In a recent interview with Realvision magazine, developer Gavin Wood explains how Polkadot creates the innovation ecosystem from scratch. Wood also discusses how the Polkadot protocol is similar to, but also different from Ethereum, the second largest crypto asset by market valuation.
Polkadot: Bet against the maximum
Innovation is the development and application of a new and creative way of doing something. For noted blockchain programmer Gavin Wood, Polkadot is a platform that unlocks the potential for faster blockchain innovation.
By creating a platform of platforms, or Layer 0 technology, Polkadot aims to push the boundaries of efficiency through a more flexible and abstract environment.
Here are some excerpts from a longer interview Wood did with Sebastian Munyawa of Real Vision (link to full interview below).
For Wood, one of the main obstacles to the existing structure is the cumbersome task of managing a new blockchain. In this shot, he sees polka dot as different forms of labels:
What Polkadot does is it allows you to shorten the turnaround time of a lot of work, it allows you to shorten the turnaround time of a lot of things that you have to do to build your own blockchain. It also allows you to use shortcuts for things like creating your own community, it allows you to do things like being able to use all the other bits that are happening in other blockchains. It does this by connecting to other circuits, allowing it to connect to other circuits. It is also very important to avoid having to build your own base, your own security base.
Security is a recurring theme in blockchain, as much energy, capital and resources are spent on meeting this basic need. With its design, Polkadot aims to remove this obstacle when developing new layers and applications.
Bitcoin has a well-known mining algorithm. I don’t know, it spends the equivalent of, I don’t know, the energy of a small country just to support itself. Of course, new channels are usually not evidence of work, but evidence of interest, so they don’t consume a lot of energy, but they do consume a lot of capital….. This is really one of the main problems Polkadot solves, it allows the same capital base to offer many domain specific blockchains.
Better protection of ecosystems is just one of the many value-added measures that distinguish the new model. Rising transaction fees are a problem some users are facing due to the recent rise in cryptocurrency prices. Ethereum recently crossed the $6 per transaction mark. From Woods’ point of view, the gas idea is one of the inefficiencies that Polkadot wants to address.
In Polka Dot, we have no concept of gas, no concept of accounts or balances….. The command behind the program loads this program. They do it like a blockchain. The program is actually a very large program that contains all the business logic for one application or possibly many different applications. They load that into Polkadot, and then they pay for that blockchain, that parachute, to be there through that contribution from the rental system. Once they get paid, it’s a done deal. At this point, the users of this computer program don’t even need to know anything about Polkadot, they never need to know anything about DOT marking or anything related to it. They are essentially only interested in the commercial logic of this chain.
Another unique area where this concept differs from the mainstream is consensus. Unlike other methods that have sometimes led to difficult forks, such as Ethereum Classic, Polkadot is designed to be fork-free,
As we have seen in the past, division within the community is toxic. Ultimately, they lead to negativity on both sides, and that usually runs counter to the happy innovations we see in a well-functioning community. We can do the best things that are caused by heavy grips, that is, political or protocol experiments, but we can do them at the parachute level, and we can run them in parallel, one in each parachute, and the ones that tend to work, we can have them polka-dotted, the ones that don’t work so well, we can just leave those parachutes in place or drop them altogether.
This sense of experimentation to determine the best option is present in many elements of the logic behind Polkadot, including the necessary ones, such as. B. the set of rules that govern the system.
We certainly don’t know if it’s the best [set of rules]. This sold idea that there is a blockchain for every application has certainly been carried by elements of the Ethereum community. I don’t think that exists. I think Ethereum is a great blockchain for prototyping blockchain experiments, but I would certainly – if I were working on a blockchain infrastructure, for example, why would I build it into smart contracts that need to be measured, that have this really inefficient measurement system?
Unlike Ethereum in the example above, Polkadot does not have the same measurement rigidity, allowing it to perform routine calculations and re-measurements at a much lower cost. In addition to more flexibility, new utilities will be introduced to the ecosystem in 2021, giving designers and developers a new form of noise to shape future blockchain applications.
Our job here is to develop the polka dot and supply parachutes and make them as efficient and stable as possible. Once that’s done, we can start developing some of our own parachutes, and maybe developing some of the key parachute technology, but our job is basically to provide Polkadot as an application platform.
Wood is excited about the potential of the ecosystem and hopes to boldly reshape the blockchain innovation landscape.
It’s a remarkable ecosystem of… about 340+ projects developing these platforms at the layer level. Polkadot is the platform, or platforms themselves, that provide the infrastructure for things like decentralized finance, blockchain, ledger tracking, NFTs, and all that crazy, unimaginative stuff.
You can watch the full interview here
Have you had the opportunity to develop yourself at Polkadot? Tell us what you think in the comments section below.
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