A new project called “Melon”, created by Parity (Ethcore) founder Dr. Gavin Wood and Melonport AG, will enable decentralized asset management for multiple blockchains. The project announced November 14 will be the first multi-chain capable software.
Polkadot and Melon: Multi-Chain Network, Asset Management
Melon will enable a decentralized environment where users can create investment portfolios. The application will be the first application for the Polkadot multi-chain network. Polkadot is a multi-chain framework designed by Dr. Gavin Wood, founder of Parity Technologies Ltd and former CTO of Ethereum. The Polkadot infrastructure allows interoperability between multiple chains.
Melon will be Polkadot’s first application that allows users access to secure asset management. Because the portfolio is blockchain-based, cost is significantly reduced — enabling more competitive asset management, said Melonport. Moreover, Melon includes a modular attribute that enables rewards for developers and allows discourse concerning price feeds, exchanges, and other details.
“We’re very excited to be embarking on this path with Melonport,” Dr. Gavin Wood, founder of Parity 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.”
Open, Collaborative Effort
Melonport will initiate a “Melon token” ICO using the funding to scale Polkadot and Melon. The creators say the project will be focused towards individuals looking to manage crypto portfolios with exposure. The platform will enable users to invest and redeem portfolios using a transparent method. Melon is an open source project that anyone can use, and can be adopted by enterprise asset management firms.
Reto Trinkler, Melonport’s co-founder, is a mathematician who created a profit-making algorithm for betting. The team wanted Melon to be an “open, collaborative effort,” so Melon is structured in a way where developers can reap the benefits, said Trinkler. “In this way, we believe we can future proof development and collectively come up with the first ever blockchain protocol and software for asset management,” he added.
Blockchain Is Coming to Asset Management
Many people believe blockchain technology will be an integral part of asset management. Just recently, a Roubini ThoughtLab report said it expects 64% of traditional asset managers to be utilizing distributed ledgers in five years. Additionally, the financial consultancy company Oliver Wyman released a report detailing the benefits of blockchain for asset management. Project Melon hopes to push this vision across the globe in a decentralized manner.
Melonport co-founder Mona El Isa, a former Goldman Sachs trader and hedge fund manager, thinks traditional asset management has limitations. El Isa stated that working with Trinkler has been beneficial and complementary. “We believe that a collaboration with Parity will be very complementary as well and will help make this idea even bigger,” El Isa explained. More information concerning the Melon project will be available shortly, Melonport added.
What do you think about Polkadot and Melon? Let us know in the comments below.
Images via Shutterstock and the Melonport website.
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