Melonport AG, a private company behind Melon multi-chain, announced its collaboration with Parity (Ethcore) and its founder Dr. Gavin Wood in order to provide the first decentralized application on the revolutionary Polkadot multi-chain network.

Polkadot multi-chain framework supports interoperability between different chains with different properties including encrypted proof-of-authority chains that are suitable for internal enterprise networks. With the Polkadot concept, the different blockchains will form one large inclusive interoperable multi-chain network with pooled security, the release stated.

"We're very excited to be embarking on this path with Melonport. 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," Dr. Gavin Wood, founder of Parity said.

With the collaboration, Melon will initially target at individuals looking to set up and manage crypto portfolios and build their track records on it. The developed protocol allows for investing and redeeming in portfolios and will become a way to discover and gain exposure to these crypto portfolios in an inexpensive and transparent fashion. The protocol is expected to be adopted by more traditional asset managers.

Melon will initially offer a completely decentralized blockchain infrastructure that is intended to provide secure and user-friendly access to manage or invest in the portfolio similar to hedge funds. Melonport AG will be working towards building Polkadot and Melon.

"Traditional methods of wealth preservation have offered a good service for a long time but we have also seen their limitations. My experience together with Reto's technical skills has been very complimentary. We believe that the collaboration with Parity will be very complimentary as well and will help make this idea even bigger," Mona El Isa, who partnered with Reto Trinkler in founding Melonport, said.