An introduction to the Web3 Foundation of the Acala network platform
Acala was created to bring many big changes to the world of crypto. Who are the main sponsors of the Acala network? Do you know anything about them?
The world of cryptocurrency is developed but still carries problems of uncertainty, risks and little confidence. Acala network was created to fix problems in the electronic world, bring stability and trust in transactions. Acala network was initially implemented as a stablecoin, it is decentralized, multi-chain and multi-collateral based on Substrate, it is transferable to all connected chains on the Polkadot network. Acala network is operated as a corporation for the sake of the general community. So, what Web3 Foundation is the Acala network founded? Or join us to find out later.
The first interactive protocol to appear to allow multiple blockchain networks to operate under the protection of a shared security system was Polkadot. Polkadot can solve all the major scalability problems that had plagued the growth of blockchain in the past by parallelizing transactions. It also has a high-tech open governance system that allows networks to be renewed and evolved, making speeds much faster than older networks.
Applications ranging from decentralized finance and energy to games and communications will thrive on Polkadot, forming the foundation of digital jurisdictions in Web 3.0. Polkadot is the first project led by the Web3 Foundation.
Unlike Polkadot, Laminar is a financial institute backed by a decentralized financial protocol company. Laminar’s flow protocols bring both aggregated assets and margin trading on the blockchain. It helps to solve the challenges of ambiguous pricing and price manipulation in the current financial markets, bridging the chain between parties and off-chain, and ultimately increasing liquidity, visibility and the variety of on-chain transactions. Laminar is a Web3 grantee and contributor to the ecosystem. It will contribute financial expertise and risk management to the Acala project, as well as provide initial demand for aUSD stablecoins.
Polka Wallet is a mobile wallet that allows users to participate in the Polkadot ecosystem. Built by early adopters and supporters of Substrate and Polkadot, Polkawallet is also a Web3 grant recipient and contributor to the ecosystem. Polka Wallet will provide consumer-focused services for the Acala project, from the initial user need for aUSD stablecoin to CDP creation.
Acala network and Web3 Foundation are always aiming for a market with truly decentralized and community-owned currency. This in the future is not difficult when all communities are participating and developing the Acala network. Hope the above shares helped you know about Web3 Foundation.
Author Acala Mandala Wallet: 5DaSxGjKQpEGzYwQxwjtpYJkm5kd7z5TSzh3ENvc5GhtqJdF