Polkadot is a “bet against blockchain maximalism”


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According to protocol founder Gavin Wood, Polkadot doesn’t have to be an “Ethereum killer” to be successful.

In a “fireside chat” with podcaster Laura Shin during the Polkadot Decoded Business Summit on Thursday, Wood was asked if his protocol could coexist with Ethereum, given his high development goals and growing success in attracting new developers.

Wood acknowledged that the blockchain ecosystem is large enough for either protocol, but said Polkadot was essentially a “bet against blockchain maximalism”.

He said today’s narrative about Ethereum is that “there only has to be one blockchain at a time,” but added that he never went for that concept.

“If Ethereum is a chain that can somehow be bridged […] I think there is a very good chance that Polkadot and Ethereum will live happily together. ”

Polkadot will be built as a “network of networks” with “bridging and connectivity” being the two key factors in creating a more fluid ecosystem.

Established in 2016, Polkadot is a multi-chain interoperability protocol that enables the transmission of any type of data or asset on its network. It is sometimes referred to as the “Ethereum Killer” as active development on the platform increases and potential use cases emerge.

The project’s first Coin Offering (ICO) generated revenue of $ 144.63 million in 2017, making it one of the most successful crowdfunding campaigns. Since the start of the mainnet in May and the successful conversion of the DOT token in August, Polkadot has quickly become one of the top ten cryptocurrencies.

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

During the more than hour-long conversation with Shin, Wood was also made aware of the possible legal ramifications of the so-called Polkadot IPO, which is billed as a more transparent funding method for decentralized applications and other cryptocurrency projects.

While Wood admitted that there hasn’t been any legal consultations on Parachain offerings, he doesn’t bother too much with regulations, as IPOs are more like stakes than transfers of value. He described IPOs as “a guaranteed lockdown situation and guaranteed return when the lockdown is over”.