Polkadot is the one blockchain protocol that conforms to the revolutionary invoice: Interview with Parity – CryptoPotato
Polkadot is the only protocol that fits a blockchain project that offers improved scalability, speed, security, and usage, said Peter Mauric – the director of public affairs at Parity Technologies.
In an interview with CryptoPotato, Mauric outlined the advantages of Polkadot over Ethereum and spoke about the project’s parachains.
Polkadot over Ethereum
Since the network’s official launch in 2020 – three years after the ICO – Polkadot, the fragmented heterogeneous multichain protocol, has seen a significant surge in adoption.
Aside from the price increase of DOT, its native token, the blockchain infrastructure has become home to countless cryptocurrency-related projects, including DeFi and stablecoins.
Peter Mauric, parity. Image from LinkedIn
CryptoPotato recently had the chance to speak to Peter Mauric – the director of public affairs at Parity Technologies – the organization behind Polkadot. In the interview, he described this formidable demand as “the people are ready for another revolution and polkadot is the only protocol that goes with it”.
Since it’s an Ethereum-like protocol, Mauric talked about the comparisons between the two. However, he claimed that there were also significant differences.
“All we’ve seen since Gavin (Wood) and the team launched Ethereum has been iterations on mono-chain linear smart contract platforms, and Polkadot isn’t.”
In addition, Mauric noted that Parity, who also worked on the Ethereum blockchain, “knows its shortcomings very well”. He added: “It has always been a proof of concept of the technology, […] We have learned a lot from this experience and implemented these improvements in Polkadot. “
According to him, one of those upgrades is a better approach to scalability. Polkadot also has “representative on-chain stakeholder governance – something Ethereum never plans to implement”.
Paraketten: The next generation
Polkadot has been developing parachains for about a year in the face of some scalability issues in other networks. As previously reported, Parity has already outlined plans to build parachains to improve asset use, lower fees, and improve the user experience.
Describing it as “the next generation of layer one blockchain protocols”, Mauric explained that Polkadot’s relay chain is not layer one – it’s a “metaprotocol – one layer below these parachain networks, on layer zero”.
“Parachains could be linear monochain smart contract protocols like Ethereum, Tezos, Solana or Cardano. They could be UTXO coin transfer chains like Bitcoin or Zcash, or they could focus on optimizing certain infrastructure elements like oracles, forecast markets or stablecoins. “
Parity’s public affairs director went on to talk about Kusama’s role – who for Polkadot is a “canary in a coal mine”.
Launched by Polkadot a year before the mainnet, Kusama isn’t a testnet because it has real value, but it’s also not a mainnet because the community uses it to send out unchecked code. That’s why Parity made sure everyone is ready to expect chaos.
Regarding the possible developments around Polkadot and DeFi in general for the next five years, Mauric added:
“In five years time, I would expect a significant portion of the useful Layer-One blockchain protocols to be hosted on Polkadot or connected to Polkadot.
This includes DeFi, which will see a huge and in my opinion an improvement – as it learns to live in both a synchronous and an asynchronous multichain environment. “
SPECIAL OFFER (sponsored)
Binance Futures 50 USDT FREE Coupon: Use this link to register and get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register and enter the POTATO50 code to receive 50% free bonus on every deposit up to 1 BTC.