February Community Update

By OAX Foundation on February 28, 2020

February Community Update

Lo and behold! If you haven’t heard the news yet, then it’s good that you’re getting another update now.

We announced earlier this month that we will be building our OAX Parachain on the Polkadot network. The hope is that our parachain will be able to open doors to DeFi opportunities.

Since the announcement, we’ve had people asking us “Why Polkadot”? “What happens to L2X?” “Are you guys giving up on Ethereum?”

The truth is, our answer for all three of those questions are so interlinked that we can answer them all at once.

You’ve heard us talk about the four shortcomings ad nauseum—speed, scalability, trust and interoperability. With the launch of L2X we addressed three out of the four, but the last one was always a conundrum. Because we were always on the lookout and discussing with the community about possible solutions, Polkadot has long impressed us with their potential. Their vision for interoperability, shared security and approach to tie various blockchains together (including Ethereum) aligned with the very goals you’ve heard us hammer on about. With the hopeful success of our parachain, progress for our previous ventures can likewise be achieved, and even more, open roads to additional opportunities.

It’s still early stages and we have much to update over the course of the next few months, so don’t forget to stay up-to-date with our work which we’ll provide information on all our official channels (and our monthly community updates)!

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Coronavirus has hit many of our communities and businesses, but we’re quite lucky that we can continue with much of our work. Just a few days ago, there was the first Polkadot HK ‘meet up’ webinar where the team listened in on updates regarding the Polkadot Ecosystem, the outlook for 2020, and took in tips on building our blockchain.

Since it was the first meeting, a broader overview of the platform, the relationship between Polkadot and Web3, and how the infrastructure works was discussed. In future we look forward to the sessions delving deeper into the technical aspects that can potentially help developers (and for the sessions to be hosted in English too!)

We believe that the community plays a massive role in the success of any project. Find out more about the teams working on Polkadot, and we hope to see everyone at more events in future as we work with the community. Stay tuned!