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Gear raises $12M to support DOT smart contract development

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on Dec 20, 2021
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  • Lemniscap, Three Arrows Capital, Distributed Globals and many other venture capitalists took part in the round
  • Polkadot's first five parachains went live on Saturday
  • Polkadot doesn’t allow contract development because it’s more a meta protocol and less an application platform

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Gear Technologies, a smart contract layer supporting the Polkadot (DOT/USD) blockchain, raised $12 million in a Blockchange-led funding round. Lemniscap, Three Arrows Capital, Distributed Globals and many other venture capitalists took part in the round, CoinDesk wrote.

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Gear infrastructure to ‘benefit entire ecosystem’

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A number of top executives of Parity Technologies and Web3 Foundation took part as well. Among them was the very founder of Polkadot, Gavin Wood, according to whom Gear’s infrastructure efforts would ‘benefit our entire ecosystem.’

First five Polkadot parachains went live

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The announcement follows an equally important one. Over the weekend, Polkadot achieved a major milestone. Its first five parachains – basically, layer 1 blockchains running on top of the layer 0 that is Polkadot – went live. They were Acala, Moonbeam, Parallel Finance, Astar, and Clover and are focused on a number of topics ranging from loans and investments to decentralized finance (DeFi).

Solving blockchain interoperability issues

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Ethereum (ETH/USD) cofounder Gavin Wood created Polkadot as a way to solve issues involving interoperability between blockchains as well as different use cases. Wood said:

No single blockchain design works optimally for every use case. Each chain comes with trade-offs making it good for some applications and not others. The parachain model was created with the belief that the future of Web 3 will involve many different types of blockchains working together.

Polkadot is a meta protocol

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On its own, Polkadot doesn’t allow contract development because it’s more a meta protocol and less an application platform according to Nikolay Volf, founder of Gear Technologies. Previously, Volf was a core developer at Parity, who cooperated closely with Wood for six years. He said in an interview:

The grand goal is to provide a fast track for smart-contract development in the Polkadot ecosystem. In terms of the technology, our approach to how different contracts interact with each other is a highly parallelizable architecture.

Gear testnet launch early next year

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Early next year, Gear will launch a testnet and undergo third-party security and financial audits. Volk expects it to go live in the second half of the year.

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