peter White, founder of R0GUE, said:
“Pop Network’s solution easily leverages Polkadot’s capabilities, all while using the DOT token. Our developer-friendly interface powers up your ink! smart contracts with quick access to the power of Polkadot, requiring just a couple of lines of code.”
The network is live on the Paseo testnet and was recently showcased at the Sub0 blockchain event.
Notably, this development coincides with Polkadot’s continued technological advancements for its Polka dot vision 2.0Included Asynchronous supportElastic scaling e Agile coretime.
“25 trillion dollars by 2030”
Smart contract-enabled platforms are expected to grow astronomically by 2030.
Jamie Coutt, Chief Crypto Analyst at Real Vision, expected that the combined market value of smart contract platforms, fueled by the proliferation of AI agents, will reach a value of between $15 and $25 trillion by 2030.
Coutt, citing a November 2023 report from Real Vision, highlighted that AI could indirectly increase demand for on-chain verification and authentication services.
In his opinion:
“The prospect of AI agents, whether human-directed or autonomous, using blockchain via smart contract wallets to exchange value would significantly alter growth projections.”
Based on this, he concluded that AI agents could make up over 40% of total daily active users on the chain, creating astronomical valuations for blockchain assets that would benefit from transaction fees generated by the growing use of AI.
Disclaimer: CryptoSlate has received funding from the Polkadot Foundation to produce content about the Polkadot ecosystem. While the Foundation supports our coverage, we maintain full editorial independence and control over the content we publish.
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Posted in: Polka dot, Technology