Logion wins Polkadot grant to secure digital assets with “proof of law”

Polkadot’s Decentralized Futures program has just named blockchain platform Logion as its newest grant recipient. 

Logion platform is carving its own path in the blockchain space by combining digital assets with legally-backed frameworks, transforming these assets into legal evidence. By using what it calls “proof of law,” Logion offers a transparent approach that makes it easier for users to hold digital assets with confidence. 

The Web3 Foundation, the development agency for Polkadot , dedicates a prize pool of 10 million DOT tokens, roughly $65M, to support the rollout of the Join-Accumulate Machine (JAM) upgrade for the Polkadot ecosystem.

For its part, the Decentralized Futures program plans to distribute $20M and 5M DOT tokens to back individuals and teams launching projects that help grow the Polkadot ecosystem. 

Funding is open to both profit-focused and non-profit Polkadot initiatives with a plan for ongoing financing through Polkadot's on-chain treasury system beyond 2024. The Web3 Foundation manages the program, providing resources, advocacy, research, and collaboration.

To qualify, participants need to meet specific criteria like importing and producing blocks, meeting performance standards on Polkadot, and passing security audits. 

Logion is focused on making digital assets safer and adding some legal backing to digital transactions. The platform set up a framework that helps users manage cryptographic keys and digital assets in a straightforward way with some legal oversight.

One of their main features is a simple recovery system for lost keys, which can be a big relief for anyone worried about private key management. Legal officers play a role in this recovery process, stepping in to prevent fraudulent access and manage inheritance matters

With Logion, certified professionals like lawyers and accountants can file legally binding documents, reports, and expert opinions. Storage is handled through a decentralized, encrypted IPFS network managed solely by legal officers.

This setup aligns with Polkadot’s plans of broadening blockchain adoption by making platforms accessible to everyone—not just tech-savvy users. 

Source: Investing.com