Dfinity’s Dominic Williams criticizes Layer-Two options from Ethereum and Polkadot – Coinspeaker


Williams’ core concerns, which Ethereum criticizes, focus on obstructing the mass adoption of blockchain and DeFi-related offerings due to poor user experience.

Dominic Williams, the founder and chief scientist of Dfinity’s Internet Computer (ICP) protocol, recently criticized the fast-growing Layer 2 solutions from Ethereum and the Polkadot network. According to a report by Cointelegraph, Dominic believes the broad ecosystem of layer two solutions for decentralized finance (DeFi)-centric blockchains exposes users to counterparty risk as well as spawns applications that offer a complex user experience.

For Ethereum, Dominic said the world’s most widely used blockchain network now resembles a “Rube Goldberg machine” of “layer two cloud applications”. He posited that around half of Ethereum’s functional nodes are hosted on Amazon Web Services, exposing them to various risks.

“A lot of these proof-of-stake networks that people are investing in today are really just two-tier cloud applications – we find that pretty disappointing. Blockchain shouldn’t run on Amazon Web Services, where they can steal the validation keys and do all sorts of bad things. “

In order to use a DeFi application, wallet apps such as Metamask must be downloaded from an app store. Dominic argues that these downloads make the apps easier to track. In contrast, he compared this to Internet Identity Protocol, which he claims can’t track you, or to a blockchain user.

Williams talks about mass adoption when criticizing Ethereum

Williams’ core concerns, which Ethereum criticizes, focus on obstructing the mass adoption of blockchain and DeFi-related offerings due to poor user experience.

“If you want a mass adoption of blockchain, you can’t ask people to install MetaMask and then buy some ether from Coinbase – that’s ridiculous. People need to interact with blockchain without having tokens – tokens come later. That’s a really big problem, ”he said.

He pointed out that attempts to create transactions using apps like Metamask are not easy, especially for first-time users. “On a traditional blockchain, you kind of fiddle around with creating these transactions via MetaMask or something like that – that’s just not a good user experience.”

While many see the upcoming sharding parachain ecosystem for the Polkadot blockchain, Dominic likened the relay chain of upgrades as a “centralized toll hub” connecting different blockchains. He also criticized the lack of fungibility of smart contracts or the interoperability peculiar to the Ethereum network.

“DeFi is so successful on Ethereum […] because these smart contracts exist in a seamless universe and can all be connected – anyone can expand any other’s system, ”he added.

The Internet Computer Protocol is relatively new as it was officially introduced in May. While the majority have not yet acclimatized to the network like other older blockchain networks, Dominic is convinced that the platform will outperform other competitors by the number of users by December. This is sure to be supported in part with the $ 220 million in developer funds earmarked for developing the DApp ecosystem.

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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real world applications of blockchain technology and innovations to drive general adoption and global integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and websites. Benjamin Godfrey loves sports and agriculture.

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