In a recent Realvision interview, developer Gavin Wood explains how Polkadot is redefining the innovation ecosystem from the ground up. Wood also discusses how the Polkadot Protocol is similar, but also different, from Ethereum, the second largest crypto asset by market valuation.
Polkadot: a bet against maximalism
Innovation involves pioneering and updating a creative new way of doing something. For famous blockchain programmer Gavin Wood, Polkadot is the platform that unlocks the potential for faster blockchain innovation.
By building a platform with platforms or 0 tier technology, Polkadot seeks to push the boundaries of efficiency in a more flexible and abstract environment.
Here are some highlights from the long interview given by Real Vision’s Wood Sebastian Moonjava (link to the full interview below).
For Wood, the resource-intensive tasks involved in starting a new blockchain are one of the main obstacles in the existing framework. In this context, he regards polkadot as several types of linkages:
What Polkadot does is allow you to tie a lot of that work together. It allows you to link together a ton of things that you need to do to create your own blockchain. You can also use it to create shortcuts for things like building your own community. Also, you can make shortcuts to things like using all of the various other bits that go on in other blockchains. It does this by connecting, which can be used to connect to these other chains. In addition, you can decisively avoid having to build your own base, your own security base.
Security is a recurring theme on the blockchain because so much power, capital, and resources are used to meet this basic need. Because of its design, Polkadot is working to remove this obstacle from the process of developing new layers and applications.
Bitcoin is known to have the mining algorithm. I don’t know, it consumes the equivalent of a small country’s energy, I don’t know, just to keep itself safe. Of course, the newer chains tend not to be proof of the work, they are more of proof of the use, so they don’t use a lot of energy but they use a lot of capital. This is really one of the main problems that Polkadot solves. This allows the same capital base to secure many different domain-specific blockchains.
Securing the ecosystem more efficiently is just one of many value-based measures that help this new model stand out from the crowd. A touchy problem that some users are encountering with the recent price hike in cryptocurrencies is higher transaction costs. Ethereum recently exceeded $ 6 per transaction. From Wood’s point of view, the idea of gas is one of the inefficiencies Polkadot wants to address.
Inside Polkadot we have no concept of gas, we have no concept of accounts or account balances … The team behind the program uploads this program. They do it as a blockchain. The program is actually a very large program that contains all of the business logic for one application, or possibly many different applications. You upload this to Polkadot and then pay for this blockchain, this parachute, to be there due to this deposit of a leasing system. Once it’s paid for, it’s ready. At this point in time, the users of this computer program never need to know anything about Polkadot, they never need to know anything about the DOT token or anything related to it. All they care about is basically the business logic of this chain.
Another unique area where this concept deviates from the mainstream is in the consensus area. Unlike other methods that have occasionally resulted in hard forks, like Ethereum Classic, Polkadot is designed to be forkless.
Schisms in a community, as we have seen in the past, are poisonous. They ultimately lead to negativity on all sides, and that is generally against the gratifying innovation we see in a well-functioning community. We can actually do the best things caused by hard forks i.e. policy or protocol experiments, but we can do them at the parachute level, and we can do them all in parallel, one in each parachute and those prone to it To function, we can ascend in polkadot, those that do not work so well, we can just leave these parachutes or drop them entirely.
This sense of experimentation to identify the best option is present in much of the logic that underlies Polkadot, including something as necessary as the rule sets that govern the system.
There is definitely the thing that we don’t know which is the best [ruleset] is. That idea, sold that there would be a blockchain for every application, was certainly driven by elements of the Ethereum community. I don’t think it exists. I think Ethereum is a great chain for prototyping blockchain experiments, but I definitely – if I were doing supply chain infrastructure, for example, why would I then build it into smart contracts that need to be measured and that do this really have inefficient measuring system?
In contrast to Ethereum in the above example, Polkadot does not have the same measurement rigidity, which means that routine calculations and repetitive measurements can be carried out much more cheaply. In addition to greater flexibility, new utilities will be rolled out within the ecosystem over the course of 2021, offering developers and developers a new form of clay to shape future blockchain applications.
Our job here is to develop polkadot, deliver parachutes and make it as efficient and stable as possible. When that’s done we might start developing a few parachutes of our own and maybe developing some of the core parachute technology, but basically our job is to provide Polkadot as an application platform.
Wood’s outlook on the potential of the ecosystem is extremely enthusiastic, with his hope of boldly repositioning the blockchain innovation landscape.
It’s a wonderful ecosystem of … roughly 340 projects and censuses developing the levels of these platforms. Polkadot is a platform of the platform or platforms themselves that provide the infrastructure for things like decentralized finance and supply chain tracking and registration, NFTs and all those crazy unthinkable things.
You can watch the full interview here
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