Polkadot Is the Only Blockchain Protocol Fitting the Revolutionary Bill: Interview With Parity

By July 19, 2021DeFi
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Polkadot is the solely protocol that matches the invoice of a blockchain project offering enhanced scalability, velocity, safety, and utilization, stated Peter Mauric – the head of public affairs at Parity Technologies.

In an interview with CryptoPotato, Mauric outlined Polkadot’s benefits over Ethereum and spoke about the project’s parachains.

Polkadot Over Ethereum

Ever since the official launch of the community in 2020 – three years after the ICO – Polkadot, the sharded heterogeneous multichain protocol, has loved a considerable enhance when it comes to adoption.

Aside from the worth appreciation of DOT, its native token, the blockchain infrastructure turned the residence of numerous cryptocurrency-related tasks, together with DeFi and stablecoins.

Peter Mauric, Parity. Image by LinkedIn

CryptoPotato not too long ago had the likelihood to talk with Peter Mauric – the head of public affairs at Parity Technologies – the group behind Polkadot. In the interview, he described this spectacular demand as “people being ready for another revolution, and Polkadot is the only protocol that fits the bill.”

Being a protocol just like some extent to Ethereum, Mauric spoke about the comparisons between the two. However, he asserted that there’re additionally important variations.

“Everything we have seen since Gavin (Wood) and the team launched Ethereum have been iterations on linear mono-chain smart contract platforms, and Polkadot isn’t that.”

Additionally, Mauric famous that Parity, which additionally labored on the Ethereum blockchain, is “well aware of its shortcomings.” He added, “it was always a proof of concept of the technology, […] we learned a lot from these experiences, and we have implemented those improvements in Polkadot.”

According to him, a kind of upgrades is a greater method to scalability. Polkadot additionally has “representative on-chain stakeholder governance – something Ethereum doesn’t ever plan to implement.”

Parachains: The Next Generation

Polkadot has been creating parachains for roughly a year in mild of a few of the scalability points on different networks. As beforehand reported, Parity has already outlined plans to build types of parachains with the intention to improve the deployment of property, cut back the charges, and enhance the consumer experiences.

Mauric described them as ‘the next generation of layer-one blockchain protocols,’ and defined that Polkadot’s relay chain just isn’t a layer one – it’s a “metaprotocol – a layer below these parachain networks, at layer zero.”

“Parachains could be linear monochain smart contracts protocols like Ethereum, Tezos, Solana, or Cardano. They could be UTXO coin transfer chains like Bitcoin or Zcash, or they could be focused on optimizing specific pieces of infrastructure like oracles, prediction markets, or stablecoins.”

parachains
Parachains defined

Parity’s head of public affairs additional spoke about Kusama’s function – which is a ‘canary in the coal mine’ for Polkadot.

Launched a year earlier than Polkadot’s mainnet, Kusama just isn’t a testnet as a result of it has actual worth, but it surely’s additionally not a mainnet as a result of the neighborhood makes use of it to ship unaudited code. This is why Parity made certain everybody is ready to anticipate chaos.

Speaking about the potential developments round Polkadot and DeFi basically for the subsequent 5 years, Mauric added:

“In 5 years, I’d anticipate a good portion of the helpful layer-one blockchain protocols to be hosted on or linked to Polkadot.

This consists of DeFi, which goes to see an enormous, and for my part, an enchancment – because it learns to reside in each synchronous and asynchronous multichain setting.”

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