Dr. Gavin Wood, founder of Parity Technologies and lead developer of the acclaimed Parity Ethereum client says, “Polkadot represents the next step in the journey of consensus technologies and opens up some really exciting avenues. With the goal of allowing diverse kinds of blockchains to interoperate within the same consensus network, we can enable a new level of freedom and protection. Innovative new technologies can be quickly integrated, and divisive hard forks can become a thing of the past.”
Ken Kappler, co-founder and CCO of Parity Technologies continues “Polkadot has the potential to integrate so called ‚Äòprivate‚Äô chains into the same consensus network as public chains like Ethereum – while still retaining their privacy and permissioned safeguards. It gives us a new transactive layer potentially linking hundreds of blockchains to one another.”
Polkadot will be formalised and implemented under a signed commercial development agreement with Melonport AG, who will fund the development of it as part of their overall wealth management platform. As part of the agreement, Polkadot has been designated to include a backwards-compatibility layer with the current Ethereum network, allowing smart contracts on Ethereum to interact directly with any chains that become a part of Polkadot network.
Source: Polkadot announcement 14th Nov 2016