Polkadot is a ‘bet against blockchain maximalism’

Polkadot doesn’t need to be an “Ethereum killer” to succeed, in line with protocol founder Gavin Wooden. 

In a “fireplace chat” with podcaster Laura Shin throughout the Polkadot Decoded enterprise summit on Thursday, Wooden was requested whether or not his protocol might exist alongside Ethereum given its lofty growth targets and rising success in bringing on new builders.

Wooden acknowledged that the blockchain ecosystem is sufficiently big for each protocols, however stated Polkadot is actually a “wager in opposition to blockchain maximalism.”

He stated the narrative surrounding Ethereum at the moment is that “there solely must ever be one blockchain,” however he added that he by no means purchased into that idea.

“If Ethereum finally ends up being a sequence that’s form of bridgeable […] I feel that there’s an excellent likelihood that Polkadot and Ethereum will fortunately coexist.”

Polkadot is being constructed as a “community of networks,” with “bridging and connectivity” being the 2 key elements driving the creation of a extra fluid ecosystem.

Based in 2016, Polkadot is a multi-chain interoperability protocol that allows the switch of any kind of knowledge or asset on its community. It’s typically known as an “Ethereum killer” as a result of surge in energetic growth on the platform and potential use instances.

The venture’s preliminary coin providing, or ICO, generated $144.63 million in proceeds in 2017, making it one of the crucial profitable crowdfunding campaigns. Since launching its mainnet in Could and following a profitable redenomination of its token, DOT, in August, Polkadot has rapidly emerged as a top-ten cryptocurrency.

On the time of writing, DOT had a complete market capitalization of simply over $4.8 billion.

Throughout the greater than hour-long dialog with Shin, Wooden was additionally pressed concerning the doable authorized implications of Polkadot’s so-called preliminary parachain providing, or IPO, which is being billed as a extra clear funding methodology for decentralized purposes and different cryptocurrency tasks.

Though Wooden admitted that there have been no authorized consultations on parachain choices but, he’s not too involved with rules as a result of IPOs are extra akin to staking than worth transferring. He described IPOs as a “assured lock-up state of affairs and a assured return when lockup is over.”