Polkadot doesn’t must be an “Ethereum killer” to succeed, in response to protocol founder Gavin Wooden.
In a “hearth chat” with podcaster Laura Shin through 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 large enough for each protocols, however stated Polkadot is actually a “guess towards blockchain maximalism.”
He stated the narrative surrounding Ethereum right now 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 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 elements driving the creation of a extra fluid ecosystem.
Based in 2016, Polkadot is a multi-chain interoperability protocol that permits the switch of any sort of information or asset on its community. It’s typically known as an “Ethereum killer” as a result of surge in lively growth on the platform and potential use circumstances.
The mission’s preliminary coin providing, or ICO, generated $144.63 million in proceeds in 2017, making it some of the profitable crowdfunding campaigns. Since launching its mainnet in Could 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 $4.8 billion.
Through 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 functions and different cryptocurrency tasks.
Though Wooden admitted that there have been no authorized consultations on parachain choices but, he’s not too involved with laws 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.”