Bitcoin

Polkadot is a “bet against blockchain maximalism”

Polkadot doesn’t have to be an “Ethereum Killer” to be successful. according to the information provided by the founder of the protocol, Gavin Wood.

In a “fireplace chat” with the podcaster Laura Shin during the business summit Polkadot deciphered Thursday, Wood was asked if his protocol could co-exist alongside Ethereum, given its lofty development goals and growing success in attracting the attention of new developers.

Wood admitted that The blockchain ecosystem is big enough for both protocols. but said that Polkadot is essentially a “bet against blockchain maximalism”.

Polkadot is a “bet against blockchain maximalism”
Polkadot is a “bet against blockchain maximalism”

Said Today’s Ethereum narrative is, “There just has to be one blockchain.” but he added that the concept was never believed.

“When Ethereum is a chain as a kind of bridge […] I think there is a good chance that Polkadot and Ethereum will live happily together. “

Polkadot is built as “Network of Networks”, with the “Bridges and Connectivity” as the two most important factors in creating a more fluid ecosystem.

Established in 2016, Polkadot is a cross-chain interoperability protocol that can be used to transfer any type of data or asset on your network. Due to the increasing evolution of the asset on the platform and its potential use cases, it is sometimes referred to as the “Ethereum Killer”.

The project’s first coin offering, or ICO for short, generated $ 144.63 million in sales in 2017, making it one of the most successful crowdfunding campaigns. Since the start of the mainnet in May and the successful changeover of the DOT token in August, Polkadot quickly made it into the top ten cryptocurrencies.

At the time of this writing DOT had a total market cap of just over $ 4.8 billion.

While talking to Shin for over an hour, Wood has also been put under pressure about the possible legal ramifications of the so-called Polkadot IPO. This is touted as a more transparent funding method for decentralized apps and other cryptocurrency projects.

Although Wood admitted that there had been no legal inquiries about the parachute offers, Regulations are not particularly important as going public is a stake rather than a transfer of value. He described IPOs as “guaranteed lockdown and guaranteed return after the lockdown”.

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