Polkadot is a ‘guess in opposition to blockchain maximalism’

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

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

Wooden acknowledged that the blockchain ecosystem is sufficiently big for each protocols, however mentioned Polkadot is basically a “guess in opposition to blockchain maximalism.”

He mentioned the narrative surrounding Ethereum immediately 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 series that’s form of bridgeable […] I believe 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 components 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 information or asset on its community. It’s typically referred to as an “Ethereum killer” because of the surge in energetic growth on the platform and potential use instances.

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

On the time of writing, DOT had a complete market capitalization of simply over $4.eight billion.

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

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 scenario and a assured return when lockup is over.”