Parity Technologies Announces New DIY Blockchain Tool

Blockchain, Innovation, News | October 24, 2018 By:

Blockchain infrastructure firm Parity Technologies will be releasing a new technology that will make it quick and easy to build blockchains and create cryptocurrencies.

Called Substrate, the technology provides a generalized platform for blockchain development. It is the underpinning technology of Parity’s “Polkadot” project, a platform that allows trust-free communication between blockchains. While Polkadot is built with Substrate and projects built with Substrate can run natively on Polkadot, Substrate is a protocol in its own right that allows developers to build new blockchain systems.

During the Web3 Summit in Berlin on Tuesday, Parity founder Gavin Wood demoed Substrate and launched a blockchain in just fifteen minutes from a brand new Mac laptop. In his presentation, Wood said Substrate will be “the biggest bet against blockchain maximalism.” He added that the technology will give developers “maximum freedom with minimal effort” as it is “highly customizable” and “adaptable,” designed as an “upgrade path” to interoperability with Polkadot.

“All of the lessons we learned developing ethereum and Polkadot have been distilled down into a single stack of tooling that allows you to get all these advantages, in terms of time, cost and money,” Wood said. “How well this works is going to be dependent on us. But it’s my hope that when we put out Substrate 1.0 this will be a turning point that makes the promise of a multi-chain world a captivating one… I hope this creates a new class of developers that sits in the sweet spot [between low and high skilled developers], where you can do just enough that allows you to get a job done and well without having to create your own blockchain.”

However, Wood emphasized that work remains to be done prior to its public release. He said “I’m giving it a three week countdown or something on these lines.” He also said that the Substrate software will be re-licensed to Apache 2, which will “instantly open the door to all of the Fortune 500 to actually experiment with it.”

“With Substrate, Pokaldot had just made the whole blockchain developer ecosystem jump forward between two and three years,” said Trent McConaghy, founder of Ocean Protocol and also a speaker at the conference.