Web3 giant Parity Technologies teams up with Watr on ethical goods tracking platform – CableFree TV

Published by
Peter Kavinsky

While the US and Europe are baking off the heatwave of the summer, climate continues to climb the world’s agenda. Now that everyone is talking about energy, the way commodities are traded is also a topic of discussion.

The creation of “food labels” to trace the origin of a commodity – be it charcoal or pork belly – is considered by many to be the sector’s holy grail, and – these days – especially if CO2 emissions are taken into account. We have reviewed How Watre Foundationa Swiss-listed fund built by experienced commodities founders plans to do this with blockchain, bringing the technology to commodities trading.

He is currently collaborating with Parity technologiesthe creators of the now world-famous Polkadot (a protocol that connects blockchains) and Kusama, a network of specialized blockchains built on Polkadot-like code.

Watr will now serve as a public blockchain protocol and decentralized application ecosystem for what it calls “ethical goods” along with their financing and trading. Designed for both retail and corporate use, Watr plans to roll it out widely in Africa.

Parity’s partnership with Watr, led by Gavin Wood, co-founder of Ethereum and its CTO, aims to co-develop the Watr protocol and key applications, and jointly research and develop the functionality needed to power the $17 trillion platform. raw material industry.

Watr is substrate-based, EVM-compatible, and will use the Polkadot ecosystem and security as a parachain. This means that developers will be brought to DevNet by connecting to Rococo by early September.

Omar Elasar, Global Head of Ecosystem Growth and Business Development at Parity Technologies, said in a statement:

This collaboration will bring Watr’s wealth of product expertise to the Polkadot ecosystem and provide impetus to launch a platform for Web3-enabled solutions that address the industry’s most pressing challenges. This is a great first step towards greater adoption of web3 in a large industry that is critical to the global economy.

President of the Council of the Vatr Foundation Maryam Ayati added:

The opportunity to create new classes of ethical goods and trade supply chains is enormous. We are thrilled that the legendary Parity team has joined us and our existing partners to ensure the transition of goods to Web3 business models and liquidity while maintaining the security and decentralized spirit of the public blockchain serving both retail and regulated institutional users.

With a capital shortfall of about $1.5 trillion in commodities, due in part to ESG concerns, the timing could be right for WATR aspirations as the market now seeks tools for suppliers – and consumers – to distinguish between “good” and “good”. “bad” in the pricing of goods.

Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

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