Gavin Wood, former CTO of Ethereum and the founder of Parity Technologies, has partnered with a company called Melonport AG on a software for asset managers that supports interoperability among different blockchains with different proof of identity features. The first use will be cryptocurrency portfolios.

The software, Melon, will be the first application for Polkadot, a multi-chain network. Polkadot supports interoperability among blockchains with different properties, including encrypted proof-of-authority chains that are suitable for internal enterprise networks, providing they confirm to certain specifications.

Focus On Crypto Investing

Melon will provide secure and user-friendly access to invest in and manage portfolios similar to hedge funds. It provides a “rule set” that forces certain elements into portfolios such as trade restrictions and performance calculations. In addition, a “modular” element provides room for opinion on matters such as management fees, price feed sources and exchanges.

Melon will target individuals looking to establish and manage crypto portfolios. The protocol enables investing and redeeming in portfolios. Customers will be able to gain exposure to these crypto portfolios in a transparent and inexpensive manner.

Melonport AG, based out of Walchwil, Switzerland, will facilitate a Melon token pre-sale accepting Ether contributions that will go towards building Polkadot and Melon.

“We’re very excited to be embarking on this path with Melonport,” Wood said. “As a next-generation technology which is able to bring together open chains and enterprise chains, we feel Polkadot is uniquely suited to Melon’s use case and welcome the challenge of developing this technology to fruition with open arms.”

Also read: Goldman Sachs files blockchain patent for foreign exchange trading

Improved Customer Service

“Traditional methods of wealth preservation have offered a good service for a long time, but we have also seen their limitations,” said Mona El Isa, a former Goldman Sachs trader and hedge fund manager who partnered with Reto Trinkler in founding Melonport earlier this year. “My experience, together with Reto’s technical skills has been very complementary. We believe that a collaboration with Parity will be very complementary as well and will help make this idea even bigger.”

“We thought about this a lot and we really want the Melon project to be an open, collaborative effort,” noted. Reto Trinkler, a mathematician from ETH Zurich who developed a profit-making algorithm for sports betting exchanges in C++. “Whilst we plan to develop a set of modules ourselves, we have structured our usage tokens in a way that will reward developers. In this way, we believe we can future proof development and collectively come up with the first-ever blockchain protocol and software for asset management.”

Image from Shutterstock.