According to protocol founder Gavin Wood, Polkadot does not have to be an “Ethereum killer” to succeed.
In a live chat with Laura Shin’s podcast during the Polkadot Decoded Business Summit on Thursday, Wood was asked if his protocol existed with Ethereum due to its high development goals and increasing success in attracting new developers.
Wood acknowledged that the blockchain ecosystem is large enough for both protocols, but said Polkadot is in fact a “bet against blockchain maximization.”
He said that today around Ethereum they say that “in general only a blockchain is needed”, but added that he never bought this concept.
“If Ethereum turns out to be a chain that can act as a kind of bridge […], I think there is a very good chance that Polkadot and Ethereum will happily coexist.”
Polkadot is built as a “network of networks” where “bridges and connection” are the most important factors that contribute to a more elastic ecosystem.
Polkadot was founded in 2016 and is a multi-threaded communication protocol that makes it possible to transfer all types of data or resources to the network. It is sometimes referred to as the “Ethereum Killer” due to the significant increase in active platform development and potential utility cases.
The first coin offering, or ICO, generated $ 144.63 million in revenue in 2017, making it one of the most successful crowdfunding campaigns around. Since the launch of the mainn in May and after renaming the token to DOT in August, Polkadot has quickly become one of the top 10 cryptocurrencies.
At the time of writing, DOT’s total market value was just over $ 4.8 billion.
During more than an hour of talks with Shane Wood, they also pressed for the potential legal implications of the so-called Parachain Initial Proposal or Polkadot IPO, which is billed as a more transparent financing method for decentralized applications and other cryptocurrency projects. …
While Wood admits that there has been no legal advice on Parachin’s filing so far, he does not care so much about the rules because a stock exchange listing is closer to a game than a transfer of value. He first described the listing as “a case of guaranteed reservations and guaranteed income at the end of the closing date.”