I want to preface that I’m only a half step above crypto-newbie and I’ve been a vocal supporter of the Cosmos Network and specifically ATOM and the Cosmoshub since my introduction to Crypto earlier this year.
Some folks consider Cosmos to be a competitor to Polkadot (along with Avalanche); I personally don’t see any reason why they couldn’t all co-exist and prosper together.
From my laymen perspective, Polkadot’s umbrella type nature is definitely a great positive for security and efficiency of its ecosystem- especially once it’s well established.
However, I would counter that the auction and crowdfunding system could lead to a lot of inequity for the projects that may be adopted as a Polkadot parachain. Crowdfunding initiatives may also be hurt by hype, manipulation and a lack of due diligence and research by contributors. While more than half of DOT supply is currently locked in staking, how many of its contributors are individuals vs larger groups and how many are actively participating in governance?
If one team with tremendous marketing and presence puts forth a great idea but fails to follow through (for any number of reasons) a pretty pricey slot of Polkadot real estate is just locked in place for the period of the lease and contributors won’t be able to free up their DOT.
Unless there’s a mechanism to override or disqualify unsuitable parachains, but if that mechanism exists what’s to prevent it from being weaponized to disqualify a good project that has just gotten less popular?
Polkadot’s certainly an exciting prospect and of course for folks who invest for the greatest amount of returns, you wouldn’t want to invest after everything is running at full speed. What happens if half those parachains become just piles of pump and dump memecoins?
The auction, crowdfunding and lease concept has great potential but it sets a particular threshold that might leave a lot of exciting or interesting projects behind.
I genuinely welcome any corrections and explanations (especially simpler, straight forward ones) because I’m not here to attack Polkadot, but there may be some benefit to other users by voicing my concerns.
You get a Moon from me for that post OP!
Layer zero with 60 second transaction finality is not a good look in 2022. In 2015, amazing. But DOT needs a faster finality time to be competitive. That is 59 times slower than a few other top L1s that grew in total value locked by billions this year
Downvote if you want but a review not discussing the downsides should be suspicious. No project is that perfect